Syngold Exploration and Corporation Falconbridge Copper report the discovery of a new gold zone on the Deka property two miles northeast of Noranda, Que.
Seven vertical drill holes on 400-ft centres have outlined a mineralized zone with a potential estimated by Syngold of at least 450,000 tons grading 0.38 oz gold per ton assuming a minimum width of six feet and 20% dilution.
This new gold zone is believed to be an extension of the Donalda No 1 deposit which produced 782,000 tons averaging 0.16 oz gold per ton from 1948-1955.
In addition to this gold deposit, previous operators have reported gold reserves of 500,000 tons grading 0.26 oz gold per ton at the Donalda No 2 deposit located vertically below the Donalda No 1 and its newly discovered extension.
Syngold will earn a 20% interest in the property by March 1, 1987, and has the right to earn an additional 15% interest by providing the operator, CFC, with a further $2 million for exploration within two years.
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