Glimmer has gold reserve estimate for Beatty claims

A preliminary estimate of gold reserves has been released by Glimmer Resources (VSE) for the company’s 40% owned joint venture project with Noranda (TSE) in Beatty and Hislop twps., near Matheson, Ont. The junior company has calculated geological reserves of 467,347 tonnes grading 10.79 grams gold per tonne (0.31 oz. per ton) for the property’s Main zone which extends over a distance of roughly 230 metres. Noranda Exploration, 60% owner and operator of the joint venture, has not approved the reserve estimate, however.

Glimmer says the structurally controlled gold zone requires more surface drilling to clarify continuity and establish precisely its lateral and vertical extent. Five recently completed stepout holes, which tested geophysical targets along strike, did not encounter any economic gold intersections.

Another four holes remain to be drilled in the current program, but they will not be completed until after spring breakup when the surface has dried, the company says.

Elsewhere, a surface trenching and drilling program is scheduled to get under way soon on Glimmer’s gold property in Barnet Twp., where Placer Dome (TSE) is earning a 51% interest.

Shares of Glimmer, of which there are about 1.7 million issued and outstanding, have traded recently at the $2.55 level within a 12-month range of 40 cents-$4.25.