Noranda hits on Teddy Bear bear

The Lightning gold zone in Harker and Holloway twps., 40 miles east of Matheson Ont., has yielded more good assays in six of 11 deep holes completed recently by partners Noranda (TSE), Freewest Resources (ME) and Teddy Bear Valley Mines (COATS). The best result in the recent batch of holes was 72.9 ft. grading 0.24 oz. gold per ton (cut) or 0.29 oz. uncut in hole 55. That intersection came from a vertical depth of 1,900 ft. below surface on the Teddy Bear property. Those claims are held under option by a joint venture comprising Noranda, Freewest and Newmont Mining (NYSE). The Teddy Bear property is adjacent to the Holloway joint venture of Noranda and Freewest.

Other significant values reported by Noranda from deep drilling on the Teddy Bear claims include 0.72 oz. gold over 11.3 ft., 0.29 oz. over 10.2 ft. in hole 53, and 0.12 oz. over 7.1 ft. in hole 56. The latter hole is the deepest to date at a vertical depth of 2,500 ft.

Hole 47 on the Holloway property cut two significant intervals of 0.18 oz. across 45.6 ft. and 0.17 oz. across 56.6 ft. at vertical depths of 1,550 and 1,660 ft. below surface.

Feasibility studies have commenced to evaluate the economic potential of the Lightning zone, and the next phase of work will consist of infill diamond drilling. More deep holes are also planned to further delineate the zone downdip. Underground exploration will be contingent on the results of more surface drilling, said Noranda.