Ongoing exploration by Franc-Or Resources (FOR-T) has resulted in a new gold discovery at the Dagobert-T2 zone in the Haute-Mana property in French Guiana.
Through recently completed trenching and previous rock-chip sampling, the company has identified the two adjoining zones to be underlain by gold-bearing, pyritic quartz-vein and stockwork mineralization. Both zones lie between two northeast-trending shear zones and are contained in a north-south-trending fracture zone.
To date, the company has taken a total of 72 surface samples from quartz vein material within both zones and has dug six trenches on or near the southwestern edge of the Dagobert zone.
Surface samples returned assays of up to 778.47 grams gold and have an overall average of 33.2 grams gold, including 11 samples which average 208.48 grams gold.
The best trench, DATR-1, returned 63 metres of 6.03 grams gold, including individual assays of up to 153.57 grams gold from vertical channel samples across vein traces. The trench was cut sub-parallel to the shear zone but oblique to the crosscutting fractures. A trench cut within 100 metres of DATR-1 returned 6.25 metres grading 1.54 grams gold.
The new discovery, combined with trenching results from the previously discovered Salomon zone and the past-producing Sopie deposit to the northwest, lends further weight to Franc-Or’s belief that gold mineralization is likely to be continuous across the four prospects over a strike length of about 3 km.
Working on this belief, the company has initiated a $9.7-million private placement of special warrants, consisting of 3 million share and share purchase warrants. Proceeds from the deal will be used mostly to accelerate exploration programs on the Dagobert-T2, Nicole and T1 areas, as well as other prospects in the Haute-Mana concession. Funds will also be used for the company’s working capital. The deal is expected to close Nov. 26.
Franc-Or currently holds a 40% interest in the 121.5-sq.-km Haute-Mana property and can earn as much as 80% from BRGM, the French government’s mineral exploration agency.
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