Placer Dome (TSE) has started an 8-hole drill program on the Verse Lake property held under option from Glen Auden Resources (TSE). The Verse Lake claims are near Chapleau, Ont.
Placer is testing a sericite schist alteration zone that is geologically similar to that occurring at the Hemlo gold deposit. Several gold showings at Verse Lake assayed 0.1-0.2 oz gold per ton across 2-3 ft.
Placer can earn a 70% interest by spending $800,000 on exploration over a 4-year period. Annual cash payments to Glen Auden over the option period must total $93,300. In Beatty Twp., near Matheson, Ont., Noranda Inc. (TSE) has started drilling a 41-claim property owned by Glen Auden and Golden Dra gon Resources (VSE). The drilling will test the Destor-Porcupine Fault extension of a gold discovery made on an adjacent property by Glimmer Resources. The fault has been traced onto the Glen Auden claims by geophysical surveys.
Noranda can earn a 60% interest in the claims by spending $600,000 on exploration over a 3-year period.
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