Torene awaits drill results (September 29, 1986)

October on the Harrigan Cove property held by Torene Gold Exploration. Located in Nova Scotia, the property covers most of the Harrigan Cove district which produced 7,943 oz of gold from 13,778 tons of ore mined between 1889- 1916,

** the company says. **

Gold is associated wih several quartz veins, one of which has been mined to a depth of 200 ft and along strike for 500 ft. Torene is also conducting a soil sampling program on its Moosehead property in Halifax Cty. The property

will be drilled if anomalous target areas are outlined by the survey. **

The company also has interests in two other Nova Scotian properties at ** Elizabeth Lake, 12 miles southwest of Bridgewater and at Mitchell Brook, 70

** miles northeast of Halifax. **

Exploration on these properties is being funded by a flow-through share offering which is expected to finance a $770,000 program. The bulk of this budget is earmarked for the Harrigan Cove property. An offering of 500,000 units, priced at $2 per unit, is being placed privately, the company says.

If the results from a 3,000-ft. drilling program currently under way on a property at Harrigan Cove, N.S., 85 miles from Halifax, are encouraging, Torene Gold Exploration will become the second public company to enter the advanced stages of putting a gold property into production in Canada’s ocean playground.

Recently listed on the Alberta exchange (with 2,326,500 shares outstanding), Torene is managed by Wm. A. MacPherson, a Halifax-based professional engineer and geologist.

While the company holds ground totalling 4,000 acres at Necum Teuch Bay in Halifax Cty., at Elizabeth Lake near Bridgewater, and at Mitchell Brook in Guysborough Cty., its main property is the former producing mine at Harrigan Cove.

In less than a year since it was incorporated, the company has raised $725,000 from a flow-through share and warrant issue which was placed privately. Plans are to use the money for 15,000 ft. of drilling and to dewater and sample existing workings at Harrigan Cove.

Some 13,800 tons of ore was mined to a depth of 200 ft. in an ore shoot 500 ft. long between 1889 and 1916. This ore yielded 7,943 oz of the yellow metal for an average grade of 0.57 oz gold per ton. But the ore zone appears to be narrow, between 2.5 and 8 ft.

Torene has done extensive stripping on one zone and is now testing a large bulk sample of mineralized matrial by heap leaching methods.

The property is accessible by road, power is available, a 100-ton gravity concentrating plant exists on the property and a large pool of labor is available in the area.

The company’s shares traded this week in Calgary at $1.20 down slightly from its original $1.50-a-share underwriting in January.