Goldteck drilling placer bet in Chile

Drilling of 353 holes in an on-going program of placer gold exploration in central Chile has been completed by Goldteck Mines (TSE). The company reports 40% of the holes were gold-bearing. One of the gravel beds, 2 ft. in thickness, averaged 0.21 oz. gold per cu. yd. across a valley 200 ft. wide.

The next phase of the program will include detailed drilling of the most favorable valleys, along with backhoe trenching in selected localities. A budget of $250,000 has been established for this work, including the cost of a test mine.

The company has acquired an additional 12,000 acres of exploration concessions and has applied for another 15,000 acres. Also, an option agreement is being negotiated to acquire 10,000 acres, subject to a cash payment and a 5% production royalty. Goldteck’s land holdings total about 37,000 acres, including about 50 miles of streams.