Having completed a $1-million exploration program to earn 60% of Currie Rose Resources’ Laonil Lake gold property in northern Saskatchewan, Placer Dome is planning another sizeable drill program starting early February.
Plans call for a minimum $615,000 to be spent on approximately 21,125 ft of drilling in 1988. The program will now be funded 60% by Placer Dome and 40% by Currie Rose.
Drilling last fall concentrated on the East-Boundary zone where five holes were completed and on the Bruno V.G. vein.
The five holes drilled on the East-Boundary zone confirmed the presence of a mineralized multiple shear zone system extending 975 ft long by 650 ft wide. Gold values were intersected in every hole with assays ranging from 0.03 oz to 0.26 oz over widths of 2.5 ft to 9 ft.
The sixth hole intersected two mineralized areas in the Bruno V.G. vein. The two intersections gave 10 ft of 0.403 oz and 6 ft of 0.312 oz.
Placer Dome plans a winter drilling program to test five more anomalous areas, including West Porky Lake where trenching has indicated values up to 0.4 oz in a 65-ft-wide fault zone; and the Currie Rose vein where previous drilling has indicated 65-97-ft-wide shear zones with good gold values.
The summer drilling program will target the East Boundary zone, as well as ground surveys.
An underwriting netting $1.1 million will be used by Currie Rose to finance its 40% interest in the joint venture.
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