Minnova, Westfield deal on Big Island base metals play

Work by Westfield has outlined the massive sulphide deposit to a depth of 300 ft where it has been offset by a fault. Minnova will test for the down-dip extension of the deposit and for other discrete mineralized zones on the property.

Minnova can earn its interest by spending $2 million on exploration by June 1, 1992. An additional 10% can be acquired by spending $1.2 million. Goldbrae would be diluted to a 15% net profits interest. The company will also receive cash payments and an advance royalty.

Minnova has started a $500,000 exploration program on the property, which is about two miles south of the Trout Lake zinc-copper-gold mine — one of Canada’s most efficient polymetallic mining operations.

Some of the better results from drilling completed by Westfield include 40.7 ft grading 22.44% zinc, 0.58% copper, 2.73 oz silver and 0.17 oz gold per ton. Other zinc and gold rich sections include 24.3 ft grading 20.31% zinc, 1.19% copper, 3.21 oz silver and 0.21 oz gold. The richest gold intersection came in a 6.2-ft section of core which assayed 0.23 oz gold, 3.4 oz silver, 2.07% copper and 28.23% zinc.

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