Gold-bearing zone discovered by Parquet on Courville bet

A new northwest-southwest- striking gold-bearing zone has been outlined in the current diamond drilling program on Parquet Resources’ 2,000-acre gold property in Courville Twp., in the Val d’Or area of Quebec.

Hole No 9 cut three sections of gold mineralization grading 0.056 oz gold per ton across 12.5 ft; 0.13 oz across 5 ft and deeper down in the hole, 0.18 oz across 5.5 ft.

Hole No 18, drilled under hole 9, cut a 1-ft section from 755.2 ft to 756.2 ft that assayed 2.97 oz. Lower in hole 18 a 2.3-ft section assayed 0.07 oz.

Hole No 24 drilled 50 ft east of hole 9 returned 5 ft of 0.075 oz. Hole No 25 drilled 50 ft west of hole 9 returned 5.5 ft of 0.118 oz.

Assay results are awaited from holes 29 and 30, drilled east and west on the zone. Drilling is underway to test for the east-west continuation of the zone, says President William Plexman.

Four holes drilled to the east on the south zone, outlined for a length of 600 ft in previous drilling, have extended the zone to approximately 1,000 ft.

Hole No 15 returned 20 ft of 0.03 oz. Hole No 16 cut 2 ft of 0.10 oz and 4.7 ft of 0.055 oz. Hole No 22 assayed 0.04 oz and 0.15 oz over 1-ft sections. Hole No 16 cut 10 ft of 0.064 oz.

These intersections were cut at shallow depths ranging from 100 ft to 300 ft.

Four drills are operating on the Courville property to complete an approximate 40,000-ft drill program, says Mr Plexman.

One drill is concentrating on the central zone, while a second is drilling the south zone. A third drill is testing out various VLF-EM conductors and a fourth machine is drilling a 4,000-ft-north-to-south cross-section on the east boundary of the property.

At the company’s Duparquet Twp. property in the Rouyn- Noranda area, one drill is operating on a 18,000-ft diamond drill program to test several strong conductors outlined in previous geophysical surveys. Mr Plexman says low values in silver and copper have been cut.

Funding for the exploration programs on the Courville and Duparquet properties is via a $2-million flow-through financing agreement with La Societe en Commandite Sofimines 1986 of Montreal, says Mr Plexman.

Parquet has completed a private placement of flow-through units to net the company an initial $200,000 of a maximum of $500,000 financing for exploration work on its Holmwood option property in the Beardmore area in northwestern Ontario. The property is about 2.5 miles northwest of the Metalore Resources property.

Mr Plexman says the initial exploration program including line cutting, ground and airborne LVF- EM geophysical surveys have been completed. A 5,000-to 10,000-ft diamond drilling program is under way with two holes completed and core samples sent out for assay.

Parquet trades on the TSE and ME at about the 39 cents level with a 52-week high and low of 49 cents and 14 cents .