Owner
Post by Franko10 ™ on Mar 30, 2005 16:24:51 GMT -5
New High Grade Zones Discovered at Madsen
MONTREAL, March 30 /CNW Telbec/ - In the second half of 2004, Placer Dome (CLA) Ltd. completed fourteen diamond drill holes totaling 5,315 metres on the Madsen property near Red Lake, Ontario. With the completion of this drill program, Placer has met the $8.2 million exploration expenditure requirement of its option agreement with Claude Resources Inc. As per the agreement, Placer has until December of 2006 to deliver a positive feasibility study to fulfill its obligations and vest in the Madsen Joint Venture with a 55% working interest.
The current drill program vectored in on flexures along the contact of the main ultramafic unit, proximal to the main Madsen trend approximately 1,500 metres southwest of the Madsen headframe. It resulted in the discovery of two new high-grade zones along the ultramafic contact west of the Madsen mine. Collectively referred to as the 'Fork Target', the new zones are
characterized by brecciated, veined and strongly altered basalt, appear to be structurally controlled and visually resemble the past-producing high-grade No. 8 Zone.
Six of the holes drilled on the Fork Target were on 20 metre to 50 metre centres and all intersected significant gold values in three zones, the AD, BC and McVeigh horizon. Intersections on the AD Zone ranged from 4.2 metres grading 1.1 grams per tonne Au (gpt) to 1.3 metres grading 47 gpt at depths below surface between 100 metres and 200 metres. The BC zone is interpreted as an en echelon offset, similar in appearance to the AD zone and returned a single intercept of 0.8 metres grading 81.9 gpt. Step-out holes to the west produced intercepts of 2.8 metres grading 6.1 gpt and 1.5 metres grading 7.5 gpt on a target called the WF zone. Intersections reported are cored
intervals with the structures interpreted to be 50 degrees to 70 degrees to the core axis.
When coupled with the extensively drilled 'Treasure Box' zone, Placer has successfully identified a number of narrow, high-grade veins (zones) near surface. Their existence lends credence to the exploration model of high-grade lenses like the No. 8 Zone, in a brittle-ductile environment at depth.
Salient drill intersections are presented in the ensuing table.
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Hole Number TARGET Zone From To Interval Grade
(m) (m) (m) (gpt)
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PDM04-106 NO. 8 ZONE UPDIP 746.0 747.0 1.0 1.6
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PDM04-302 no significant assays
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PDM04-303 FORK WEST WF 194.9 197.7 2.8 6.1
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323.0 324.5 1.5 7.5
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PDM04-304 FORK WEST 211.0 212.0 1.0 2.2
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PDM04-305 no significant assays
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PDM04-319 no significant assays
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PDM04-311 FORK SOUTHEAST McVeigh 175.5 177.5 2.0 6.0
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AD 202.0 205.0 3.0 1.5
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209.5 210.5 1.0 17.4
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PDM04-312 McVeigh 177.4 179.8 2.4 1.0
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AD 213.0 218.6 5.6 3.3
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includes 214.5 215.0 0.5 24.3
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PDM04-313 McVeigh 151.8 152.7 0.9 1.5
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AD 183.3 187.5 4.2 1.1
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196.9 198.1 1.2 11.1
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PDM04-314 McVeigh 178.7 181.2 2.5 2.7
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PDM04-315 McVeigh 156.7 157.7 1.0 1.6
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AD 221.3 221.8 0.5 4.1
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BC 256.7 257.5 0.8 81.9
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PDM04-316 McVeigh 158.8 159.4 0.6 3.8
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PDM04-318 McVeigh - AD 128.1 129.4 1.3 47.0
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includes 128.1 128.8 0.7 85.7
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AD 135.4 137.4 2.0 7.0
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includes 136.8 137.4 0.6 21.3
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MONTREAL, March 30 /CNW Telbec/ - In the second half of 2004, Placer Dome (CLA) Ltd. completed fourteen diamond drill holes totaling 5,315 metres on the Madsen property near Red Lake, Ontario. With the completion of this drill program, Placer has met the $8.2 million exploration expenditure requirement of its option agreement with Claude Resources Inc. As per the agreement, Placer has until December of 2006 to deliver a positive feasibility study to fulfill its obligations and vest in the Madsen Joint Venture with a 55% working interest.
The current drill program vectored in on flexures along the contact of the main ultramafic unit, proximal to the main Madsen trend approximately 1,500 metres southwest of the Madsen headframe. It resulted in the discovery of two new high-grade zones along the ultramafic contact west of the Madsen mine. Collectively referred to as the 'Fork Target', the new zones are
characterized by brecciated, veined and strongly altered basalt, appear to be structurally controlled and visually resemble the past-producing high-grade No. 8 Zone.
Six of the holes drilled on the Fork Target were on 20 metre to 50 metre centres and all intersected significant gold values in three zones, the AD, BC and McVeigh horizon. Intersections on the AD Zone ranged from 4.2 metres grading 1.1 grams per tonne Au (gpt) to 1.3 metres grading 47 gpt at depths below surface between 100 metres and 200 metres. The BC zone is interpreted as an en echelon offset, similar in appearance to the AD zone and returned a single intercept of 0.8 metres grading 81.9 gpt. Step-out holes to the west produced intercepts of 2.8 metres grading 6.1 gpt and 1.5 metres grading 7.5 gpt on a target called the WF zone. Intersections reported are cored
intervals with the structures interpreted to be 50 degrees to 70 degrees to the core axis.
When coupled with the extensively drilled 'Treasure Box' zone, Placer has successfully identified a number of narrow, high-grade veins (zones) near surface. Their existence lends credence to the exploration model of high-grade lenses like the No. 8 Zone, in a brittle-ductile environment at depth.
Salient drill intersections are presented in the ensuing table.
<<
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Hole Number TARGET Zone From To Interval Grade
(m) (m) (m) (gpt)
-------------------------------------------------------------------------
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PDM04-106 NO. 8 ZONE UPDIP 746.0 747.0 1.0 1.6
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PDM04-302 no significant assays
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PDM04-303 FORK WEST WF 194.9 197.7 2.8 6.1
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323.0 324.5 1.5 7.5
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PDM04-304 FORK WEST 211.0 212.0 1.0 2.2
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PDM04-305 no significant assays
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PDM04-319 no significant assays
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PDM04-311 FORK SOUTHEAST McVeigh 175.5 177.5 2.0 6.0
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AD 202.0 205.0 3.0 1.5
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209.5 210.5 1.0 17.4
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PDM04-312 McVeigh 177.4 179.8 2.4 1.0
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AD 213.0 218.6 5.6 3.3
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includes 214.5 215.0 0.5 24.3
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PDM04-313 McVeigh 151.8 152.7 0.9 1.5
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AD 183.3 187.5 4.2 1.1
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196.9 198.1 1.2 11.1
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PDM04-314 McVeigh 178.7 181.2 2.5 2.7
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PDM04-315 McVeigh 156.7 157.7 1.0 1.6
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AD 221.3 221.8 0.5 4.1
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BC 256.7 257.5 0.8 81.9
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PDM04-316 McVeigh 158.8 159.4 0.6 3.8
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PDM04-318 McVeigh - AD 128.1 129.4 1.3 47.0
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includes 128.1 128.8 0.7 85.7
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AD 135.4 137.4 2.0 7.0
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includes 136.8 137.4 0.6 21.3
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