"The TGP was discovered by a couple of local prospectors in 1911 after a surface showing indicated 0.5-2 grams per tonne gold. Back then, drilling was time-consuming and expensive, so the property languished for a while, changing from prospector hands to those of major mining companies.
None of them did the obvious, which was to gather the database of information, put it into a modern platform and view it through computerized
technology.
Lake Shore officials did. They followed it down plunge and came up with an indicating mineral resource of 724,000 ounces of gold uncut.
"Holmer is almost a half-ounce (per tonne) grade deposit," says Lake Shore president and CEO Brian R. Booth.
"That sits head and shoulders above most deposits, except for Goldcorp Inc. At a half ounce it would survive a low gold price."
. . .
But the real jewelry box is not revealed until one passes 250-metre depths where results indicate a 25-metre intersection bearing 13 to 14 grams of gold per tonne. With the current drilling program, Booth is confident the results will reflect a positive economic position, allowing the company to push the pre-feasibility study forward to identify the parameters of mine development.
"We want to take the property to the next level," Booth says, "but we need to build ounces."
They also want to build ounces at their partnering DeSantis Gold Property with Explorers Alliance Corp. Recently, Lake Shore signed an agreement that could allow them to earn up to 70 per cent interest on the next "pearl" property.
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