Lucky Eagle Mines, jointly owned by Hecla Mining (NYSE) and Agnico-Eagle Mines (TSE), has received encouraging results from a 27-hole program on the Meadowbank property, 60 miles northwest of Baker Lake, N.W.T. Definition drilling on a gold- bearing iron formation, Lucky Eagle intersected more than 10 ft. grading at least 0.3 oz. gold per ton in 16 holes. The best intersections include 38.9 ft. grading 0.31 oz. gold (cut) in hole 90-27 and 16.3 ft. grading 0.57 oz. gold (cut) in hole 90-17.
Holes were drilled at 45-85 degrees angles, to depths of not more than 460 ft. Lucky Eagle encountered most of the mineralization at depths of less than 200 ft.
Lucky Eagle is earning a 55% interest in the property from joint venture partners Asamera Minerals (TSE) and Comaplex Resources (TSE). The property does not lie within the same greenstone belt that hosts Asamera’s Meliadine River discovery near Rankin Inlet, N.W.T.
The recent drilling, designed to test the continuity of gold mineralization discovered in 1989, was concentrated at the north and south ends of the Third Portage showing. Lucky Eagle has extended the strike length of the zone, which remains open at both ends, to 1,850 ft.
Results indicate that gold mineralization is hosted by both pyrrotite replacement zones within the main iron formation and silicified shear zones at the upper contact of the magnetite iron formation.
In 1991, Lucky Eagle plans to explore the southern plunge extension of the Third Portage showing. The company says it will also test numerous gold-bearing iron formations with similar geophysical expressions.
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