Although details have yet to be finalized, the 1991 field program for the Frasergold project near Williams Lake, B.C., is expected to include more diamond and reverse circulation drilling and underground bulk sampling The project is owned by Eureka Resources (VSE), with a unit of Asarco (NYSE) holding the right to earn a 50% interest on production of a fesibility study and a commitment to place the property into commercial productions.
After a review of results from the 1990 program, Eureka was assured by Asarco that it intends to support the 1991 program. Asarco must spend at least $2 million this year to maintain its option on the property.
Referring to a report from an independent consultant, Eureka said the 1990 program “confirms the drill-indicated geological inventory” of 12-15 million tons grading 0.05-0.06 oz. gold per ton to a depth of about 300 ft.
The report also supports the belief that the actual gold content is greater than the grade produced from drill results. Eureka reported that comparisons of preliminary grades to bulk sample grades in the area of the existing underground workings suggest “this grade improvement may be as high as 80%.”
Achieving consistent assay results has been a problem at Frasergold because of the coarse, particulate nature of the mineralization. “It is for this reason that Eureka recommends a large portion of the 1991 program be committed to bulk sampling,” stated Eureka President J.J. O’Neill.
The company is recommending that continued bulk sampling be undertaken from the existing adit, as well from a minimum of two other adits.
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