Equity options Yukon property

Moving aggressively on the exploration front, Equity Silver Mines has taken an option on Fairfield Minerals’ Ram property south of Ross River, Yukon. The prospect is six miles west of the Ketza River gold project (see front page story) which is now under development by Canamax Resources and Pacific Trans Ocean Resources. Equity can earn a 60% interest in the Ram property for a minimum expenditure of $2.4 million by Dec 31, 1990. At production, Fairfield may elect to retain either a 40% working interest or be reduced to a 15% net profits interest.

Several mineral occurrences have been found on the property, all of which will be evaluated this year. Chip samples from the main showing averaged 0.176 oz gold, 15.2 oz silver, 21.8% lead and 1.7% zinc across 20 ft. A $400,000 work program is scheduled to begin immediately.