NORTHERN ONTARIO - Toronto-based EXALL RESOURCES and its joint venture partner SOUTHERN STAR have found a new high-grade gold structure at its Gold Eagle mine property in the Red Lake camp. Diamond drill core assayed 24.47 g/t Au over 11.70 metres. The same hole, BC10-1, encountered a 516-metre intersection with multiple high-grade gold zones and continuous anomalous gold throughout, and was stopped in mineralization at 1,596 metres.
Another hole, BC10-2, cut 10.24 metres grading 6.57 g/t Au at approximately 1,200 metres. A 2.57-metre section of this hole graded 42.37 g/t.
The Gold Eagle mine produced about 40,000 oz of gold between 1937 and 1941. (There is a wonderful historic photo of the mine at www.Exall.com.) The site was originally developed with a shaft to 160 metres and later deepened to 350 metres with a winze. Exall says there has been no significant exploration of the property since production ended.
Exall is currently in the process of spinning off its gold and mining interests into a new company to be called GOLD EAGLE MINES LTD. Exall Resources will then be renamed Exall Energy, which reflects the nature of its remaining assets.