Results continue to be encouraging from the 11,000-ft drilling program of Gunnar Gold and Mill City Gold on their joint venture Tyranite gold mine property near Gowganda in northern Ontario, the companies say.
With expenditures of up to $5 million on exploration, development and feasibility studies by August, 1990, the two companies may collectively earn a 50% interest in an option to purchase the 12-claim property.
Among the better results released from Tyranite’s Duggan zone are 0.29 oz gold per ton over 4 ft from hole No 2001-07, and 0.17 oz over 3.5 ft and 0.18 oz over 3 ft from hole No 2001-08.
The Tyranite property encompasses the former Tyranite gold mine which produced about 31,000 oz gold between 1939 and 1942.
In other news, Mill City, in a separate joint venture, is involved in reprocessing tailings from previous mine operations. The tailings, which average 0.03 oz, are expected to yield 4,400 oz gold.
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