Glen Auden Resources has reached agreement for a $250,000 flow- through financing which will enable the company to carry out an expanded drilling program on its Detour, La Peltrie properties in Ontario and Quebec. Geophysical surveys have identified extensive zones of carbonate-sulphide mineralization which are known to be favorable hosts for gold mineralization in the area. In addition, a massive sulphide target has been outlined which is 2,300 ft in strike length. A total of 5,000 ft of drilling is now proposed for this project and a diamond drill is in hand to complete this work.
On the Top Boot property in the Swayze area, Ont., five holes have been completed. Each hole intersected quartz veins or porphyry zones which are associated with gold values in the trenches. Assays of 0.3 oz gold over 12.45 ft have been obtained in one trench in association with chalcopyrite and galena mineralization in quartz. These same minerals have been identified in the drill holes. Can Mac Exploration Ltd. has reached agreement with Glen Auden to earn a 50% interest in the property by spending $900,000 in exploration and paying Glen Auden $200 per claim and 100,000 shares of Can Mac.
Chevron Minerals has commenced a work program on the Tweed Twp. Ont., property that consists of detailed geophysical surveys and diamond drilling on existing targets. Chevron has optioned an additional 87 claims from Glen Auden in Blakelock Twp, Ont., which are contiguous with the Tweed claims and has agreed to spend $600,000 to earn a 66.66% interest in this block. The total expenditures on the Tweed-Blacklock project for Chevron is $2.1 million.
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