Corona renewing option at Varna’s Mings Bight

As part of its plan to earn a 70% stake in the property, Corona is doing diamond drilling and trenching work on the Thunder and Lightning zones, which were discovered during the past 12 months by Varna.

So far, Corona has succeeded in confirming the continuity of gold mineralization of the Lightning zone which dips gradually to the north. It hosts three mineralized zones in a sequence of massive and tuffaceous volcanic rocks.

Two trenches tested the eastern extension of a surface showing called the Thunder zone and returned values of 0.36 oz gold per ton over 118 ft and 16.4 ft of grade 0.166 oz.

While the Thunder zone remains open to the east, downdip potential may be limited by a geological system known as the Scrape Thrust Fault, according to Varna Chairman Gordon Barron.

He believes that three mineralized zones, which yielded values ranging from 13 ft of grade 0.36 oz to 11.5 ft of grade 0.168 oz, may be a downdip extension of the Thunder zone.

Elsewhere, a series of infill drill holes, which tested the Lightning zone at 80-ft centres, returned some encouraging values including 20 ft of grade 0.102 oz, 13 ft of grade 0.265 oz and 3.6 ft of grade 0.482 oz.

The westward extension of the Lightning zone was also tested by four drill holes but only narrow zones of mineralization were encountered. They included 2.3 ft of grade 0.32 oz and 5 ft of grade 0.118 oz.

As a result, Corona has elected to renew its option on the property for 1990 and more drilling is planned for this winter.

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