Widely-spaced holes designed to test the Muskeg and Owl showings on the Contact Lake gold property in northern Saskatchewan have all returned uneconomic intersections, says partner Westward Explorations (VSE).
But assays from six holes collared on the Bakos structure indicate that the BK1, BK2 and BK3 zones remain open along strike and at depth, the company says. To the west of BK3, operator Cameco (TSE) intersected 8.2 ft. grading 0.10 oz. gold per ton while a deep hole to test the down-plunge potential of BK1 returned 0.29 oz. over 8.2 ft.
Every one of the 180 holes drilled to date on the kilometre-long Bakos structure has returned gold-bearing intersections. Last month, the joint venture discovered a new zone when it hit 82 ft. grading 0.16 oz. between BK1 and BK3 (T.N.M., April 13/92).
Contact Lake is owned by a joint venture consisting of Cameco (50%), Uranerz Exploration and Mining (30%) and Westward (20%). Westward says the current 42,600-ft. drilling program should both confirm and increase the reserves on the property.
Minable reserves stand at 1.4 million tons averaging 0.24 oz. in the BK1 and BK2 zones while a possible reserve of 275,000 tons averaging 0.35 oz. has been drilled off in the BK3 zone.
When updated reserve calculations are complete, a decision will be made on whether to proceed underground.
Be the first to comment on "Mixed results from drilling at Contact Lake"