RED LAKE, Ontario The joint venture between PLANET EXPLORATION of Calgary and Toronto-based GOLDCORP is entering its second phase on the Sidace Lake property near here. Goldcorp is funding the work and can earn 50% of the project for its expenditures. The gold-bearing zones are of classic Red Lake type, according to Planet.
Five holes drilled in early 2003 intersected a quartz sericite zone with the best width being 1.637 g/t Au over 102.0 metres in RL-03-23. This section included 4.687 g/t over 16.4 m including 8.575 g/t over 4.0 m and 21.589 g/t over 1.0 m, and 2.951 g/t over 30.0 m including 8.769 g/t over 1.0 m, 8.709 g/t over 0.65 m and 4.852 g/t over 10.6 m, including 8.764 g/t over 2.65 metres.
The property comprises 18 contiguous block covering 4,288 hectares. The next phase of work includes additional diamond drilling, prospecting and airborne magnetics. For more information on this and Planet’s project in Mongolia, see www.planetexploration.info.