Junior Aquaterre Mineral Development (VSE) has acquired half of the Georgia River property in northwestern British Columbia.
Previous work outlined a drill-indicated and inferred resource of 304,000 tons grading 0.81 oz. gold per ton, including a higher-grade core measuring 72,000 tons and grading 1.57 oz.
The zone, called the Southwest Vein System, is open to expansion along strike as well as downdip. Another 19 vein systems are known to exist on the property.
Aquaterre can earn the interest by making an initial payment of $40,000 to Blackline Oil (VSE) and spending $960,000 on exploration.
Initial plans include detailed infill drilling in the spring of 1995 to upgrade reserves to a drill-proven category.
The property is south of Stewart on the Portland Canal. Thomas Waterland, president of Aquaterre, says there is a good possibility that high-grade material could be mined and barged out for custom milling elsewhere. Aquaterre, which listed earlier this year at 55 cents, has about 4.9 million shares outstanding and $400,000 in working capital. The company is reviewing plans to raise additional funds for next season’s programs.
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