Queenston pulls gold at McBean

Two more drill holes at the McBean property east of Kirkland Lake, Ont., have intersected gold mineralization below the property’s old open pit.

The drill program, being operated by Queenston Mining (QMI-T) in joint venture with Franco-Nevada Mining (FN-T), is testing extensions of the structures mined at the McBean open pit in the mid-1980s. Five earlier holes intersected gold mineralization on the same structure, encountering gold grades of up to 273.9 grams per tonne (7.99 oz. per ton).

One of the new holes intersected a 16.6-metre length grading 1 gram gold per tonne, and a 1.7-metre length grading 2.4 grams. The second cut 6.3 metres grading 4 grams, including a 2-metre interval grading 10.3 grams.

In both holes, the mineralization was found in the new “green carbonate’ zones, within the structural footwall of the deposit’s “dyke zones.’ The dyke zones were the principal source of gold when the McBean mine was in production.

A drill hole at the Anoki deposit, about 1.2 km west of the McBean, intersected a 9.4-metre core length with an average grade of 5.5 grams gold, which included a 3.3-metre interval grading 7.2 grams. Further downhole, the drill encountered 2.9 metres grading 8.6 grams.

Another drill hole at Anoki did not intersect any significant gold mineralization but did cross two zones of green carbonate alteration similar to the mineralized zones at McBean.

Samples from two other holes are being assayed, and two other holes are in progress.

In the Virginiatown area further east, Armistice Resources (ACI-M) has drilled 12 more holes in a continuing underground program. Two surface holes drilled in July intersected gold mineralization grading 12.9 grams per tonne over 6.7 metres and 2.8 grams per tonne over 8.8 metres (T.N.M., July 29/96).

The mineralization was believed to be a faulted extension of the Kerr Addison deposit.

The new holes were drilled from Armistice’s exploration drift at a 686-metre depth. One hole cut a 2.9-metre interval grading 5.6 grams gold, while the other intersected 1.7 metres grading 7.6 grams. Assay results are pending from a 4-hole “fan,’ drilled into the zone from the same level, which has traced the zone another 180 metres deep.

Armistice also has bulk-sample material from three mineralized zones on the same level, and the company plans to mill the material in early 1997 to determine the recoverable grades.

Gwen Resources (GWC-A) has dealt an option to earn an additional 25% interest in the Barber Larder property, just west of Virginiatown, to joint-venture partner NFX Gold, which was recently spun off by Northfield Minerals (NFM-T).

NFX will take over as operator of the project, with Gwen Resources receiving $50,000 cash and 150,000 shares in NFX.

NFX has already acquired the outstanding shares of a private company that owned interests in the Barber Larder and the nearby Fernland project.

Northfield is transferring its interests in the Kirkland Lake-Larder Lake area to NFX in exchange for 1.6 million units, each consisting of a share and a purchase warrant. Northfield, which already owns 108,939 such units, will distribute the warrants to Northfield shareholders at a rate of one warrant for every 29 shares of Northfield.