Some preliminary results have been released by Zahavy Mines from its underground drilling program at its gold-silver-lead-zinc property in the Favourable Lake area of northwestern Ontario. Among the better assay results were the following: in section 10025E, hole No U150-4, between 8.84 m and 14.34 m, returned 0.23 oz across 5.5 m; in section 10250E, hole No U150-19, between 38.13m and 40.63 m, returned 0.45 oz across 2.5 m; and in section 10275E, hole No U150-21, between 44.82m and 54.82 m, returned 0.31 oz across 10m.
Drilling continues with silver, lead and zinc assays to come, as are additional fill-in samples and drill intersections, Zahavy general manager A. J. Lewis reports.
In other news, Zahavy has completed the purchase of Getty Resources’ 50% interest in the Favourable Lake project, and now owns 100% of the property. Zahavy paid Getty $3.6 million for its 50% interest.
Zahavy has signed a flow- through share agreement with Golden Day Explorations Partnership for one million shares at $5.25 per share.
And, the company reports Noramco Mining has bought 1.1 million Zahavy shares at $3.50 each and has exercised 200,000 warrants at $2.25 each.
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