Thunderwood, Falconbridge on target at Pelletier bet

Reserves in the “C-D-P” deposit are close to the one million ton level which the partners were predicting last year, according to results released by Thunderwood.

Back in August, when the Toronto company was funding the $3-million program to earn a 35% interest, President John Heslop predicted that the C-D-P could contain around one million tons of grade 0.20 oz gold per ton. Results from a 19-hole, 16,500-ft program which was completed from a barge on Pelletier Lake show that Heslop was on target.

Drill-indicated reserves in the C-D-P zone stand at 973,000 tons of grade 0.20 oz, according to Thunderwood. That includes 540,000 tons of grade 0.29 oz.

“We are very pleased with the project so far and we are looking forward to proceeding with an underground program to establish grade continuity,” Heslop told The Northern Miner.

Operator Falconbridge is now considering its options before taking a bulk sample to confirm gold grades and allow for drifting in the gold bearing silicified zones to test for continuity.

The 1,312-acre Pelletier property is about two miles southwest of Rouyn-Noranda. Heslop said the C-D-P gold deposit, has been traced down dip for about 1,600 ft and along strike for up to 1,050 ft, could contain additional reserves in an area east of the drill section.

Trenching along the south shore of Pelletier Lake near where the C-D-P is thought to subcrop led to the recent discovery of several silicified zones in diorite that contain up to 3-4% fine grained pyrite with trace visible gold, according to Heslop.

“These silicified zones, which are identical to those encountered in drilling, are interpreted to be subparallel to and stratigraphically above the main gold deposit,” he said.

Significant results from drilling on the C-D-P include 19.8 ft of grade 0.55 oz gold, 16.7 ft of grade 0.24 oz, 13.1 ft of grade 0.19 oz, 13.1 ft of grade 0.18 oz and 36.4 ft of grade 0.10 oz.

Falconbridge and Thunderwood are preparing to go ahead as joint venture partners holding a 65% and 35% interest at Pelletier respectively.

]]>