Falconbridge’s Pelletier drills yield more gold mineralization

International Thunderwood Explorations of Toronto and joint venture partners Falconbridge Ltd. have released some encouraging results from the Pelletier Lake gold property two miles southwest of Rouyn- Noranda, Que.

With a 55,000-ft drill program in progress, Thunderwood says ore grade gold mineralization has been intersected over widths of up to 53.8 ft at the 1,312- acre property.

Under an agreement with Falconbridge, Thunderwood has the option to spend $3 million on exploration by March, 1991, to earn a 35% interest. The agreement also allows Thunderwood to reach 20% by spending $1.25 million by March, 1989, before increasing its interest by 1% for every $116,667 spent up to 35%.

As operator, Falconbridge is attempting to explore the C-D-P shear zone for new gold-bearing shears and to re-evaluate the old Stadacona mine reserves for possible mining potential.

The C-D-P zone is the second gold deposit found on the Pelletier property which also hosted the Stadacona mine. Having produced 457,000 oz gold from approximately three million tons of ore between 1936 and 1958, it has been traced along a 1,200-ft strike length and a vertical depth of about 525 ft.

According to Thunderwood, 17 holes were drilled in C-D-P zone the property’s central region along the south shore of Pelletier Lake. The best results include: Hole No. Length Assay result 46-79 25.3 ft 0.12 oz

18.2 ft 0.20 oz 46-83 4.9 ft 0.60 oz 46-89 16.6 ft 0.33 oz 46-91 53.8 ft 0.16 oz 46-92 4.9 ft 0.55 oz 46-94 34.9 ft 0.19 oz 46-99 8.9 ft 0.34 oz 46-112 13.3 ft 0.26 oz

As reported (N.M., Nov 30/87), infrastructure is already in place at Pelletier Lake and a 4,000-ft mine shaft will allow Falconbridge access to any new zones.

International Thunderwood will hold a 20% interest when the current program is complete.