Drills add reserves to Greenstrike bet

A 28-hole diamond drilling program has expanded reserves at Greenstrike Gold Corp.’s Fifteen Mile Stream gold deposit in Nova Scotia.

Results for the initial 17 holes indicated preliminary reserves totalling 600,000 tons grading 0.24 oz per ton gold to a vertical depth of 100 m.

According to the company, continued diamond drilling has doubled the depth extension of the gold mineralization.

Several zones containing visible gold have been intersected over a strike length of 1,476 ft and from near surface to a vertical depth of 200 m. Hole 87-23 returned 0.67 oz over 22 ft at a vertical depth of 575 ft. Other notable results include hole 87-19 which cut a 9-ft section grading 0.321 oz and hole 87-22 which intersected 32.8 ft grading 0.118 oz.

Drilling continues on the property with two drills, exploring the gold zones which remain open to depth and along strike.

Greenstone says it is funding the current exploration and can earn a 28% interest in the property by spending $1.5 million by Feb 28, 1989. Petromet Resources has the option to earn up to a 50% interest in the Fifteen Mile property by spending $5 million and arranging the financing for bringing the property to production.