Follow-up drilling on the Pamlico property in Mineral Cty., Nev., has returned gold values for partners Cactus West Exploration (VSE) and Pamlico Gold (VSE).
The latter is earning a 51% interest by spending US$1.3 million, while Cactus West, the operator, will retain 39% after earn-in. Gold Dyke Mines holds the balance.
The joint venture drilled 17 reverse-circulation holes, 13 of which were in the vicinity of hole 28 (120 ft. grading 0.065 oz. gold per ton.) Results indicate the presence of a gold-bearing zone or structural system measuring at least 200 by 400 ft. The zone appears to be open to the east and northeast.
Data from the 50 holes drilled to date are still being reviewed. Significant drill results are listed below:
Hole Interval Width Gold
(ft.) (ft.) (oz./ton)
PRC-35 90- 105 15 0.062
PRC-36 50- 65 15 0.058
80- 95 15 0.045
155- 210 55 0.19
incl. 180- 185 5 1.25
and 195- 200 5 0.51
PRC-38 150- 165 15 0.61
incl. 155- 160 5 1.71
PRC-39 80- 185 105 0.020
PRC-50 120- 125 5 0.038
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