Oliver and partners drill Kitsault Lake gold project

The property is about five miles south of a significant gold discovery announced by Bond Gold which is similar to the Eskay Creek deposit being drilled by Calpine and Stikine Resources 60 km to the north.

Oliver, the project operator, notes that the Kitsault property covers the Betty Creek formation and the overlying Mt Dillworth group, a stratigraphic package which is the target of the Eskay Creek drill program.

The Kitsault property covers several zinc-lead showings believed to be analogous to the base metal mineralization at Eskay Creek. The Eskay Creek sulphides are also associated with high grade gold values.

A 3,000-ft drill program is expected to be completed by the end of the month. The partners are also conducting prospecting and geochemical surveys. Oliver, Tanqueray and Aber hold respective 50%, 25% and 25% interests in the claims.

In the Northwest Territories, Tanqueray has increased its interest in the 39,000-acre Winter Lake property to 80.4%. The property, which is being explored for base metals and gold, hosts geology with the potential for a Lupin-type or Tundra-type gold deposit. The claims are also prospective for base metals similar to those found at the Sunset deposit operated by Noranda further to the south.

A drill hole completed by Hudson Bay in 1978 intersected 221 ft grading 0.3% zinc and 0.05 oz silver per ton with anomalous copper values. Kemano Gold (ASE) retains a 19.6% interest in the Winter Lake claims.

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