Results of a nickel offsets joint- venture involving United Reef Petroleums and Canhorn Mining Corporation near Sudbury, Ont., were announced recently.
The company says geological mapping and ip surveys have been completed in the eastern half of the 54-claim property which is 100% owned by Canhorn. Three diamond drill holes aggregating 1,630 ft have been drilled so far.
Hole FB-87-01 has been drilled to test a 3,000 ft induced polarization anomaly underlain by quartz diorite of the foy offset. The ip anomaly is strong over a strike length of 1,000 ft and a coincident vlf-em anomaly occurs over a strike length of 1,300 ft.
The hole intersected massive sulphide mineralization over a core length of 27.2 ft which assayed 0.165 oz gold per ton. A higher grade section assayed 0.77 oz gold, 4.45% copper, 1.4% nickel with minor values of platinum group metals and cobalt over a core length of 5.5 ft. True width of the mineralization is estimated at 20 ft.
Diamond drilling is scheduled to continue with reconnaissance drilling of the remaining 20 drill targets. A second drill machine will investigate the intersection in hole FB-87-01.
United Reef has an option to earn a 50% interest in the claims by spending $1,150,000 on exploration by February, l988.
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