Based on limited drilling, Northern Minerals (TSE) is reporting a “preliminary geological reserve” of about 130,000 tons grading an average of 0.34 oz. gold per ton from two veins on the Gordon Lake project. The company, known previously as Pacific Trans-Ocean Resources, has an option to earn a 60% interest in the property from Belmoral Mines (TSE) by spending $800,000 on exploration by the end of February, 1993.
Located north of Yellowknife, N.W.T., the 78,000-acre property is reported to host eight zones of quartz veins over a strike length of 8,500 ft. The most significant are the No. 9 vein on the South zone and the No. 1 vein on the Main zone. Both zones are interpreted by the company to be open downdip and possibly along strike.
A limited amount of drilling was completed on these zones which together account for the company’s current estimated geological reserve. Limited drilling was also carried out on the Union zone, also interpreted by the company to be open at depth.
Northern Minerals plans to continue evaluation of the known zones in the 1990 season along with reconnaissance exploration on the remainder of the property. According to President Elmer Stewart, the primary target is gold in quartz veins in a geological environment “similar to that which hosted the Discovery mine.” Discovery turned out about one million ounces of gold from one million tons of ore.
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