Encouraging results from Fortune Minerals’ 100% owned Robin claims, 100 km northwest of Yellowknife, N.W.T., were released one day too late to affect the market for the week ended Oct. 22.
Fortune says recent work on the 6,766-acre property extended the strike length of the Isthmus gold zone by an additional 100 metres to the south. Grab samples taken along the extension returned an average grade of 6.6 grams gold per tonne (0.19 oz. per ton), while chip samples collected at the south end of the zone returned a length-weighted average grade of 7.48 grams across 2.6 metres.
The Isthmus zone has been traced for a strike length of 300 metres and remains open beneath a lake to the south. It is 4-10.5 metres wide. Asarco, which had been earning a 60% interest in the Fortune property, dropped its option at the end of last year.
Fortune was 13 cents bid, 18 cents ask for the week.
Hol-Lac Gold Mines has entered into a letter of intent to purchase a 50% interest in White Plains Resource (U.S.), which owns a leasehold on the Gilbert wollastonite property in Esmeralda Cty., Nev.
The $1-million purchase price, plus $1.3 million from White Plains, will be used to build a pilot plant capable of operating at 20 tons per day. Hol-Lac says preliminary calculations indicate a reserve potential of five million tons grading more than 50% per ton to a depth of 100 ft.
Hol-Lac gained two cents to close at 30 cents on thin volume.
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