Partners fly on Wood-Pandora results

Shares in both Globex Mining Enterprises (GMX-T) and Queenston Mining (QMI-T) jumped around 23% in early trading in Toronto on Nov. 23 after the pair reported some high-grade assay results from the Wood-Pandora property in Cadillac Township, Que.

Hole no. 9, the lone deep hole of the 4-hole, 597-metre drill program cut three gold zones — the Upper D, Middle D and Lower D zones — that appear to be branches of the main D zone.

The hole yielded a 6-metre core interval (beginning 201.5 metres downhole) running 25.4 grams gold in the Upper D zone. A 4.9-metre section (from 217.1 m) of 5.3 grams gold in the Middle D zone and 4.5 metres (from 225 m) of 2.1 grams in the Lower D zone followed that.

The hole was collared some 50 m west of hole no. 5, which previously returned 3 grams gold over a true width of 6.1 metres at a vertical depth of 175 metres in the D Zone.

Meanwhile, shallow hole no. 8 cut the D zone some 130 metres above hole no. 5 at a vertical depth of 45 metres. There, a 1.7-metre section runs 4.9 grams gold followed be a deeper 2-metre interval of 8.6 grams.

Assay results are pending for another two shallow holes sunk on either side of hole no. 8.

The D zone is situated some 70 metres south of the Wood Cadillac shaft at the Wood mine. The zone saw only limited exploration from underground in the late 1940s.

Gold mineralization occurs in a steeply south dipping, highly deformed and altered package of talc-chlorite schist that appears to thicken at depth. The zone is hosted along the Cadillac Break in the same structural setting as Agnico-Eagle Mines‘ (AEM-T, AEM-N) developing 1.7-million-oz Lapa deposit, 3 km to the east.

The mineralization encountered in holes nos. 5 and 9 remains open in all directions. Further drilling designed to test the zone at depth is planned for early next year.

The Wood-Pandora joint venture property covers a 3.5-km section of the Cadillac Break, and is home to four shallow gold zones — Wood, Piche, No. 3 Shaft and Amm. Some 53,592 oz. of gold were produced from 314,100 tonnes running 5.3 grams gold exploited by three shafts between 1938 and 1941.

The Wood zone is reported to contain an inferred mineral resource totalling 1 million tonnes at 5.5 grams gold per tonne. The estimate is not up to the standards of National Instrument 43-101.

By mid-afternoon, shares in Globex were 46, or 27%, better at $2.15, while Queenston share were 15 higher at 80.