Strong holes drilled by Inco and Golden Knight

The first four holes of the latest round of drilling under way at the Golden Pond property in the Casa Berardi area of Quebec, have hit big, project operator Inco Ltd. (60%) and partner Golden Knight Resources (40%) report.

The drilling, which is part of a $2.8-million surface program started in October, is focusing on the Golden Pond West zone. Each of the four holes intersected wide, well-mineralized sections within a strongly altered massive quartz vein zone.

Hole 207 cut 70.1 ft grading 0.26 oz gold per ton from 625.1 -695.2 ft. Two other lower grading sections were also intersected at deeper levels. Hole 209 intersected a wide 146.6 ft assaying 0.26 oz from 644 ft-790.7 ft. The highest grades were cut by hole 211 which returned a section assaying 0.58 oz across 74.1 ft from 450.3 ft-524.4 ft. The fourth hole intersected 46.8 ft grading 0.14 oz.

A decision to build a mine and mill complex at the property is expected to be made in early 1987. This will be based on the results of a feasibility study which Inco expects to have completed by year-end. Reserves at Golden Pond, in three deposits, total eight million tons grading 0.25 oz gold per ton.