The companies will contribute equally to the new funding, which will be in addition to a previously approved exploration budget of $15 million. The joint venture has been doing definition drilling on the Boston and Doris gold deposits in the belt, in the northwestern corner of mainland Nunavut near Bathurst Inlet.
The funds are earmarked for three programs: surface drilling designed to test for structural extensions of known gold mineralization at Boston and Doris; drilling on possible extensions of high-grade zones at the Madrid deposit; and initial drilling of several targets in the Hope Bay and neighbouring Elu greenstone belts.
At the Boston deposit, where the joint venture had already planned deep drilling for the early part of next year, the new work will test structural extensions of the deposit’s North and South zones. Previous sparse drilling in both areas returned mineralized intersections.
Seven new drill holes at Doris will test the strike extension of the main Central Zone vein about 1 km north of the known mineralization, and the structural projection of a fold hinge zone defined by drilling earlier in the year.
Madrid, which has a resource of 5 million tonnes grading an average 5.3 grams gold per tonne, has not been drilled in the joint venture’s recent programs. The new work includes a provision for nine drill holes on the Perrin and Matrim zones, where previous operator
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