Treminco plans winter drilling in N.W.T.

Recent field programs by the Yellowknife Greenstone Belt Syndicate have indicated the potential for large, shear-hosted gold deposits on properties near Yellowknife, N.W.T.

Treminco Resources (TSE) has a 95% interest in the syndicate with DRW Geological Consultants holding the balance.

The field program included prospecting, trenching and geochemistry on the Sito Lake, Clan Lake and Moose Lake properties in an effort to redefine drill targets on previously identified shear zones.

Work on the Sito Lake property concentrated on two shear zones containing quartz veins and silicified zones with pyrite, arsenopyrite and stibnite within sericite schists.

Trenching on shear zone “A,” which measures up to 1,000 ft. wide over its 4-mile length, returned gold values of up to 0.24 oz. per ton over 8.6 ft. and 0.22 oz. across 14.3 ft.

Shear zone “B,” which is parallel to and about 1,300 ft. west of shear zone “A,” is more than 250 ft. wide and more than four miles long. Gold mineralization has been exposed discontinuously over about 325 ft. of its length with trenching returning values of up to 0.40 oz. gold over 4.1 ft. Treminco notes that both shear zones are poorly exposed but can be traced into areas of intense alteration.

The company plans to drill high priority geophysical and geochemical targets within covered areas after freeze-up in January, 1994.

The syndicate can earn a 100% interest in Sito Lake from Hemlo Gold Mines (TSE) by spending $2 million over five years.

Hemlo has the right to back-in for a 50% interest by financing development of a mine at the property.

Assays and geochemical results for the nearby Clan Lake and Moose Lake properties have not been received.

The company has identified two shear zones on the Clan Lake property with previous sampling returning gold values of up to 0.6 oz. within a 1,200-ft. section of one shear.

Sampling and prospecting on the Moose Lake property attempted to trace a known shear zone into more favorable rocks and has been projected under a long, linear lake.

Further work on the Moose Lake property will depend on interpretation of geochemical results.

Treminco has about $500,000 in working capital and expects to be fully funded for this year’s work, using a flow-through share issue which is close to completion.

Although work on the properties will depend on results, the syndicate expects to spend about $225,000 this year and into February, 1994, including the $60,000 already spent.