TNK, Goldbrook to drill Onaman River property

A 7,000-ft. diamond drill program is to begin shortly on Goldbrook Explorations’ (ASE) Onaman River base metal property near Jellicoe, Ont.

Goldbrook will be project operator, while TNK Resources (CDN), which can earn up to a half interest, will fund the exploration.

Several polymetallic deposits were outlined on the property in the 1950s. The largest deposit, the Headway Main zone, contains preliminary reserves of 739,000 tons grading 3.15% combined lead-zinc with undisclosed silver values. Surface work between 1991 and 1993 identified a felsic volcanic centre with a hydrothermal alteration system at least 4.3 miles long and up to 2,600 ft. wide (typical of systems associated with volcanogenic massive sulphide deposits).

The upcoming program will test a 3.1-mile-long sulphide horizon at the top of the felsic volcanics which has only been cut by three previous drill holes. The drilling will be guided by specific alteration and structural vectors defined by the 1991-93 surface work.

Previously, in February, 1993, TNK and Goldbrook entered into an option agreement which resulted in a legal dispute. The dispute has since been resolved and the property is now owned 95% by Goldbrook and 5% by TNK. Goldbrook increased its interest by purchasing Castlewood Metals and Explorations’ (CDN) 55% interest for $687,033, satisfied by the issuance of 3.4 million Goldbrook shares.

Under a new deal, TNK can increase its interest to 20% by funding a $250,000 exploration program by March 31, 1995; to 35% by funding a second $250,000 program by Nov. 1, 1995; to 40% by making a $50,000 payment to Goldbrook; and to 50% by funding a third program worth $450,000 by Nov. 1, 1996.