Kinross drills new zone at Hoyle Pond

Toronto-listed Kinross Gold may have discovered a significant new zone at its Hoyle Pond mine in Timmins, Ont.

Results from the first three holes of a drill program suggest as much. The discovery occurred 400 metres south of the mine.

Hole 2641 intersected a narrow 1.2-metre section which ran a rich 284.8 grams gold per ton at a depth of 425 metres and a 1.1-metre section averaging 7.6 grams at a depth of 325 metres.

The best intersection, from Hole 2642, was 9.8 grams over 4.7 metres at a depth of 250 metres, while Hole 2640 intersected 12.9 grams over 1.3 metres at a depth of 150 metres.

The new zone, titled the 1060, is associated with a strongly altered and steeply dipping alteration containing auriferous pyrite. It appears to have a nearly vertical dip and persists for at least 600 metres downdip. Strike length is 150 metres.

In a previous program, Falconbridge Gold (TSE) drilled five holes which ranged from a high of 160.4 grams over 0.8 metres to 12.3 grams over 0.8 metres. Most results were between 5 and 20 grams over 1-15 metres. Although the 1060 zone contains a bit of visible gold associated with intense silicification, most of its mineralization is associated with the auriferous pyrite. This type of mineralization is not common at Hoyle Pond. Kinross will drill another three surface holes west of the 1060. Hoyle Pond contains 259,490 tonnes grading 15.1 grams per tonne. All reserves are essentially above the fourth level, which is 200 metres below surface.