REPORT FROM CALGARY La Ronge – golden game farm?

The year 1987 has been good to prairie province companies which explore for gold in this part of the Precambrian Shield that stretches from Hudson Bay to Great Bear Lake.

Commanding a lot of attention these days is the activity taking place in the vicinity of Contwoyto Lake, 380 km northeast of Yellowknife. The exploration “action” is within a stone’s throw of Echo Bay’s Lupin operation south of the lake.

The centre of attraction is two groups of claims held by Calgary’s Parklane Resources and Vancouver’s Aber Resources, Highwood Resources, O.P Resources and Lysander Resources and optioned to two projects operated by Cominco-Cogema and Bow Valley Resources.

About-to-be-listed Calgary-based Contwoyto Goldfields with partner Hecla Mining Co. are drilling on claims east and north of Contwoyto Lake. The Aber et al group has reported Lupin-grade gold intersections (hole C-87-6 reported 4.09 m grading 0.49 oz gold per ton) in Lupin-style iron formation and nearby Bow Valley, reported last week a 3.15-m intersection grading 0.43 oz on adjoining claims optioned from O.P. Resources and Lysander Resources.

It is worthwhile to point out that these occurrences are blind targets discovered by the miracle of geophysics.

Calgary oil explorer-cum gold explorer Argus Resources (arr:ase) has jumped into the Contwoyto craze at Regan Lake, 150 km southeast of Contwoyto. Drilling is under way on combined geophysical- geochemical anomalies expected to yield Lupin-type gold mineralization.

Further afield, along the Back River, Esso Resources and Homestake Development have had two diamond drills operating all summer on Lupin gold targets. This is the third summer in which the Esso-led operation has been drilling in this barren-land region.

Two Saskatchewan-based explorers arousing investor interest recently were Claude Resources and Colray Resources. Both are well positioned at Courageous Lake, N.W.T., where Placer Dome is drilling Getty/Noranda-type targets. Results are expected shortly.

Claude, the successful Seabee gold developer near La Ronge, with partner/operator Placer Dome, are in the final stages of arranging a major finance package with Richardson Greenshields. Both Colray and Claude are large Sasakatchewan claim holders and cannot help but benefit from recent La Ronge-area gold discoveries announced by Goldsil Resources, Golden Rule Resources and SMDC. Neighboring companies to benefit from this new surface high grade gold discovery are Alberta-listed Shore Gold Fund and Pacific and Western Inc.

Active, but not well acclaimed Calgary-based Troymin Resources (tyr:ase) with operator/partner smdc have two well-located claim blocks positioned along strike of the Goldsil et al gold discovery where drill targets have been delineated as a result of this summer’s work.

Closer to Yellowknife (60 km) Westfort Petroleum has completed airborne geophysical surveys over its extensive land position south of Gordon Lake to Myrt Lake. The company is re-entering a flooded incline, excavated in previous years, at Myrt Lake with the expectation of putting this high grade gold deposit into production in 1988.

At Indin Lake, 200 km northwest of Yellowknife, Neptune Resources continues to dominate the gold scene with its vat leach project advancing well.

Nearby, Calgary’s Petromet Resources and Comaplex International Resources, with partner- operator Echo Bay Mines, should be announcing drill results from their Fortune prospect.

Recently-listed Calgary’s Stratabound Minerals Corp. has discovered gold showings on its Indian claims which will be drilled in the coming months.