A $1.5-million surface and underground exploration program is being considered by Redfern Resources (VSE) and Cominco Ltd. (TSE) for the Tulsequah Chief massive sulphide property on the Tulsequah River in northwestern British Columbia.
Underground drilling from the 5,400 level will aim to increase reserves from the existing proven and probable 780,000 tons at 0.07 oz gold per ton, 2.9 oz silver, 8% zinc, 1.6% lead and 1.3% copper.
Drilling last fall extended the mineralized zone showing it to be open along strike and to depth. In hole 87-1, a 20.5-ft intersection assayed 1.37% copper, 2.78% lead, 8% zinc, 6.5 oz silver and 0.185 oz gold. This intersection lies 820 ft below the previous lowermost mine workings. At a similar depth, hole 87-5, drilled approximately 450 ft away, intersected 13.5 ft averaging 1.56% copper, 1.03% lead, 6.41% zinc, 2.5 oz silver and 0.075 oz gold.
Surface drilling will target an anomalous alteration zone southwest of the zone that underlies the existing reserves. This new zone has never been explored.
Redfern can earn a 40% interest by spending $3 million over a 4-year period ending Dec 31, 1990. Approximately $1.35 million was spent in 1987. The company is negotiating a possible private placement/ flow-through financing to fund the drilling. Working capital is approximately $1 million.
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