Kemess drilling cuts wide values

Drilling on the South Kemess project continues to expand the area of mineralization with assays from all the holes in the recent winter program intersecting wide copper-gold values.

The South Kemess property is in the Toodoggone region of north-central British Columbia and is owned 75% by St. Phillips Resources (VSE) and 25% by Stork Ventures. Earlier this year, St. Phillips announced it planned to acquire the privately held Stork by issuing the owners 600,000 shares.

El Condor Resources (VSE) and Kennecott, through a 40-60 joint venture, can earn a 60% interest in the project by spending $1.1 million. So far, the joint venture has spent about $800,000.

Results to date have expanded the lateral extent of the mineralization to an area measuring about 1,300×1,600 ft., extending from near-surface to depths ranging up to 700 ft. The deposit remains open in all directions.

David Copeland, president of El Condor, said the joint venture plans to spend about $500,000 in the first phase of this summer’s drilling program. El Condor has about $250,000 in working capital and Copeland said the company was discussing financing arrangements with a number of parties.

Assay results from the final eight holes of the winter drilling program are pending.

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