More Dome drilling on Melrose bet

A drilling program, overburden and diamond, is scheduled to be started after breakup on Melrose Resources’ Blackstock Twp., Ont. property by Dome Exploration.

Dome says it intends to spend a further $540,000 on the project, 30 miles southeast of Timmins. Dome has already spent $800,000 on the property. Under the terms of the option, Dome must spend $1 million by July 1, 1991 to earn a 60% working interest. Melrose would then have a 40% undivided working interest.

Some 21,444 ft of diamond drilling has been completed to date with results including 10 ft of 0.08 oz gold per ton; 4 ft of 0.14 oz and 7 ft of 0.11 oz. These intersections were made in an intensely altered pyritized portion of an irregularly shaped monzonite intrusive.

The present exploration effort on the claim group was precipitated by the discovery of several large pieces of highly altered green carbonate float. Assays range as high as 0.78 oz and are thought to originate close to the present drilling program.

Melrose also says that discussions are being held regarding the merging of Melrose with Toronto- listed Golden Range Resources. Melrose and Golden Range share the same management and have interests in mutual properties.

The company says the proposed merger would eliminate redundancies in administration, merge present interests in properties and save duplicated effort and costs when raising capital.

The basis of the merger will depend on share price and property evaluation. It is also subject to board, regulatory and shareholder approval.

Melrose trades on the vse at the 28 cents level while Golden Range trades on the tse at the 43 cents level.


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