Two drill holes at the Winteroad property of Patrician Gold Mines (ASE), east of Matheson, Ont., have intersected gold mineralization in quartz-carbonate veins.
The highest-grade intersection in hole QIP-95-1 was 8.3 grams per tonne over a length of 1.4 metres; narrower intersections, elsewhere in the same hole, featured gold grades of 1.9 and 6.6 grams per tonne. In hole QIP-95-2, a 1.4-metre intersection graded 4.8 grams gold, while a 0.46-metre intersection graded 9.9 grams gold.
A third hole, QIP-95-3, featured disseminated mineralization with gold grades of up to 1.7 grams per tonne.
Additional drilling is planned, including a wedged hole from QIP-95-2 to test deeper targets.
Patrician also reported that its agreement with its Ghanaian joint-venture partner, Avo Mining, has been renegotiated. Under the revised agreement, Patrician will earn a 75% interest in the Jejeti property in the Birim River gold camp by spending US$750,000 on exploration, paying Avo US$22,500 and issuing 30,000 shares to Avo.
Patrician is obtaining extensions for the reconnaissance licences for Jejeti and for its Goaso property, and is renewing its prospecting licence for the Tabrakuso property. The Ghanaian government has indicated it will grant the extensions and renewal in the early part of this year.
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