Drilling on the Michaud gold property, east of Timmins, Ont., continues to return positive results for partners Moneta Porcupine Mines (me-t) and Barrick Gold (abx-t).
Recently, in the central block of the Southwest zone, five definition holes were drilled, bringing to 18 the number of holes completed this year. All five intersected at least one gold-bearing interval, with one hitting two, and another intersecting three.
Results include: hole 188, which hit 3.3 metres of 5.7 grams gold; hole 193, which hit 0.9 metre of 12.07 grams; hole 198, which returned 1.4 grams over 6.69 metres; hole 194, which yielded 5.82 grams over 8.7 metres and 11.6 grams over 5.7 metres; and hole 190, which intersected three separate intervals of 1.3 metres grading 5.73 grams, 6.3 metres of 5.6 grams and 5.6 metres of 4.4 grams.
Geological resources in the Central block of the Southwest zone stand at 2.4 million tonnes grading 6.07 grams gold. Since drilling resumed, earlier this year, the partners have extended the strike length of that zone to 600 metres and are attempting to bump up resources to the proven and probable category, as well as add tonnage. All definition holes are being drilled to a vertical depth of 400 metres; 18 have been drilled thus far this year.
In exploration drilling, two more holes were drilled in the Western block, which contains the western extension of the Southwest zone. Both holes were stepped-out 1,650 metres from the Central block, with hole 195 intersecting 3.5 metres of 13.09 grams gold and 2.7 metres of 3.01 grams, and hole 197 yielding 2.05 grams over 6.5 metres and 1.76 grams over 9.6 metres. In the Eastern block, which contains the eastern extension of the Southwest zone, hole 196 intersected three separate intervals of 3.3 metres grading 2.86 grams, 3 metres of 2 grams, and 0.6 metre of 4.23 grams. The hole was collared 500 metres from the Central block.
Combined with these latest holes, the partners have drilled seven holes in the western extension for a total of 3,928 metres, as well as three holes comprising 1,597 metres in the eastern extension. As well, assays are pending from 12 other holes drilled in the latter area.
The property is wholly owned by Moneta. Barrick can earn a 60% to 70% interest in the North and South claims by spending $6.5 million on exploration. Nufort Resources (nr-t) retains a royalty interest in the South claims.