Encouraging gold values have been returned from three holes on Glen Auden Resources’ (CDN) Sewell-Reeve property, southwest of Timmins, Ont.
The holes, drilled by Hemlo Gold Mines (TSE), cut a wide sequence of mafic and ultramafic volcanic flows intruded by numerous porphyritic felsic bodies. Samples collected from within and proximal to the felsic intrusives returned values that included 2.45 grams over half a metre, 1.17 grams over one metre and 0.64 grams across 5.8 metres.
The property covers more than 22 km of the Destor-Porcupine fault system. Hemlo can earn a 70% interest by spending $1.5 million on exploration. Expenditures to date total $200,000.
In other news, Glen Auden has completed financial transactions which it hopes will enable it to seek reinstatement of its TSE listing.
In one transaction, the company issued 4.4 million Glen Auden shares to various creditors for settlement of outstanding debt.
Two other transactions, consisting of placements for up to $350,000 and $1.2 million, were approved by shareholders.
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