Rhodes-Noranda get mixed drill results (March 14, 1988)

A $750,000 exploration program carried out by Noranda Exploration and Golden Princess Mining on the Offsets prospect near Timmins, Ont., has returned encouraging gold values.

Noranda, as operator, completed geophysical surveys and drilled 26 holes, nine of which were within limits of the known deposit. The rest were drilled in other parts of the property to test geophysical targets.

The best results, all from within the known deposit, included one 11.5 ft interception grading 0.434 oz gold per ton. Another hole gave 7 ft grading 0.374 oz; and another gave 15.2 ft of 0.266 oz.

An additional 11,000 ft of drilling will start in March, at a cost of $400,000. The objective is to expand reserves sufficiently to warrant an underground sampling and exploration program.

Golden Princess is providing funding up to $2 million to earn 50% of Noranda’s option to earn a 75% interest in the property. Each company will end up with a 35% interest.

Mixed results are reported from a 27-hole diamond drilling program on the Dominion Creek precious metals prospect located 27 miles northeast of Wells, B.C.

Good grades were found in nine of the holes, but the remaining 18 holes had no significant assays. The property is subject to an option agreement between Murray Pezim’s International Rhodes Resources, Noranda Exploration and Brenda Mines. Rhodes can earn a 38.5% interest by spending $1,385,000 by the end of 1989.

Noranda, as operator, completed 6,095 ft of drilling to trace high grade mineralization in several quartz vein structures in the South zone, and to test two auriferous structures in the North zone. At the end of this drilling phase, 53 holes totalling 11,430 ft have been drilled by Noranda on the property.

In the recent drilling the best results came from the South zone, including one hole which intercepted 1.3 ft grading 1.089 oz gold per ton, 0.47 oz silver, 0.37% lead and 0.34% zinc. Another hole had 3.3 ft grading 0.727 oz gold, 2.02 oz silver, 4.4% lead and 0.38% zinc; while another had a 6.2-ft width grading 0.448 oz gold, 2.06 oz silver, 4.14% lead and 2.61% zinc.

In the North zone, one hole gave 1.6 ft grading 0.195 oz gold.

Noranda is evaluating results prior to recommending further exploration on the prospect.