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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