Flanagan boosts tonnage on Mishibishu property

Results from 50 holes drilled in 1986 on Flanagan McAdam Resources’ Mishibishu Lake property in northwestern Ontario has boosted reserves by more than one-third and improved grade by 10% compared to the end of 1986.

Latest reserve calculations show 647,769 tons grading 0.22 oz gold per ton. If lower grade material is included, drill-indicated reserves outlined to date come to 1,032,435 tons with an average grade of 0.156 oz.

Flanagan holds a 50% interest in the property while associated company and operator Muscocho Exploration holds 25% and Windarra Minerals 25%.

Drilling is continuing and further increases in indicated tonnage are expected before year-end because the ore grade portions of the main Magnacon zone are still open in several directions.

For instance, recent holes suggest the presence of a coherent ore grade area within a hangingwall zone. Hole 86-55 cut that zone at a vertical depth of 250 ft and returned 11.1 ft assaying 0.23 oz while hole 86-56 cut the zone 220 ft deeper and gave 5.6 ft of 0.103. Previously hole 86-24 had cut the hangingwall zone 800 ft further west at a vertical depth of 140 ft and returned 6.7 ft assaying 1.77 oz gold per ton.

Another area of interest is the projected strike extension of a series of good drill intersections recently reported on the adjoining property of McMillan Energy and Granges Resources.

“This appears to represent another parallel zone lying about 2,000 ft north of the Magnacon zone and lines up with a series of geophysical anomalies on the Mishibishu joint venture property,” says President John McAdam.

In the meantime, underground work on the property is proceeding rapidly. The ramp has now been driven for 600 ft and is advancing approximately 24 ft per day. At 1,650 ft it will reach its objective and a crosscut will then be driven to intersect with the main gold zone 350 ft below surface.

Diamond drill stations are being cut in the ramp as it proceeds, so that underground drilling can be used to detail the main zone and its extensions as well as the hangingwall zone and the other parallel gold-bearing structures.