Rouyn-Noranda, Que.-based Coleraine Mining Resources (CRI-M) has received encouraging drill results from its Perron gold project in the northern Abitibi belt in Quebec.
Hole 2 intersected 2.2 metres (from 115 to 117.2 metres) grading 8.83 grams gold per tonne.
Prior to the announcement, Coleraine was already the most actively traded junior exploration stock on the Montreal Exchange, with 5.8 million shares traded between Jan. 29 and Feb. 4. During that period, the stock price rose 7 cents to about 26 cents per share.
President Gratien Gelinas attributes the high trading volume to investor interest in the company’s new gold prospects. (Previously, Coleraine was known chiefly for its chromite prospects.)
Coleraine drilled five holes totalling 1,250 metres. One hole extended the length of known gold mineralization to more than 500 metres. More detailed results will be announced before month’s end.
The Perron property, 12 km west of Normetal, Que., consists of 11 claims totalling 440 ha and is bisected by the Normetal fault.
Coleraine is earning a half interest in the property from Falconbridge (FL-T) by spending $750,000 over four years. By the end of this first year, the junior will have spent $180,000. Falconbridge previously prospected the property only for base metals, and is not involved in the current round of drilling.
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