Duration to explore Theresa gold bet LD

A detailed exploration program is planned on the Theresa Gold Mine property, south of Longlac, Ont., by Duration Mines.

The property consists of two mining leases: 18 mining claims totalling 850 acres. Exploration and development between 1948 and 1953 on the property resulted in the sinking of three shafts at 1,000 ft, 200 ft and 125 ft and the development on four levels extending over a total of 10,000 ft.

Limited mining during the period resulted in the production of 4,875 oz of gold and 202 oz of silver from the milling of 26,000 tons of ore. The mine closed in 1953 due to post-war economics and not because of the exhaustion of ore, the company says.

Previous sampling of a vein system near shaft No 1 showed gold mineralization with an average grade of 1.15 oz gold per ton across 2.5 ft over a strike length of 125 ft.

Duration can earn a 100% interest (subject to a 3% net smelter return) in the Theresa by spending $1.75 million on exploration and development within five years and, if warranted, bring the property into production.

Duration has signed this agreement, subject to the approval of the TSE, with R. F. Liard.