EXPLORATION 1998 — No joy yet at Golden Boy

The first hole drilled by ProAm Explorations (PMX-V) has failed to hit the motherlode at the Golden Boy project north of Winnipeg, Man.

While the drilling did intersect extensive disseminated sulphides — including pyrite, pyrrhotite and some chalcopyrite — in fine-grained mafic volcanic rocks, the assays results are expected to be sub-economic.

ProAm notes, however, that the hole provided valuable information that will enable the company’s geologists to refine the geological model and guide future drilling efforts.

ProAm’s Golden Boy project is aimed at testing geophysical anomalies that indicate a new and unexplored greenstone belt hosting a layered ultramafic-mafic complex. The exploration possibilities, as stated by ProAm, include volcanogenic massive-sulphide deposits, iron-formation gold deposits and nickel-copper-platinum-group-metals.

ProAm says the rock densities measured in the core of its first hole “do not account for or qualify the large gravity anomaly at Golden Boy.”