SKYHARBOUR/PLACER DOME AGREE TO PROCEED WITH AN ADDITIONAL DEEP HOLE PROGRAM ON THE BAIRD PROPERTY IN RED LAKE, ONTARIO.
Mr. Don Huston reports a drill crew has been mobilized on to the jointly held Skyharbour/Bayfield's Baird Property. This project is currently under option to Placer Dome, whereby, Placer must spend $800,000 by Dec. 31, 2004 to earn 51% of the Baird Property. An initial round of drilling consisting of 9 holes and approximately 10,000 ft. was completed in the spring of 2003. As announced in September, the companies have agreed to proceed with a second round of drilling revised to approximately 7500 ft in total. All work for 2003 has been funded by Placer Dome and Skyharbour is the operator.
A larger drill rig has now been moved on to the Baird Property that has the capabilities of drilling to depths of 4000+ feet to be able to complete the planned deeper hole(s) for this phase of the program. These holes are planned to test an interpreted structural hinge area (fold) that was identified from the Spring '03 drill program. The target area is intersected by several structures with associated alteration and gold values in the mafic/ultramafic rocks. The geological setting here is considered highly prospective and has positive trace element signatures throughout the target area. It is interpreted as displaying many similarities to the known major gold deposits that have been developed throughout the heart of the Red Lake area.
The Baird Property represents an attractive geological setting with an excellent opportunity for the discovery of gold-hosted formations in the known ultramafic features. The Baird Property is located 4 km. north of the past producer Madsen-Red Lake Mine (2.5 million oz @ 0.28 oz/ton) and is situated 1.5 km north of the recent discovery by Placer Dome on its Claude Resources/Placer Dome option now known as the "Treasure Chest" zone.
About Skyharbour Resources Ltd.:
Skyharbour Resources is a mineral exploration company that focuses on the acquisitions of and exploration of gold projects in Northwestern, Ontario. It has options or interests in 9 mineral properties located in the Red Lake greenstone belt.
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