Laurentian Goldfields Ltd. (TSX VENTURE:LGF) has announced that it has established an initial 2011 drill budget of $1 million for the Goldpines North Joint Venture, a 50/50 joint venture with partner Kinross Gold Corporation (NYSE:KGC).
The GPNJV is located on Ontario Highway 105, approximately 35 kilometres (km) southeast of Red Lake, Ontario.
Having reviewed the results of Laurentian's 2010 exploration program at GPNJV, Kinross has elected to fund a $1 million diamond drill program in early 2011, subject to the approval of the 2011 Kinross Exploration Budget by senior Kinross management and its Board of Directors. Drilling is scheduled to be completed during Q1 of 2011 and will be managed by Laurentian Goldfields Ltd.
The majority of the proposed drilling will be allocated to testing the Pakwash Lake gold geochemical anomaly, one of several prospective targets defined by Laurentian Goldfields Ltd. at GPNJV this year. Upon completion of the $1 million drill program, Kinross will have earned a 75% interest in the GPNJV (see news release dated March 31, 2010).
Pakwash Lake Anomaly
The 4 km by 2 km Pakwash Lake anomaly is defined by detailed lake sediment sampling on a 100 metre by 200 metre spaced sample grid and is characterized by elevated gold and antimony values, flanked by a larger arsenic halo. Of the 484 samples that define the anomaly, 215 ran greater than 100 parts per billion (ppb) gold, with values ranging up to 843 ppb gold.
The Pakwash Lake gold anomaly is spatially associated with the intersection of two prominent faults, one of which marks the contact between meta-sedimentary rocks and a large diorite intrusion. The characteristics of the Pakwash Lake anomaly appear to support Laurentian's exploration model, which is targeting a large, sediment-hosted gold deposit, similar to the Roberto Zone at Goldcorp's Éléonore project, in the James Bay region of Quebec.
Laurentian's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Patrick Lengyel, P.Geo., Laurentian Goldfields Vice-President, Exploration, who serves as a Qualified Person under the definition of National Instrument 43-101. Lake sediment samples were shipped to Activation Laboratories of Ancaster, ON for Aqua Regia, ICP-MS (ultratrace 1) analyses.
The Goldpines North property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.
Source: Laurentian Goldfields Ltd.