Preliminary exploration work on the Adansi-Asaasi concession in Ghana, West Africa, is returning encouraging results for Pacific Comox Resources (VSE).
The concession includes the past-producing Cherebroso mine which operated in the early 1990s. Among its workings is a 1,200-ft.-long drift in the main level, within a 33-to-40-ft.-wide conglomerate. A limited amount of stoping was performed on crosscutting quartz lodes which carry visible gold. Channel sampling on the main level crosscut returned 0.061 oz. gold per ton over 69 ft., while sampling in the drainage level, 165 ft. below, returned 0.041 oz. over 121 ft.
Limited outcrops are available for sampling on surface, although a 23-ft. exposure above the underground sampling area returned 0.074 oz. Narrow quartz veins on surface returned grades as high as 6.2 oz.
Geological mapping on surface and underground indicates there are other parallel conglomerate formations within the mine area.
Pacific Comox sees good potential in outlining a bulk-tonnage type of gold deposit on the prospect and is now working to vend an interest in the property to a third party.
African Star, a 94%-owned subsidiary of Pacific Comox, can earn a 70% interest in the Adansi-Asaasi prospect by paying US$75,000 and issuing 125,000 shares by September, 1996. The company must also fund exploration and development to place the project into production, after which time African Star is entitled to 75% of profits until preproduction expenses are recovered, and 70% of profits thereafter.
Pacific Comox is looking to raise about $500,000 in the near future to fund other work in Ghana. It has signed a letter of intent with a subsidiary of Anglo American, giving that company the first right to joint-venture any new projects Pacific Comox identifies in southwestern Ghana.
Pacific Comox has $150,000 in working capital and 15.1 million shares outstanding.
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