A 3,000-m diamond drilling is under way at the Melrose Resources (VSE), Placer Dome Inc. (TSE) joint venture project at Blackstock Twp., 30 miles southeast of Timmins, Ont.
Melrose President Peter Hunkin said 11 of 16 holes to be drilled are designed to follow-up on a $1-million exploration program which produced values as high as 0.78 oz gold per ton in pieces of green carbonate float.
According to Hunkin, five holes will also test new targets outlined as a result of reverse circulation drilling and I.P. surveys.
To earn its 60% working interest, Placer Dome provided financing for 21,000 ft of diamond drilling and a 21-hole reverse circulation program. Melrose retains a 40% interest in the property where low grades were also encountered in a monzonite intrusive.
Drilling is expected to be completed by Dec 31.
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