Saskatoon’s GFG Resources unveiled a self-described “aggressive” exploration program planned for this year after acquiring the Pen Gold and Dore Gold projects, southwest of Timmins.
The company, cashed up with $3 million for exploration, plans to do airborne and ground geophysics, till sampling, prospecting, mapping, and 8,000 metres of diamond drilling, 30 kilometres west of the Timmins West Gold Mine owned by Tahoe Resources.
“We are excited to launch the first-ever systematic, district-scale exploration program in this under-explored portion of the Abitibi greenstone belt,” said GFG president-CEO Brian Skanderbeg in a March 22 news release.
GFG just finalized the deal for the properties with Rapier Gold in late February.
“Our 565-square-kilometre land package has all the geological hallmarks that have led to over 70 million ounces of gold production in the Timmins gold district and the recent multi-million-ounce gold discoveries at Borden Lake and Cote Lake,” added Skanderbeg.
“Our goal in 2018 will be to build a sound structural model utilizing modern exploration techniques to define and prioritize drill targets focused on making a new gold discovery. With two exploration programs in 2018 and a maiden resource from our Rattlesnake Hills Gold Project in Wyoming, we look forward to providing consistent news flow to our shareholders throughout the year.”
The focus will be on the 44,500-hectare Pen Gold Project located between Goldcorp’s Borden Lake gold project and Timmins West.
The company has six to eight targets lined up that are believed to be prospective for high-grade gold. Fieldwork is scheduled to commence in the second quarter followed by diamond drilling for the third and fourth quarters.
The company said old exploration programs in and around the Pen and Dore projects turned up high-grade gold intercepts but there was never any follow-up work.
At Dore Gold, the company expects to do some field work and data compilation to pick targets for a future drill program. GFG said the 12,000-hectare Dore project is several kilometres north of the Ridout Fault Zone that hosts IAMGOLD’s Cote Lake gold deposit and the historic Jerome gold mine.
GFG Resources also owns the Rattlesnake Hills Gold Project, a district-scale project 100 kilometres southwest of Casper, Wyoming.