The estate of the late F.W. Schumacher (one of the great names in the early days of the Timmins gold camp) has agreed to option a quarter-section in Hoyle Township, Ont., to Pentland Firth Ventures (TSE).
Pentland Firth can earn a 100% interest in the property, which is under a 20-year renewable lease.
Previous operators on the property have drilled 27 holes, intersecting gold mineralization at least three times. The results are 1.07 oz. gold per ton over 1 ft., 0.74 oz. over 1.8 ft., and 0.21 oz. over 6.6 ft.
Pentland plans to begin diamond drilling immediately. Under the terms of the option agreement it must spend $150,000 on exploration in the first year and $300,000 over the subsequent three years.
The Schumacher property adjoins the Vogel property of Black Hawk Mining, where diamond drilling last winter intersected three gold zones with grades ranging from 0.18 to 3.37 oz. gold per ton. These zones are near the boundary between the two properties, and Pentland will be drilling the structural extensions of those zones on the Schumacher ground. The Bell Creek property of Kinross Gold, a former producing mine, adjoins the Schumacher property on the north.
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