Penzim’s Gulf International in Iskut

President Gerry Carlson said interpretation of this detailed drilling has shown the mineralization to consist of several closely-spaced, gentle t o steeply-dip ping zones with a minimum strike length of 900 ft, extending from surface to dep ths of 600 ft.

Carlson said the zones are semi- conformable with bedding, and appear to coalesce along a central, northeast trending structure, with the zones open along str ike and at depth. Drilling along this central axis is reported to have produced wider intersections; such as 149.3 ft of 0.207 oz gold, including 15.1 ft of 0.8 1 oz gold and 16.1 ft of 0.645 oz gold in hole 88-28.

Selected results from the 1989 drill program include: 6.9 ft of 2.32% copper, 0.86 oz silver and 1.50 oz gold; 5.8 ft of 0.24% copper, 0.41 oz silver and 0.72 oz gold; 21.1 ft of 0.47% copper, 1.74 oz silver and 0.77 oz gold; 9 ft of 0.32% copper, 0.32 oz silver and 0.549 oz gold and 17.9 ft of 0.20% cop per, 0.28 oz silver and 0.401 oz gold per ton.

The company reported that several strong geophysical anomalies nearby were outlined this season and await detailed drilling. Surface mapping is al so reporte d to have disclosed new vein and disseminated porphyry-like mineralization in th e same area which also remains to be tested.

The $400,000 second-phase program will include additional drilling on the main Northwest zone and comprehensive drill tests of other nearby targets.

An airstrip is being built on the property to improve accessibility as the company intends to carry out a third-phase program of underground explo ration this winter.

Thios Resources (VSE), a Prime group company under the control of Murray Pezim, recently entered into an option agreement with Kestrel Resources (VSE) to earn an interest in the Kerr North and Kerr South projects near Gulf’s McLymont Creek property.

According to Thios Resources, the Kerr North property covers the northeastern strike extension of the major structure associated with the mineralization being drilled by Gulf.

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