The old prospectors' saw says the best place to find gold is in a gold mine. Looking at the news this week, I am struck by the number of companies exploring old mines. The high price of gold helps, too. Here are a few.
The drills are turning again on the DAVIDSON TISDALE property near Timmins, Ont. The western extension of the Main zone was tested and several quartz veins encountered. Assays from shallow holes returned only low gold values, 2 or 3 g/t Au. However, high-grade veins are known on the property, and the target of the exploration program lies at a depth of 1,200 ft. VEDRON GOLD (www.vedron.com) is earning a 50% interest from LAURION GOLD.
The PICKLE LAKE gold camp in northern Ontario has attracted KING'S BAY GOLD, which has created a joint venture with RICHVIEW RESOURCES. The property is contiguous with the former Dona Lake, Central Patricia and Pickle Crow gold mines. The latest assays from drill hole PL04-26 tested 9.634 g/t Au over 4 metres, including a 2-metre intersection at 12.255 g/t Au. Core from deeper in the hole assayed 7.311 g/t over 15 metres. More drilling results are posted at www.KingsBayGold.com.
RICHMONT MINES has exercised its option to earn 55% of the old ISLAND gold mine near Wawa, Ont. The balance of the ownership remains with PATRICIA MINING, which previously estimated resources to be 2.2 million tons grading 0.24 opt Au. The property is home to a 650-ton/day mill and a 4,200-ft ramp. Richmont (www.Richmont-Mines.com) is working on another 4,500 metres of drilling to verify the extension of the deposit at depth. The ramp is also being lengthened. When the indicated and inferred resources can be increased, the partners hope to make a positive decision on reopening the mine.
The GOLD EAGLE mine at Red Lake, Ont., was active from 1937-41. The property is a joint venture of EXALL RESOURCES (www.exall.com) and SOUTHERN STAR RESOURCES. The latest resource estimate for the Western Discovery zone, southwest of the shaft, includes 309,000 tonnes at 16.67 g/t Au uncut. The property contains two other zones not included in the figures. Exall and Southern Star plan to resume drilling in January in the hopes that the project can be advanced to the bulk sampling stage.
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