Power cuts gold values on 3 Pickle Lake-area properties

Power Exploration has obtained some encouraging gold assays on properties adjacent to two of northwestern Ontario’s significant recent gold discoveries.

In the Pickle Lake area two new gold zones have been discovered on properties adjacent to St. Joe Canada’s Golden Patricia property. On the Muskeg Lake property, held under a 50-50 joint venture with Moss Resources, drill hole 86-4 cut 4.8 ft assaying 0.105 oz gold per ton while on the Kawashe Lake property, a 50-50 joint venture with Oracle Resources, hole 86-8 cut 4.2 ft grading 0.145 oz.

Power President Harry Hodge says only a single hole has been drilled into each of these two zones.

In the Opapamiskan Lake area, hole 86-24 put down on a property adjacent to the Snoppy Lake property owned by a consortium of companies and operated by Dome Exploration, cut 9.2 ft. grading 0.445 oz.

Included in the Opapimiskan Lake intersection is 4.2 ft which has not been assayed and which was assigned no value for the purpose of averaging calculations.

Mr Hodge says gold on the Opapimiskan Lake property occurs in the same band of iron formation as the Snoppy Lake deposit where Dome recently announced reserves of 2.2 million tons grading 0.24 oz gold per ton.

The Opapimiskan Lake property is also a 50-50 joint venture with Oracle.

About 30,000 ft of drilling has been completed on Power’s Pickle Lake programs, but assays have been received for about 20,000 ft. Power has recently raised an additional $450,000 through a private placement of flow-through shares and plans to drill a total of 65,000 ft this winter.