Patrician reports bright results from African projects

Exploration results from its African projects continue to foster optimism for Patrician Gold Mines (ASE).

The bulk of the work, comprising geochemical sampling and airborne surveys, was carried out on the Goaso, Tabrakuso and Homasi concessions in Ghana.

Three stream-sediment samples from the Goaso licence assayed 8.89, 9.75 and 19.85 grams gold per ton. Patrician will follow up with a 900-line-km airborne survey. The junior can earn a 90% interest in the concession, subject to a 4% net smelter return royalty (NSR), by spending US$750,000 over the next four years.

On the Tabrakuso licence, soil sampling and airborne surveys have defined several geochemical anomalies associated with an east-northeast-trending fault. Patrician can earn a 90% interest in the concession, subject to a 3% NSR royalty, by spending US$750,000 over four years and by making a final payment of US$100,000.

And at the junior’s wholly owned Homasi licence, geophysical surveys have outlined four targets that will be tested by means of geochemical sampling.

Meanwhile in East Africa, Patrician has started drilling on its wholly owned Forest Reef mine project in Tanzania, and will soon undertake geochemical sampling.

South-African-based JCI can earn a 60%-interest in the project by spending $2.25 million on the project in the next two years.

Here at home, at the Winteroad property in northeastern Ontario, Patrician has completed the first four holes of a planned 12-hole program. The objective is to test for mineralization in the Ludgate shear zone and in deep, induced-polarization anomalies. The company can earn a 75% interest in the property by spending $3 million over three years.