Goldpost hits good hole in Timmins area gold bet

The Timmins, Ont., area, already stirred by the recent gold discovery of Syngold Exploration, is being further stimulated by drill results from another junior working in the area.

Goldpost Resources reports high gold values on its Hislop East project, about 45 miles east of Timmins, where two drills are currently working and another is expected to be added soon.

According to President P. R. Heenan, hole No 1 in a 12,000-ft drilling contract under way on the property, intersected 70.5 ft assaying 0.27 oz gold per ton, from 251.5 ft to 322 ft, and within this zone 60.5 ft (from 251.5 to 312 ft), assayed 0.29 oz.

Individual higher assays within the zone ranged from 3 ft at 0.43 oz, to 5 ft at 0.76 oz.

The hole was collared about 1,300 ft southeast of the old shaft area on the New Kelore Mines property, along the strike of the ore structure, which is about 5,000 ft in length, Mr Heenan says.

H. E. Neal, consulting geologist, says repeat assays of the original pulp and an assay of a second sample cut from the rejects, gave “excellent ” correlation.

Mr Heenan explains that the Hislop East project now includes the Holcorp property, the New Kelore property and the Valliere property, all of which adjoin Pamour’s producing Ross mine in the area and Goldpost’s Hislop West property, where a decline is currently being driven.

Results are still awaited for a hole above and below hole No 1, on the same section. The Goldpost president tells The Northern Miner that because of swampy ground the rig was moved to an area northwest of the old shaft on the New Kelore ground.

When ground conditions improve after freeze-up, drilling on 50-ft centres will be resumed in this area. The second drill is also drilling northwest of the old shaft workings.

The 12,000-ft drill program is expected to be extended to 20,000 ft, he said.

Sectional drilling at 50-ft centres will also be needed to test the potential of another area known as the Marsh Zone, located between the shaft area and hole No 1, where previous drilling indicated a zone grading 0.18 oz gold per ton across 8 ft along a strike length of 250 ft.

As well, Mr Heenan says several other areas will be drill-tested along the ore structure in both directions from the old shaft workings in an attempt to increase the indicated tonnage. Some areas near surface will also be tested in the shaft area, which has a calculated proven and drill- indicated t onnage of 318,982 tons at 0.184 oz (from a 1974 Hollinger report).

Mr Heenan is solidly bullish about his company’s entire Hislop Twp. project. “We feel it’s got the reserves and grade to go to production,” he says, “although there has been no decision as yet to do that.”

Goldpost trades on the Toronto Stock Exchange, in the 90 cents -$1.10 per share range.