Twin Gold plans more drilling on Lingman Lake property

This spring the company extended its claims in the area after a ground-based electromagnetic survey indicated that the mineralized zone extended to both the east and west of the original property. The survey also identified three subparallel conductors that have a direct correlation with known gold zones. Twin Gold now holds 302 contiguous claims at Lingman, 190 miles north of Red Lake, Ont., near the Manitoba border.

The claims cover almost 11 miles along a granite/volcanic strike and a persistent conductor has been traced along more than 14,000 ft of this strike, says project geologist Duncan McPhee.

Twin Gold has estimated potential reserves on the original 64 claims at more than one million tons, grading 0.22 oz gold per ton. With the new work, the company hopes to double or triple this amount. The deposit remains open at depth and along strike.

Drilling to the southwest of the central zone will explore a strong magnetic anomaly that may indicate massive sulphides. Galena and sphalerite has been found in the area and opens the possibility of base metal deposits, says McPhee.

Operator of the project is Agassiz Resources (TSE) which owns 78% of Twin Gold. Once a holder of a 31%-interest in the property, Massive Resources (VSE) has been watered down to 5.5% and its interest will be further decreased when the project gets under way.

The Lingman Lake property has been in Twin Gold’s hands since the 1940s when a 400-ft shaft was sunk. De-watering of the shaft awaits the results of the new drilling program.

The site is a fly-in project, accessible from Red Lake or Red Sucker Lake, Man.

“It’s the remoteness of the site that’s holding us back,” said Laurence Cheng, vice-president of finance for Agassiz. “We’d feel much more secure if we could double reserves before contemplating production.”

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