Mimiska uncovers 3 gold veins

Three veins uncovered by Mimiska Exploration on its Fern Elizabeth property in Atikokan, Ont., have given the Quebec-based company something to smile about.

One of the veins, named the Elizabeth, is a minimum 500 ft in length. A limited exploration program of 11 holes was carried out in 1986 on the vein near an old mining shaft, with 0.36 oz gold per ton across 30 ft being the best value obtained.

According to President Michel David, the results from the company’s preliminary phase of exploration indicate a widening of the vein at depth.

The Grizzly vein, located 130 ft west of the Elizabeth, was sampled along 105 ft. One sample graded 0.256 oz across 4.3 ft.

The third vein, the Bernie-Mitch, located 500 ft west of an old mining shaft, contained up to 5% visible gold along 50 ft and at a depth of at least 20 ft, Mr David reports. Samples from the vein have not been analysed.

The company has acquired title to an additional 60 claims adjacent to the Fern Elizabeth property and has optioned four claims from Harold Lake Gold Mines.

Mimiska is negotiating a private placement to fund exploration beginning later this spring. The company also plans a public financing in September of this year, the proceeds to be used for a drilling campaign.

Mimiska and another mining firm, Sphinx Exploration, are members of the Ariel Mining Group. Both companies trade on the Montreal Exchange. The Ariel group also includes three private companies: Societe d’Exploration Aumine, Exploration Minaki and Exploration Mirandor. Aumine and Minaki are scheduled to offer public issues in the near future.