Seven drill holes put down on the Gaffney property of the San Paulo Explorations’ (ASE)/Teck Corp. (TSE) joint venture at Lower Manitou Lake near Dryden in northwestern Ontario has increased that deposit to 300,000 tons grading 0.15 oz gold.
Additional drilling will be carried out this summer to explore the untested portion of this structure, P. D. Walker, San Paulo’s president, tells The Northern Miner.
Under the terms of its option agreement with Teck (the operator), San Paulo can earn a 50% interest in this 41-claim property by expending $1 million over three years.
The deposit is described as structurally controlled in which the gold mineralization is confined to a northeast-striking structure within a quartz-diorite formation. This has been traced over a strike length of a quarter-mile within which the best values are confined to a strike length of about 350 ft. Average width of this mineralized zone is 13 ft.
Five of the seven holes in the recently-completed drill program intersected the following values, with holes 31 and 32 returning lower grade material: (in feet) Hole From To Length oz/ton 26 116.8 119.8 3.0 0.439 27 851.7 865.2 13.5 0.214 28 517.4 537.1 19.7 0.177 29 182.4 199.5 17.1 0.347 30 512.8 527.9 15.1 0.128
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