Following some encouraging results at Golden Terrace’s Richardson Lake gold project northeast of Red Lake, Ont., the Toronto company is seeking a partner to finance the project to production.
During a recent step-out drill program (at 80-ft intervals with an average vertical depth of 500 ft) near the main discovery zone, President Garry Smith says his company has confirmed a gold-bearing strike length exceeding 900 ft.
While inferred reserves now stand at 700,000 tons grading 0.2 oz gold per ton, Smith says the potential exists for additional tonnage below the 500-ft level.
During the next phase of exploration at Richardson Lake, Golden Terrace expects to spend at least $5 million to drive in a ramp, conduct underground sampling plus additional definition drilling work.
“The main objective of our recent 11-hole drill program has been to identify at least 500,000 tons of inferred ore and prove that the deposit is of a substantial size,” says Smith.
Recent results include a 15-ft intersection grading 0.2 oz and a further 7-ft of 0.1 oz. Another hole encountered 6.1 ft grading 0.72 oz, Smith says.
The company has two drills on site, one of which will continue until April. “We are at the point now where we need to do about 100,000 ft of drilling to attempt to place current geological reserves in the proven category,” said Smith.
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