Teck, Tundra drift into visible gold

Underground exploration work on a section of the Lamaque gold property near Val d’Or, Que., has encountered visible gold in drift faces. Teck Exploration, which is performing the work funded by Tundra Gold Mines, is drifting from the 3,200-ft level of its shutdown Lamaque mine.

Drifting in the No 35 zone intersected visible gold associated with a quartz vein. Drilling suggests the vein strikes for 1,240 ft. Assays from face and muck samples are expected shortly, Tundra says. A crosscut from the 1,800-ft level is heading toward the No 2 vein and is expected to reach its objective in less than 30 days.

Underground drilling from the 3,400-ft level cut the No 35 vein 400 ft east of the show of visible gold. Two of the better sections included 3 ft grading 0.39 oz gold per ton and 2 ft assaying 0.49 oz. In the No 2 vein, one drill hole intersected 3.5 ft grading 3.1 oz.

Tundra has the right to earn a 50% interest in the property, (which does not include the original Lamaque mine workings), by spending $9 million on exploration during a 3-year period. In order to increase its exposure to the area, Tundra has signed an agreement to acquire a 27% interest in Golden Pond Resources from two individuals. Golden Pond holds a 25% interest on another portion of the Teck- controlled Lamaque property. Drill-indicated reserves here total 500,000 tons grading 0.22 oz gold per ton.