Santa Fe resumes work on Pandora property

Drilling has resumed on Queenston Resources’ (TSE) Pandora gold property near Malarctic, Que.

Operator Santa Fe Pacific Gold, a unit of Santa Fe Pacific (NYSE), says the 10,000-ft. program will test the No. 2 and No. 4 shaft zones. In 1993, Sante Fe drilled 11 holes in a 24,199-ft. program that tested the C and Wing zones below 1,000 ft.

The C zone represents a potential, low-grade, bulk-tonnage gold deposit. And in 1990, in the Wing zone, American Barrick Resources (TSE) outlined a drill-indicated reserve of 2.4 million tons grading 0.13 oz. gold. All 11 holes intersected gold mineralization in structurally complex zones, the best intersection occurring in the C zone — 178 ft. grading 0.048 oz. in Hole P93-129. In the Wing zone, Hole P93-136 returned 0.078 oz. over 255 ft. This intersection included a 20-ft. section grading 0.25 oz. and 20.3 ft. averaging 0.19 oz.

Sante Fe can earn a 70% interest in the property by paying $500,000 cash and spending $5 million on exploration.

In other news, Cyprus Minerals Canada has begun a 20-hole, 25,000-ft. program on Queenston’s Amalgamated Kirkland property near Kirkland Lake, Ont. Late last year, Cyprus discovered a significant gold zone on the property. Cyprus recently drilled four holes on Queenston’s Kirkland Lake West property which is traversed by the “Kirkland Lake Main Break” and is adjacent to the Macassa gold mine.

Two of the four holes intersected the Main Break, and one hole contained a long intersection of anomalous gold values, including 0.083 oz. gold across 4.9 ft. at 2,000 ft. below surface.