Noble Peak adds a drill to Rankin Inlet exploration

After receiving some encouraging exploration results earlier this year, Noble Peak Resources is introducing an expanded drilling program at its Happy Lake project southwest of Rankin Inlet, N.W.T.

As a follow-up to its spring drilling program, Noble Peak will add a second drill to conduct closed spaced drilling in zones 1, 2, and 4 of the gold claims which it acquired from Calgary-based Borealis Exploration last year.

Under the option agreement, the Alberta-listed junior can earn a 40% working interest in a group of 1,000 exploration gold claims by bearing 100% of the exploration and development costs.

The expanded program is based on the following results: Hole 87-24 at zone two intersected a 16.4-ft cut grading 0.58 oz gold per ton. A 7.2- ft cut from hole 87-22 intersected 0.27 oz in zone 10.

In addition to these results, 32 out of 34 holes drilled returned “halo type” measurable gold values ranging from 0.003 oz to 0.084 oz.

To finance the 1987 exploration program, Noble Peak expects to spend $3.3 million, with $1.5 million going toward mapping and drilling. NIM and Co. Ltd. has agreed to fund the 1987 program and it will also provide $3 million for continuing exploration at Rankin Inlet in 1988.

According to President Norman Ursel, the latest results indicate a gold enriched mineral system in a 150,000-acre well documented by the geological survey of Canada as a gold province. However, Noble Peak’s discovery area consists of about 1,200 acres.

Zones 1, 2, and 10 lie adjacent to a fault structure which has been traced by VLF geophysics for a length of over 5,200 ft. Zone 1 is on the northwest end of this structure and zone 10 lies on the southeast extremity.

Zone 4, located approximately 3,000 ft south of this structure is 980 ft long and open to the southeast and at depth. Zones 7 and 8 in the discovery area remain to be drilled.

Together with the expanded drilling program, Noble Peak will carry out extensive mapping and sampling to follow up on other defined prospects on properties.

Noble Peak will also undertake exploration of properties in the Turqetil Lake area in the Rankin- Ennadal greenstone belt under a 50/50 joint venture agreement with Dejour Mines of Toronto.