Thursday, 13th April 2006 (2665 views)

The Canadian mining company Pelangio has announced new discoveries of high grade gold at its Detour Lake holdings in Ontario, a joint project with Trade Winds Ventures.

The companies' 2006 exploration and discovery project at the Canadian property has yielded visible gold in over 85 per cent of the drill holes undertaken in the "M" zone of Detour Lake.

The highest grade currently being reported is at Trade Winds' hole 133, which is showing 23.88 grams per tonne over a total core length of two metres.

Ian Lambert, the chief executive of Trade Winds, said: "These high grade gold values are consistent with what we have been expecting, demonstrating the consistency of the M zone structural corridor over an extensive strike length."

Mr Lambert also reaffirmed his company's commitment to continue the drilling programme undertaken through the winter months of 2006.

He confirmed that Trade Winds planned to extend the coverage area to include the Gowest block of Detour Lake, believed to have more gold reserves that are potentially of a higher calibre than current findings.

 

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