Two new precious metal prospects were acquired in the Okanagan region of British Columbia by Fairfield Minerals (VSE). The company also has several properties in the area under option to Placer Dome (TSE).
According to John Stollery, P.Eng., president, alteration and quartz-sulphide veining are prevalent on the new acquisitions, and preliminary sampling has reported significant gold values. One of the properties has strongly anomalous gold in soils over a length of 800 ft, he adds.
Reverse circulation drilling (43 holes totalling 19,500 ft) was completed by Placer Dome on the Oka property near Peachland, B.C., with 13 holes returning assays ranging from 0.03 oz ton gold to 0.54 oz over various widths from 5-20 ft. Trenching is now under way by Placer Dome on the nearby Elk gold prospect.
Meanwhile, Equity Silver Mines (TSE) has drilled 12,000 ft in 31 holes on Fairfield’s Ram precious- base metals property near Ross River, Yukon with assays expected shortly. Equity Silver has the right to earn a 60% interest in the property.
Another Yukon project, the Logan zinc-silver property west of Watson Lake, is under option to Getty Resources (TSE). Fairfield says the 44-hole drill program failed to expand the strike length of the known deposit, but expanded the reserves to depth. Assays are expected shortly, to be followed by a review of tonnage and grade.
A third project in the Yukon, the Tim silver-lead-zinc property also west of Watson Lake, is under option to Chevron Minerals. Fairfield reports that the property was explored by a series of trenches and several showings of base metal oxides were uncovered, including one exposure exceeding 70 ft in width.
The company also reports a strengthened financial position, with cash and term deposits of $1.98 million, an 18% increase from the same date in 1987.
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