Vancouver gold miner Placer Dome (TSE) is poised to take a close look at Canada’s second largest Archean greenstone belt after optioning Noble Peak Resources’ (ASE) Southwin gold project in the Northwest Territories.
Placer Dome personnel are already at work on the 74,300-acre Southwin project where 400,000 tons of grade 0.26-0.28 oz. gold per ton have been outlined in the Cache zone over a 700-ft. strike length in the Mac deposit. About eight miles to the southwest of Cache, a second discovery known as the Mac zone has been outlined on the Southwin property after channel sampling returned 0.43 oz. over 23 ft. But Noble Peak President Maureen Jensen isn’t expecting any drilling activity to occur at Southwin until next year. Under an agreement, Placer Dome can earn a 65% stake in the project over five years by making staged payments of $635,000 and spending $5.5 million on exploration.
The agreement is similar to the one negotiated by Placer Dome, Noble Peak and the MH Resources syndicate over the 238,000-acre Turquetil gold project which, like Southwin,
is predicated on the Rankin-Ennadai greenstone belt.
Placer Dome can earn 60% at Turquetil by spending $5 million on exploration and making $495,000 in option payments.
The property is known to host preliminary reserves of 1.3 million tons grading 0.12 oz. gold within a strike length of 5,380 ft.
Jensen says she is very pleased with the Southwin deal. “We expect Placer Dome to be on the project for quite a while,” she said.
Be the first to comment on "Placer Dome options project in N.W.T. from Noble Peak"