Pacific buys Telesis’ share of Gordon Lake gold project

Alberta-listed Pacific Trans- Ocean Resources has agreed to buy the remaining interest held by Telesis Corporation in the Gordon Lake project, the company announced recently.

Upon completion, Pacific Trans- Ocean will hold a 100% working interest in the property which is located in the N.W.T., two miles from Echo Bay’s Lupin gold mine.

According to Pacific Trans- Ocean, an aggressive exploration program including line cutting, ground geophysical surveys and core sampling will be completed by the end of February.

In addition, the company says it is planning an airborne magnetic and electromagnetic survey this month. As a follow-up, Pacific Trans-Ocean will complete geological surveys of targets outlined by the airborne survey and diamond drilling on two zones of high grade gold mineralization already identified.

Pacific Trans-Ocean says it recently staked approximately 50,000 acres of ground covering the trend along strike of the Camlaren gold mine.

According to the company, the north zone has been drill defined over a strike length of 130 ft and is open along strike in both directions. “The width of the vein varies from 2 ft to 13 ft and has an average width of 5 ft,” said Chairman Frank Agar. “This zone has been tested to a depth of 220 ft below surface,” he said.

Located 1,150 ft south of the north zone, the south zone has a 120-ft strike length and an average width of 4 ft, the company says. It has been drill tested to a depth of 50 ft below surface.

Agar says the average grade of the two zones is 0.844 oz gold per ton and both are open at depth. Previous mapping and sampling located a quartz vein between the north and south zones that returned 0.14 oz over a width of 3.5 ft.

However, Agar says the area between the north and south zones has not yet been adequately sampled.