Market speculation surrounding a drilling program on the Moss Lake gold property near Thunder Bay, Ont., prompted Central Crude (TSE) to release assay results prematurely.
The 5-hole program, designed to test the downdip extension of a discrete zone within the Q.E.S. zone, returned low-grade intersections including 62 ft. grading 0.095 oz. gold per ton in hole 92-N-247.
Central Crude is earning a 60% interest in the project, where reserves stand at 82.2 million tons grading 0.031 oz.gold, from Tandem Resources (ME) and Storimin Exploration (ASE). Crude, which is controlled by Hemlo Gold Mines (TSE), must make an option payment of $125,000 to the joint venture on or before Dec. 31 to maintain the agreement in good standing.
The holes were collared about 500 ft. apart and drilled to a depth of greater than 1,000 ft. Assays from the fifth hole are pending, but results from the first four holes are as follows:
Hole Width Gold
(ft.) (oz./ton)
N-247 62 0.095
including 19.7 0.194
N-248 28.9 0.025
N-249 39.3 0.050
N-250 53.8 0.050
including 8.53 0.161
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