Drilling on the Michaud property north of Kirkland Lake, Ont., has hit gold concentrations ranging from 1 to 12.9 grams per tonne.
The ongoing program is being carried out by Barrick Gold (TSE). The property is owned by Moneta Porcupine Mines (TSE).
The concentrations resulted from 2,807 metres of drilling. Six holes tested lateral and depth extensions of mineralization of the Southwest and 04 zones to vertical depths of 415 metres. Both zonesconsist of quartz veins and stockworks within altered greywacke.
Most drill holes on the property have multiple intersections within the alteration zones grading from 1 to 5.15 grams gold per tonne.
Barrick can earn a 60% interest by spending $3.5 million on exploration and paying $225,000 over the next five years.
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