Bowmore Exploration Inc TSXV:BOW in joint venture with Threegold Resources Inc TSXV:THG announced results from their Standard Gold and Duverny properties in the Abitibi region of Quebec. Highlights include
0.74 g/t gold over 68 metres
(including 19.05 g/t over 1 metre)
0.59 g/t over 44 metres
0.57 g/t over 26.5 metres
(including 6.03 g/t over 1 metre)
0.8 g/t over 16 metres
1.43 g/t over 8 metres
7.06 g/t over 1 metre
7.05 g/t over 1 metre
The Standard Gold and Duverny properties are contiguous. The property package and immediate area include three known gold deposits, including the past-producing Standard Gold Mine, which operated between 1935 and 1953. Bowmore has an option with Threegold on both properties. Bowmore may acquire a 51% interest in the Standard Gold Property by paying $280,000 and spending $4 million over a five-year period. Bowmore may acquire an additional 19% interest by spending $6 million over an additional five-year period.
We struck a deal with Osisko where they took 35% of the company. They took two of their top executives, Osisko’s President, Sean Roosen, and their Executive VP, Robert Wares, and appointed them to our board. We benefit in several ways—Paul Dumas
Bowmore President/CEO Paul Dumas tells ResourceClips.com, “We acquired this property a year and a half ago, and we optioned another property that was adjacent to it. We’ve been doing some recon work, some aeromagnetics. We want to drill 5,000 metres this year because we had some targets over the swamp areas, but we had a quick thaw in northern Quebec. So that limited us. We were only able to do about 3,800 metres. But it helps to confirm the zones that we’re looking at. It’s an old mine that was operating between the 1930s and 1940s. We wanted to target the initial shaft that was there. We did some huge stepouts, 800 to 900 metres, testing the diorite dyke. We’re pleased with the results because we’re looking for a large, bulk-tonnage, open-pittable deposit. This is a kilometric, vast ankerite altered zone.
“So we’re pleased with the results we got,” he says. “Obviously we’re going to do a follow-up this summer.
“In May or June 2009, we struck a deal with Osisko TSX:OSK where they took 35% of the company,” he points out. “They took two of their top executives, Osisko’s President, Sean Roosen, and their Executive VP, Robert Wares, and appointed them to our board. We benefit in several ways: the knowledge that they have, the deal flows that come through their door. Obviously they’re looking at deposits in excess of two million ounces, so a lot of the more grassroots projects are presented to us. If they fit our strategy, we’ll move on these transactions.
“We have properties in northern Quebec, southern Quebec and in Mexico,” Dumas adds. “Presently we’re drilling our Chivas Property in Mexico. It’s in the Sierra Madre, about 15 kilometres west of the Dolores Mine that was just bought out by Pan American Silver TSX:PAA. It’s a huge, low-sulphidization epithermal system. The results of our exploration programs define this large epithermal system. It’s about 5.2 square kilometres. There’s an extension on the other side of the northern fault that was drilled. The property was drilled prior to us by a company called Cambior and another company called X-Ore. X-Ore drilled about 3,100 metres on an exposed vein, and they got some good results. For example, they got about 15 metres of 1.26 grams per tonne gold and 182 grams per tonne silver. Our goal right now is to go into that property, drill the extensions of that zone (it’s called the Piedra Rodante Zone) and drill the epithermal system. The epithermal system is covered by a large silica cap that runs over a strike length of more than two kilometres.
“We built about 32 kilometres of road up in the mountains. All the drill pads and the drill went in there last February,” he says.
“We’ve been working all our properties hard since we brought them into our portfolio but I would emphasize Standard Gold-Duverny and also Chivas. We had a write-up last year from Canaccord’s Wendell Zerb, who called us one of his top picks for juniors for 2011. What turned him on was this project in Mexico.”
Bowmore Exploration Inc
Paul A. Dumas
Threegold Resources Inc
or Sylvain Laberge
by Greg Klein