Noront trims down Grubline holdings

The 6,800-claim Grubline joint venture of Noront Resources (VSE) and Noranda (TSE) in central Newfoundland is being reduced in size by nearly 50% as the partners narrow their focus to concentrate on two gold discoveries and an antimony prospect. The Grubline project, which began as a large regional grassroots exploration venture back in 1988, is in the Gander River Ultrabasic Belt — a major geological feature in northeastern Newfoundland.

According to Noront, the partners are focusing on the Duder Lake and Mount Peyton gold prospects, and the Beaver Lake antimony showing. Emphasis during follow- up work on those three prospects will be placed on diamond drilling in areas of defined mineralization.

Noranda Exploration is operator of the project where 6,529 ft. of diamond drilling in 20 holes was completed recently on three separate properties that are to become the focus of future follow-up work.

On the Duder Lake property, drilling tested four separate gold targets with the best hole yielding an intersection of 0.13 oz. gold per ton over 25.6 ft., including 0.20 oz. gold over 8.5 ft. The zone is hosted by an intensely silicified and altered gabbro within the Duder Lake deformation zone.

Elsewhere, on the Mount Peyton property, the most significant drill result obtained in recent work was 15.1 ft. averaging 0.11 oz. gold, including 0.18 oz. gold over 6.6 ft. The gold values occur in the Mount Peyton gabbro, associated with silicified zones carrying up to 20% polymetallic sulphides.

Drill testing of an antimony sulphide showing on the Beaver Lake property yielded results of 4.2% antimony over 75.5 ft., including 8.99% antimony over 23.7 ft. and 18.26% antimony over 7.3 ft.

Drilling of the Xingchang showing, 3,280 ft. to the west, intersected near-surface stibnite mineralization assaying 33% antimony over 1.6 ft., and the potential for an open pit antimony deposit is being investigated.