Golden Terrace has two drills set for program

Two drill rigs have been mobilized to carry out 30,000 ft of diamond drilling in stage 2 work on the gold project of Golden Terrace Resources at Richardson Lake, some 70 miles east of Red Lake, Ont.

To finance the work, Golden Terrace has arranged $750,000 in flow- through financing, from tap Mineral Management Ltd., adding to $250,000 obtained earlier from tap.

Newly-appointed President Garry Smith says a deposit of at least 100,000 tons of potential ore grade can be inferred from drilling to date on targeted zones on the 144 claims at the property.

Mr Smith says in the phase 2 work, 41 holes will be drilled at depths of around 500 ft. Late last July, the company said that at the beginning of its interpretive phase of 18 holes at depths not greater than 230 ft., the first hole had returned 25.35 ft averaging 0.254 oz gold per ton.

Later drill results, in early August, included hole No 1 grading 0.27 oz across 25.1 ft. A second hole drilled along strike intersected 33.2 ft grading 0.126 oz, and included in the section was 16.2 ft grading 0.23 oz. Hole No 3 cut 13.9 ft grading 0.35 oz.

The president says the phase 2 work should be completed by February of next year. At that time, he said, the company also plans to have drilling under way on its 330-claim Bancroft Lake property, adjacent to the Lac Minerals property, near Pickle Lake, Ont.