Ego has an option to earn a 100% interest in Initiative Explorations’ (COATS) 16-claim base metal property situated 11 miles north of the eastern arm of Great Slave Lake, N.W.T. Terms of the option agreement between the two companies were not disclosed.
Previous work on the property by Hollinger Gold Mines in 1949 had focused on two zones known as the BB deposit and Kennedy Lake deposit.
The BB deposit is reported to contain nearly one million tons averaging 9.65% zinc and 3.47 oz silver per ton to a depth of 800 ft. The Kennedy Lake deposit, 1,500 ft to the west, hosts some 70,000 tons averaging 6% zinc and 5 oz silver to a depth of 250 ft.
Ego president, Edward Wenger, says a program of detailed drilling to expand on the previous reserve estimates is planned this summer and financing is in place for a $1-million exploration program.
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