Diamond drilling continues with three machines in an on going exploration program to build reserves on the Lightning gold zone of Noranda (TSE), Freewest Resources (TSE) and Teddy Bear Valley Mines (COATS) in northeastern Ontario. Thedeep gold deposit lies on the Holloway project which straddles the Porcupine-Destor fault, about 40 miles east of Matheson, Ont. Surface drilling is expected to continue until April and could extend beyond that depending on results, said Denis Francoeur of Noranda Exploration.
He said the Lightning zone still remains wide open at depth where only a few widely spaced holes have intersected the deposit at around 2,600 ft. below surface. Most of the known gold reserves outlined to date lie between depths of 650-2,000 ft.
Although an official reserve estimate has not been released by operator Noranda, the deposit is believed to host at least 5 million tons grading 0.25 oz. gold per ton. Francoeur said a feasibility study is under way on the Lightning zone. The study may have to be modified as drilling expands the overall shape and size of the gold deposit.
Results from the entire project will be reviewed in mid-February by Noranda Engineering, he said. “We would like to continue drilling the deposit from surface along its southeast rake to determine if there is a persistent and strong extension in that direction,” he said. Until mid-December, five drills had been working on the project before a temporary 1-month break. Two drills resumed earlier this year and a third was added this month.
For the past several months, Noranda has been releasing drill results from the Holloway project in batches of about 15 holes at a time.
The next round of assays is expected to be available by either late February or early March. “I would be very surprised if we didn’t continue to get good results in the Lightning zone,” said Freewest President MacKenzie Watson.
Freewest has a 40% interest in the Holloway joint venture and also holds a 23.8% interest in the adjacent Teddy Bear property.
The Holloway project is just one mile north of American Barrick Resources’ (TSE) producing Holt McDermott gold mine.
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