Eldor Resources has optioned a part of its interest in a 28-claim property north of Larder Lake, Ont., to Rockford Minerals. Rockford, which is planning to go public in April, has the right to earn a 49% interest in Eldor’s 75% by spending a total of $750,000 during a 3-year option period.
The claims straddle a 3.5-km strike length of the Larder Lake Break; a major structural feature in the area which is associated with numerous gold deposits. The first phase of the Rockford-funded program has been completed, President Joseph van Bastelaas says. This work included four deep drill holes which aimed at testing the property to a depth of 1,000 ft, Robert Clark, Eldor’s district exploration manager tells The Northern Miner. “The property has never been drilled to this depth,” Mr Clark notes. Assays from the initial drill program are expected shortly.
Previous work by Eldor since 1984, included 2,500 m of shallow diamond drilling. The best results came from a green carbonate unit which strikes across the property. Hole SW-84-12 cut a 2-m section grading 0.133 oz gold per ton. Other values across 1,425-m of strike returned anomalous gold values up to 645 parts per billion gold.
Rockford also holds an equal share in a 30% interest in the Cheminis project which covers a 10-km section of the Larder Lake Break, immediately east of the Swansea property. The 30% is shared equally between Rockford, Northfield Minerals and Northern Ranger Oil & Gas; two associated companies. Eldor is the project operator with Kerr Addison Mines, (N.M. Feb. 16/87).
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