Drilling resumes at Bugow project

Drilling has resumed on Aber Resources’ Bugow joint venture gold prospect at Russell Lake, N.W.T.

New York-listed Freeport- McMoRan Gold is currently earning a 51% interest in the 10,000-acre property located 65 miles north of Yellowknife by spending $7.4 million and making cash payments of $775,000.

Aber and affiliate Highwood Resources will retain a 24.5% interest.

Last year’s drill program outlined a sub-economic deposit grading better than 0.3 oz gold per ton which occurs in a “Lupin-style” iron formation over a 350-ft strike length.

Due to complex folding on the property, there is a total strike length in an iron formation of at least 15 miles.

According to Aber President David Thomas, five other significant zones of gold mineralization are known to exist. A total of at least 10,000 ft in 20 holes will be drilled to test direct, strike and dip extensions of the known zones in addition to new targets outlined by recently completed geophysical surveys.

The Bugow joint venture area is part of a large land holding accumulated by Aber and Highwood over the past year. It is less than 20 miles from an all-weather road and a major power line servicing Yellowknife passes within six miles of the property.