The last three holes of an 18-hole drilling program on Glimmer Resources’ (VSE) Beatty-Hislop property will get under way sometime in July. Noranda (TSE), Glimmer’s joint venture partner, will also present a proposal for further drilling on the property. Referring to a wall plastered with geological maps at the company’s annual meeting, Glimmer President George Kent took shareholders through a visual tour of the gold project near Matheson, Ont. Glimmer, which owns 40% of the property, has set a preliminary estimate of 467,347 tons grading 0.31 oz. per ton, and Kent hopes Noranda will be able to extend the reserves as they drill along strike.
Kent compares the property to the Freewest Resources’ (ME), Noranda joint venture project in Harker and Holloway twps., Ont. Both straddle the Porcupine-Destor fault and both exhibit similar geologic characteristics. But while mineralization at Harker-Holloway is fairly continuous, the Beatty-Hislop mineralization occurs in six or seven different zones that are difficult to correlate, he said. More detailed drilling is needed before the partners can determine whether they are dealing with one small deposit, one large but discontinuous deposit, or several separate deposits.
The mineralized zone remains open at depth, with the deepest hole to date ending at about 650 ft. But Kent said Noranda will exhaust the possibilities of a strike extension before considering relatively expensive deep holes.
Glimmer is currently trying to come up with further financing through an underwriting with Yorkton Continental Securities. Glimmer shares have traded recently at the $2.08 level.
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