Under an agreement, Guinness is entitled to earn a 50% interest by spending $2 million on exploration. A total of 8,000 ft of drilling was scheduled to be completed by the end of March.
According to Guinness, results on 20 of 23 drill holes designed to explore the No 1 gold zone confirm the occurrence of economically significant gold values over at least 7,000 ft.
Discovered last year, the No 1 zone occurs within the Caribou River fault zone structure, which runs through the property for five miles.
All holes were drilled to a shallow depth over an 8,000-ft strike length. Significant results include 4.9 ft of grade 0.149 oz gold per ton, 2.5 ft of 0.248 oz and 16 ft of grade 0.056 oz.
While Guinness says additional drilling is required, it has only $70,000 in its treasury with which to fulfill its joint venture obligations. “We are talking with a number of groups about a possible joint venture,” said Guinness President John Hurley.
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