Wolfden Resources (YWO-V) has agreed to buy the 30% interest in the My-Ritt Property it doesn’t already hold from Explorers Alliance for $50,000 in cash and 40,000 shares.
My-Ritt lies immediately north of the Newman-Heyson and Nova-Co properties Wolfden is currently exploring under a joint venture with Kinross Gold (K-T). The property is home to untested, hinge folds in ultramafic rocks in the Red Lake area.
Wolfden recently completed an initial phase of exploration including linecutting, ground magnetic surveying, and soil geochemical sampling. Drilling this winter will target several gold-in-soil anomalies.
Wolfden believes the ultramafic unit at My-Ritt may represent the northern extension of the ultramafic unit which hosts Placer Dome (PDG-T) and Claude Resources‘ recently discovered high-grade gold system.
The duo uncovered the system near the old Madsen mine in September. Hosted by metabasalts, the system overlies the structural contact with a large komatiite unit. The lithological picture is identical to the nearby, producing Red Lake mine of Goldcorp (G-T) and the adjoining Campbell mine of Placer.
Mineralization is characterized by pyrite and pyrrhotite, with visible gold reported in three holes. Folded and broken quartz-iron-carbonate-tourmaline veins are the predominant host, with carbonate veinlets and colloform quartz veins playing lesser roles.
Eight holes, spaced 180-275 metres apart, returned up to 48.3 grams gold over narrow widths.
Results from Placer’s nineteen-hole drill program focussed on four targets are expected during the first quarter. Initial results from six holes indicate a broad iron carbonate alteration zone that is locally silicified and gold-bearing. So far, drill has cut only narrow widths of high-grade gold values .
Placer can acquire a 55% interest in Madsen by spending $8.2 million by 2005 and delivering a bankable feasibility study by 2007.
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