An exploration program including surface work and more than 9,000 ft of diamond drilling is planned for the 1987 field season on Colray Resources’ holdings in the Courageous Lake area in the Northwest Territories.
Placer Development will be carrying out the program under its 5-year option agreement with Colray. This is the third year in the agreement.
In the 1986 exploration program Placer discovered three zones in the Dec 1 and Dec 2 claim groups containing sulphide mineralization with associated gold values. Colray says the mineralization encountered in these zones is similar to that encountered in Giant Yellowknife’s Salmita mine, 18 miles south of the Dec 1 and Dec 2 claim groups.
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