Taywin options project to Placer Dome

Junior company Taywin Resources (VSE) recently announced an agreement in principle with Placer Dome (TSE) involving a gold-silver prospect situated adjacent to its Electrum claims in the Zeballos camp of Vancouver Island.

According to Taywin, Placer proposed the option agreement to earn up to 65% interest in the property after conducting an exploration program in the area last summer. The agreement does not involve the 100% owned Electrum claims where Taywin recently completed a trenching program focused on outlining high-grade gold and silver mineralization.

But Taywin’s most important project is still the Merry Widow property, 40 km south of Port McNeill, B.C. These claims cover two separate mines that produced copper-gold and iron ore during various production periods up to 1972.

Taywin President Donald Graham said the company is currently involved in discussions with a potential joint venture partner for ongoing exploration of the Merry Widow property, which can be reached by road. To date the company’s work has been largely focused on exploring for gold-copper skarn deposits on the flanks of the Merry Widow iron mine.

Taywin became interested in the property after noting government reports of attractive copper, gold and silver values associated with the magnetite. Copper and gold were not recovered when the mines were in production as the gold- bearing copper sulphides contaminated the iron ore.

The company has spent about $500,000 exploring the property, with the work including mapping, trenching, surface sampling and 10,000 ft. of drilling in 42 holes.

The drilling on the Merry Widow open pit is reported to have encountered a number of mineralized zones both in the northeast shoulder of the pit and below the pit bottom. Some of the better results from the phase-2 program are: 95 ft. of 0.17 oz. gold and 0.6% copper; 142.5 ft. of 0.20 oz. gold and 1.34% copper; 147.5 ft. of 0.11 oz. gold and 0.33% copper; 23 ft. of 0.30 oz. gold and 0.66% copper and 124.5 ft. of 0.10 oz. gold and 0.38% copper.

In addition, a hole returned 16.5 ft. of 0.25 oz. gold and 0.72% copper from the Raven zone, 200 metres north of the Merry Widow pit. According to Taywin, the Raven pit was abandoned by iron miners because of its excess copper and zinc sulphides.

The Merry Widow property still has existing infrastructure, including the 1,600-ft.-long Kingfisher haulage adit that should enable the company to explore the depth potential of the mineralized areas. Taywin said shallower areas could potentially be mined by open pit methods as they have already been partially stripped by the existing pit.

Graham said other gold-copper skarn targets on the property remain to be tested, as does the property’s potential for producing magnetite (used in coal processing) and quality marble.