Seven holes recently completed at Glimmer Resources (TSE) Beatty-Hislop gold property near Matheson, Ont., failed, with one exception, to intersect significant mineralization.
Hole 54 intersected a 2.8-metre length grading 5.93 grams gold per tonne at 55 metres and a 2.2-metre length grading 15.3 grams at 60 metres. The program was designed to fill in and extend gold mineralization at the No. 2 zone, where reserves in all categories stand at 230,000 tonnes grading 11.3 grams.
Noranda Exploration, a unit of Noranda (TSE), has a 60% interest in the project, while Glimmer retains a 40% stake.
Glimmer says the results indicate that strong mineralization recently intersected downdip of the No. 2 zone (T.N.M., April 22/91) is not as extensive as hoped. Results from that program included an 8.3-metre intersection grading 14 grams gold.
“The good width and grade intersected in holes 48-51 are apparently less extensive than anticipated and the 50-metre stepout interval too optimistic,” Glimmer said in a prepared release.
Several other targets on the property remain to be tested, but Glimmer will need to replenish the treasury in order to finance its share of a phase-5 exploration program.
“Obviously, we will have to put more money in the till,” said Glimmer President George Kent.
Preliminary reserves at Beatty-Hislop, including zones No. 1 and No. 2, stand at one million tonnes grading 11.7 grams, cut and undiluted.
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