Paymaster gives encouraging results from drilling, drifting

The first drill core assays from an underground program at the Paymaster property near Timmins, Ont., suggest that the gold-rich 36 and 37 zones continue downdip.

Testing extensions of the zones at approximately 174 ft. below the 6,025-ft. level, Placer Dome (TSE) intersected a 97.5-ft. length averaging 0.29 oz. gold per ton. The core length includes 20 ft. of 0.33 oz. from zone 37 and 40 ft. of 0.45 oz. from zone 36.

Earlier this month, American Reserve, with a 36% interest in the project, announced that muck assays from a drifting and crosscutting program at the 6,025-ft. level had returned a 96-ft. length averaging 0.31 oz.

“We still don’t know if the whole zone continues at depth,” said Bob Perry, manager of the nearby Dome mine. “We’ll need more results.” Zones 36 and 37 appear to be dipping to the north.

Encouraging ore car muck assays were also received for two drifts driven east from the encouraging crosscut. On the north drift, zone 37 returned an average grade of 0.33 oz. from 0-36 ft. and 0.15 oz. from 36-76 ft. On the south drift, zone 36 returned 103 ft. of 0.31 oz.

“Although it is much too early to foretell dimensions and continuation of the 36/37 ore zones, it would appear highly improbable that the full width of these zones would be mined as one ore block,” said Carl Zuber, president of American Reserve in a prepared release. “Rather, it is more likely that the higher grade gold would be mined as separate, or parallel, ore zones where possible.”

The partners have completed about 500 ft. of drifting parallel to the zones. In addition, nine holes (6,223 ft.) have been drilled from a station on the 6,025-ft. level. While exploration drilling continues, Placer plans to test the width of the zones with Bazooka drilling — a series of closely spaced, small diameter holes — into the wall of the drift.