Noranda, Glimmer cut parallel gold zones

Four recent holes in an 18-hole drill program currently under way on the 60/40 joint venture of Noranda (TSE) and Glimmer Resources (VSE) near Matheson Ont., have cut a series of parallel gold zones over a strike length of about 500 ft. The 14-claim property is in the Beatty and Hislop twps, about four miles east of Matheson. The claims straddle part of the Porcupine- Destor fault zone, a regional structure associated with a number of other gold deposits in the area.

Highlights from the four recent holes, drilled at 80-ft. intervals over a distance of 500 ft., are as follows: Width Grade Hole (ft.) (oz./ton) 18 3.3 0.36 6.6 0.62 19 4.6 0.17 3.3 0.42 20 19.7 0.25 14.8 0.46 3.3 0.29 21 24.6 0.25 4.9 0.77 3.9 1.00

All assays were cut to one ounce, Glimmer said. The intersections came from depths of 300-400 ft. below surface. Stepout drilling is continuing to test other geophysical targets on the property. Shares of Glimmer have traded at $3.40 recently within a 12-month range of $0.40-4.25.