Golden Crescent drilling on two Placer Dome bets

The property, known as the Border group of claims, is near the Quebec-Ontario border, about 7.5 miles southeast of Placer Dome’s Detour Lake mine. It is one of two drill projects under way in Ontario as part of a larger 3-year joint venture agreement between the two companies. The agreement calls for the junior company to provide $7 million for exploration on up to 26 Placer Dome properties. The current drilling is being funded by Golden Crescent which can earn a 49% interest in the claims. The operator is Placer Dome.

Previous drill programs on the Border claims detected gold values over a distance of 1,950 ft within a zone of altered rocks. Included in the previous results were some subeconomic intersections such as 0.07 oz gold per ton over 22.6 ft, and 0.09 oz over 24.6 ft.

Other values of 0.52 oz gold per ton across 1.5 ft and 0.24 oz across 2.3 ft were also reported.

Elsewhere, a 13,000-ft drilling program is continuing on a second claim group called the Talbot Lake property, 62 miles northeast of Pickle Lake, Ont.

Recent results from three holes drilled in October are all low grade, with the exception of hole 52, which cut 0.15 oz gold over 21.3 ft. The other two holes intersected 0.04 oz gold over 12.1 ft and 0.02 oz gold over 11.5 ft. The company said it is acquiring an additional 445 claims in the area to cover an east-west trending iron formation.

In January, drilling is scheduled to start on another property optioned from Placer Dome near Red Lake, Ont. That 11-claim prospect is in Dome Twp., about 3.5 miles northwest of Placer Dome’s Campbell mine.

Shares of Golden Crescent, of which there are nearly five million issued and outstanding, have traded at $1.45 on the Alberta Stock Exchange recently. Placer Dome has the right to acquire up to five million shares of the junior company over five years at a price range of $1.50-7.50.

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