The most recent progress report from Amax Gold (NYSE) on the Robertson project, near Lander cty., NV., owned by Coral Gold (TSE) appears to be somewhat disappointing, with Coral reporting that 10 of the holes contained “low-grade gold values.” However, Coral reports that one hole intersected 50 ft. grading 0.34 oz. gold per ton. The intersection includes an interval of 5 ft. grading 2.88 oz.
Assays on a further 11 holes in the area of the low-grade intersections are awaited.
Jim Baylis, a spokesman for Coral, was hopeful that the holes would contain a “sweetener” bringing the low-grade holes up to ore grade.
He noted the first-phase program which totalled about US$1 is almost complete. Then Amax will have to decide if it wants to continue on to the second phase.
Amax is earning a 70% interest in the ex-producer by spending US$11.5 million in a 4-stage program.
The deal may require some renegotiation, however, since the second phase was to concentrate on the deep sulphide potential of the property and that part of the first phase was discontinued as unsuccessful.
Mining operations at the Robertson heap leach mine proved uneconomic last year and were suspended.
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