Orvana’s Eholt property returns copper-gold values

Drilling on the Eholt property in southern British Columbia has returned skarn-hosted, gold-copper mineralization within disseminated and massive sulphides.

Orvana Minerals (TSE) drilled four holes within a sequence of north-south-striking rocks. The first three holes were drilled over a strike length of 200 metres along a north-south line. Hole 95-1 encountered anomalous gold and copper values, and hole 95-2 returned a 28.5-ft. intersection grading 0.2 gram gold and 0.13% copper, whereas hole 95-3 returned no significant results.

The fourth hole, which was collared about 750 metres to the northwest on the Dead Honda zone, returned 11.5 metres grading 0.28% copper and 1.4 grams gold, plus 27.8 metres grading 0.28% copper and 2.7 grams gold.

Orvana is encouraged by the results, particularly hole 95-4, which the company said confirms the potential for economic values within the system.

Payments of $15,000 per year give Orvana the right to acquire the property for $500,000 cash.

Thomas Beattie, vice-president, said the company is working to re-allocate exploration funds to the Eholt property within this year’s budget.

Exploration expenditures on its properties this year are budgeted at $7.5 million, $3.7 million of which encompass Orvana’s share.

Although the company has $14 million in working capital, Beattie believes it is important to conserve funds in order to take advantage of other opportunities which might present themselves.