Partners cut new zone at Sidace Lake

Drilling by partners Planet Exploration (PXI-V) and Goldcorp (G-T) has turned up a new zone of gold mineralization on the Sidace Lake property, near Red Lake, Ont.

The latest round of holes tested targets outlined during a recent bout of geophysical and geological surveying.

Hole 40 targeted a folded extension of the quartz-sericite schist found at the property’s Main zone discovery, about 1 km to the north. The hole encountered a narrow pyrrhotite-arsenopyrite-bearing quartz-carbonate vein that yielded a 0.7-metre interval of 4.8 grams gold per tonne, beginning at a depth of 174.3 metres; a 2.7-metre section lower in the hole runs 10.1 grams gold, including 0.8 metre of 32.2 grams.

Planet says the two new zones represent a different style of mineralization from the Main zone. Further drilling will test for southwest extensions.

Hole 41 tested the southwestern extension of the Main zone, and cut 1 metre (from a depth of 260 m) grading 3.8 grams gold.

Hole 42 was collared on a parallel quartz-sericite body to the north of the discovery zone; hole 43 targeted a similar body 3 km to the east. Results are pending.

In March, the pair sank three holes (nos. 37, 38, and 39) to test the Main zone’s quartz-sericite schist (QSS) horizon at depths of up to 200 metres below previously drilled holes.

Hole 37 encountered several QSS and mylonite horizons; highlights include: a 2.9-metre section (from 401.7 m) running 3.5 grams gold; an 8-metre interval (from 488 m) of 2.4 grams gold; and 3.6 metres of 4.2 grams gold.

Hole 38 intersected multiple, broad felsic volcanics, QSS and mylonite horizons, and yielded gold values ranging from 0.3-3.3 grams of widths from 2.8-55.5 metres.

Hole 39 tested an extensive width of volcanic rocks and cut the down-dip extension of the QSS about 200 metres below previous drilling. The hole also returned some new gold zones. One of the new zones was a QSS horizon that contained 4.8 grams gold over 5 metres at a downhole depth of 800 metres.

Planet and Goldcorp have added a second diamond drill rig at Sidace Lake, and are currently drilling the final hole of the six-hole 3,000-metre program. The pair plan an additional 8,000 metres worth of drilling on 18 targets during the spring and summer. Some of the targets lie up to 3 km southwest of the Main zone.

GoldCorp recently executed its formal option/joint venture agreement to earn up to a 60% interest in the 42-sq.-km Sidace Lake property. In mid-March, Goldcorp exercised 1 million warrants for Planet shares at 60 apiece to boost its stake in the junior to 16.7%. GoldCorp still retains enough warrants to bring its stake to 24.6% on a partially diluted basis.