Two Vancouver-based juniors have been adding to their land holdings in the Swayze volcanic belt, south of Timmins, Ont.
Haddington Resources (VSE) has acquired a property in Horwood Twp., in the northwestern part of the belt, which will be merged with properties held in its joint venture with Double Down Resources (VSE). Those holdings were purchased for cash, with the vendors retaining a 3% net smelter return on gold production and a 10% net profit interest in base metal production.
Haddington is working on two properties in the southeastern part of the Swayze belt, in Tyrrell and Knight twps. It is earning a 50% interest in the Tyranite property, which is held by Mill City Gold Mining (VSE) and Tyranex Gold (CDN). Recent drill holes there cut mineralization grading 4.5 grams gold per tonne over 11.7 metres and 1.1 grams over 9.4 metres, in altered and pyritized diorite.
Haddington and Portman Explorations (VSE) recently completed a 5-hole, 1,800-metre drill program at their Gowganda property, also in Tyrrell Twp. Two holes intersected significant mineralization, each over a core length of 45 metres. Assay results have been released for one of the holes, and the intersection grades 2 grams, with a 7.5-metre interval grading 6.4 grams.
Two other holes in the program cut narrower intersections, with grades just over 2 grams, while another intersected a barren dyke rock crossing the mineralized structure.
East West Resource (VSE) has acquired a property in Mallard Twp., in the southern part of the belt. The property includes a sericite-schist horizon, which is common to surrounding properties. Gold showings in the horizon grade 3-10 grams.
East West acquired the property for cash and shares, subject to a 3% net smelter return. The company plans induced-polarization (IP) surveys, mapping and trenching there in the next couple of months.
East West and Canadian Golden Dragon Resources (VSE) have agreed to an equal joint venture on a property in Denyes Twp., in the western part of the Swayze belt. The property has a porphyry system intruding altered volcanic rocks, with gold-bearing quartz stockwork mineralization. A bulk sample taken from the property in 1953 graded more than 600 grams.
The company has completed an IP survey on the property and will be carrying out trenching and sampling.
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