Parquet, Cache busy in Courville Twp.

Recent drilling by Cache Resources (ME) on Parquet Resources’ (ME) Courville Twp. property, 19 miles northeast of Val d’Or, Que., has confirmed the presence of significant gold values in a previously discovered occurrence. Cache has an option to earn a 50% interest in the 20-claim property from Parquet by spending $3 million on exploration before Dec 31, 1992. The current program is designed to better define the complex gold zone.

The company is drilling a known gold-bearing horizon that lies along a granite-volcanic contact. Previous work, including a number of vertical drill holes, cut visible gold and outlined significant mineralization.

The best results from four recently completed drill holes include 8.1 ft. of 0.62 oz. gold in hole 15, 14.4 ft. of 0.20 oz. gold and 9 ft. of 0.21 oz. gold in hole 20, and 23.9 ft. grading 0.13 oz. gold per ton in hole 15. The gold is hosted by a series of quartz veins along the contact between granite and volcanic rocks.

So far, the gold zone has been tested over a strike length of 250 ft. and to a depth of 600 ft. by Cache. A major surface trenching and sampling program is planned for later this year, according to Cache.

In another recent deal, Parquet has optioned its 12-claim copper- silver-zinc prospect in Duparquet Twp. to Noranda (TSE). The property, where work is expected to begin this spring, is 22 miles north of Rouyn-Noranda. The deal calls for Noranda to spend $500,000 on exploration over a 3-year period and make cash payments totalling $80,000. The Duparquet property consists of two claim groups adjoining the former Hunter copper mine where a deposit of 500,000 tons grading 1.6% copper is reported.