St Genevieve intends to sink shaft on Fourax gold property

A total of $6 million has been set aside by St. Genevieve Resources to sink an exploration shaft and do lateral exploration work on the company’s 12-claim Fourax property in Fourniere twp., near Malartic, Que.

Work could start by the end of this year, according to Chairman Pierre Gauthier.

Possible reserves of over one million tons grading 0.19 oz gold per ton have been indicated by drilling, being financed by Bay Resources and Services.

Bay has earned a 50% interest in the ground and can increase that interest to 70% upon completion of the current 17,000-ft drilling program.

Fourteen holes have been completed so far — all on an intensely fractured and quartz-veined zone called the Western Porphyry zone.

The geology of the property consists of granodiorite and diorite dykes, sills and small plutons intruding and cross-cutting the foliation of intensely altered mafic and ultramafic volcanics.

The most significant results from drilling include: Hole Intersection Assay

(ft) (oz/ton) 29 11.0 0.40 31 4.5 0.12 34 8.2 0.36 36 12.7 0.20

7.3 0.13 40 5.0 0.16

More interpretation and additional fill-in and step-out drilling are needed to fully understand the impact of these results, Mr Gauthier says.

At least 7,000 ft remaining in the current surface drilling program will be done to fill-in and to verify the lateral extensions of the known mineralization.