A new gold discovery has been reported by Band-Ore Resources (CDN) on its Thorne property, 10 km west of Timmins, Ont.
The first drill hole intersected a 70-ft.-wide mineralized and altered zone which averaged 0.09 oz. per ton.
The property also hosts the Kapika gold zone, 1.5 miles to the west. Gold is hosted in a highly altered, quartz-carbonate-sericite shear zone within a feldspar porphyry. The company estimates Kapika hosts 290,000 tons of near-surface mineralization averaging 0.074 oz.
The new discovery is within an altered trend north of the Destor-Porcupine fault zone, and Band-Ore will soon carry out additional drilling to define the extent of the new structure.
Meanwhile at its nearby Wakemac gold property, Band-Ore has entered into an option agreement whereby Cameco (TSE) can earn a 60% interest in the property by spending an undisclosed amount on exploration and making undisclosed cash payments over the next four years.
With this latest agreement, three major mining companies are earning interests in portions of Band-Ore’s 400 claims in Bristol, Thorneloe, Denton and Carscallen twps. Band-Ore has also entered agreements with Hemlo Gold Mines (TSE), regarding the Thunder Creek property, and Teck (TSE), regarding the Bristol Lake property. Both Hemlo and Teck are expected to start drilling shortly.
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