Laurentian Goldfields has completed diamond drilling at the Goldpines North Joint Venture (GPNJV), a 50/50 joint venture with Kinross Gold. The location of GPNJV is on Ontario Highway 105, about 35 km southeast of Red Lake in Ontario.
Under the agreement with GPNJV, Kinross is funding the drill program. The program has analyzed the first four targets delineated by the 2010 exploration activities over the Goldpines property.
The 2,698 metre program contains three drill fences having 1-2 km spacing, which targets definite, unplanned geochemical and geophysical anomalies in the Pakwash Lake area. Though the company has failed to encounter high-grade gold mineralization, it has found hydrothermal amendment with geochemical signature along Keelson fault array. By analyzing the drilling results, Kinross and Laurentian have decided to add follow up work deserved for the 4 km by 2 km target area.
The company has planned a summer exploration program for GPNJV and embrace infill geochemical mapping and sampling above the North Sea target, which is a large gold, arsenic and antimony anomaly situated around 5 km north of Pakwash anomaly. The aim of the surface exploration is to describe drill targets for testing in the first quarter of 2012. Along with added expenses of about $130,000, Kinross will receive 75% interest in the GPNJV.
Source: http://www.laurentiangoldfields.com/