Drilling at the Olcott property of Allegheny Mines (ASE), 20 km east of Atikokan, Ont., is reported to be building potential for a gold resource.
The company announced that 19 holes were drilled over the 1995 exploration season, and all intersected the Olcott structure.
Mineralization in the higher-grade interior of the zone was cut in intersections ranging from 9.8 ft. of 0.11 oz. gold per ton to 14.7 ft. of 0.16 oz. Lower-grade mineralization in an envelope surrounding the high-grade material had grades ranging from 0.03 to 0.07 oz.
The structure is open in all directions and will be tested in future drilling.
The Lindsay and Eagle properties, in the same general area, were tested by exploratory drilling that confirmed existing knowledge of the mineralized structures.
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