Kinross, United Tex-Sol hit high grade in Timmins (October 04, 1999)

Operator Kinross Gold (K-T) and partner United Tex-Sol Mines (UTX-A) have intersected high-grade gold mineralization at the Clavos project in Timmins, Ont.

In addition to intersecting 94.6 grams gold per tonne (uncut) over a core length of 9.6 metres, the joint venture noted numerous clusters and grains of visible gold in a quartz-vein stockwork that includes 2-4% pyrite.

The intersection, which occurred in the hangingwall of the Pipestone Fault zone, is part of an ongoing drill campaign on the 1,454-ha property. To date, Kinross has put down 8,600 metres of a 20,000-metre program.

To earn its interest, Kinross must spend $3.5 million over three years and pay a total of $200,000. Once this is completed, the company can acquire the entire project by paying US$15 per oz. gold when resources are calculated, or paying up to $6 million, whichever is greater.

The hole was designed to test the eastern plunge of high-grade mineralization discovered in previous drilling. Although other holes have intersected strong gold mineralization along strike and updip, hole 131 represents the widest high-grade interval drilled to date.

When the high-grade assays are cut to 100 grams per tonne, the intersection from 341 to 350 metres has an average grade of 32.64 grams gold over 9.6 metres.

Kinross is collaring several drill holes around hole 131 to continue testing the mineralized structure down-plunge.

The accompanying table illustrates uncut pulp metallic assays for hole 131.