Placer Dome options Sturgeon River bet

Placer Dome Inc. has optioned the Sturgeon River gold property from Phoenix Gold Mines. Located near Beardmore, Ont., the Sturgeon River property produced 73,332 oz of gold between 1936-1942. Placer Dome can earn a 51% interest by spending $2 million over a 4-year period.

Work by Phoenix has led to the discovery of several veins, 10 of which require follow-up exploration work. A priority target is the Marge vein, discovered in 1985. Phoenix has mapped the vein, located 2,000 ft north of the shaft, along strike for 980 ft. Channel sampling yielded high grade values such as 1.75 oz gold per ton across 3 ft. A 500-ft section of vein, in the southeastern section, assayed 0.727 oz across an average width of 1.17 ft.