Oasis reports reserves on Souart Twp property

Results of a gold exploration program on Oasis Resources’ Souart Twp. property, in northwestern Quebec, are generating interest.

A gold-bearing structure 3,000 ft long and more than 750 ft deep is open to the east, at depth and to the west on the property, south of the Bachelor Lake mining camp, Oasis says. Divided into three zones (the central, or Main zone; the eastern zone; and the western zone), the gold is believed to occur within quartz-calcite veins.

At the end of the 1985-86 drilling campaign, a new gold zone was being defined to the west of the West zone. With probable and possible reserves of 125,272 tons grading 0.216 oz gold per ton over an average width of 10.4 ft, the new zone is seen as especially promising. It extends as far as 2,000 ft from the shaft, which was sunk in the early 1950s followed by underground work. The zone was intersected down to the 690-ft level and remains open.

Drilling carried out in 1986 identified the Eastern zone as being 1,000 ft long and 656 ft deep. Gold distribution, however, is erratic, the company says. Possible reserves here are 57,142 tons grading 0.149 oz gold per ton over 4.2 ft.

Drilling has intersected the Central zone down to the the 750-ft level. Proven, probable and possible reserves in this zone total 142,786 tons grading 0.184 oz over 4.5 ft.

Oasis’ ongoing exploration campaign is aimed at increasing the property’s reserves to at least 500,000 tons, which would require about 50,000 ft of drilling, President Rejean Gosselin says. A follow-up exploration progr am is planned in the near-future and the company hopes to delineate the strike and downdip extensions of known gold mineralization.