Vancouver The initial results from a newly completed 2,150 metre program over the Sidace Lake property in the Red Lake area of Ontario has returned promising values for partners Planet Exploration (PXI-V) and Goldcorp (G-T).
Hole 26 tested the down dip extension of mineralization some 200 metres below surface and returned 5.36 grams gold per tonne over 36.4 metres from 267 metre down hole. Included in this section was a higher-grade portion running 11.29 grams gold over 8.5 metres.
Hole 25 tested a coincidental induced polarization and magnetic anomaly some 450 metres east of the main zone, but despite cutting the favourable sericite schist horizon, returned only 0.3 grams gold over 28.6 metres.
Hole 12 was an extension of a previous hole, which ended in mineralization and returned multiple low-grade intervals with one sample yielding 7.59 grams gold over 1 metre.
The results for the remaining 2 holes are expected shortly.
Earlier this year, Planet completed a 13-hole diamond-drilling program over the prospect. Hole 14 returned 122.7 metres grading 1.25 grams gold per tonne, including 11.65 metres of 3.9 grams and 5 metres of 3.6 grams.
Additional geophysical surveys focussing west of the main zone of mineralization is currently underway. The partners have left a drill rig on the property and expect to resume drilling as soon as all the assay results are in.
Goldcorp can earn 50% interest in the property by spending and cash payments totalling $2.55 million over three years.
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