Wedged hole hits 0.5 oz. gold over 125 ft. at Fontana

Another drill hole on the Fontana property in northwestern Quebec has hit the high-grade (0.48 oz.per ton) zone intersected by Bay Resources and Services (ASE) three weeks ago. Hole JB-200A, a wedged extension of drill hole JB-200, cut the mineralized zone about 100 ft. below the first intersection. The 125- ft. length of core returned an average grade of 0.51 oz. (uncut) gold per ton, including a 20-ft. intersection grading 0.83 oz. on the Main vein.

Smaller, highly mineralized veins, not apparent in the first hole, occur immediately below the Main vein to a depth of 758 ft. These four veins returned assays of between 0.69 and 4.39 oz. gold, over widths of 3-6 feet.

The vein system appears to be “gaining momentum at depth,” says President Jean Depatie. The system he refers to is the stockwork pattern developed at the junction of the Hooper-Bunkhouse veins.

An earlier story on the Fontana property (T.N.M., March 19/90) incorrectly identified hole JB-200A as JB-210. Hole JB-210 was in fact drilled 150 ft. to the northeast of JB-200, and intersected two separate veins grading 0.53 oz. over 9 ft. and 0.157 oz. over 7 ft.

“Everyone is anxious to follow up” the excellent results as soon as possible, says Depatie. At least $100,000 is currently available for further drilling and Depatie sees no problem in raising more. Bay will use a portion of the funds to drill a third hole, 75 ft. away from JB-200, to test strike extensions of the vein system.

Probable and possible reserves on the property, calculated before the recent drilling, stand at 968,000 tons averaging 0.17 oz. gold. Several partners have an interest in the Fontana property. Bay Resources, a subsidiary of St. Genevieve Resources (TSE), owns 40%. Exploration Duverny, a subsidiary of Stratmin (ME), owns 28%, and Jilbey Exploration (ME) 25%. St. Genevieve holds the remaining 7% while Portfield Industries retains a 15% royalty interest.