Golden Knight bid accepted in B.C.

Previous exploration completed on the claims by Deer Horn Mines, outlined two zones of gold mineralization. The main zone hosts reserves of 170,000 tons grading 0.255 oz gold and 6.3 oz silver per ton. A second zone was reported to host 95,000 tons grading 0.4 oz gold and 12.2 oz silver.

Golden Knight has told the government it will spend $916,000 on exploration in the first year. The work program will include surface mapping and 5,400 ft of drilling which will attempt to confirm the reserves in the two zones. Teck Corp. (TSE), which controls Knight, will operate the program on Golden Knight’s behalf.

The Tweedsmuir area is environmentally sensitive. Golden Knight says it has given the government every assurance that its work will be conducted to the highest environmental standards. — 30 — File: T:GOLDEX NT Goldex July 14 Goldex Mines extends Val d’Or gold zone

Drilling by Goldex Mines (TSE) has intersected the down plunge extension of the main gold-bearing zone on the company’s property near Val d’Or, Que. Drilling, which began last winter, tested the deposit below the 1,250-ft level — the lowest level in the mine.

Five of the holes completed began on Goldex ground and terminated at depths of 1,600 ft to 2,200 ft on claims owned by Ormico Exploration (ME). Goldex has an option on the Ormico claims.

Several wide sections of low- grading mineralization were encountered. Hole 12-76 intersected 74 ft grading 0.104 oz gold per ton whereas hole 12-77 cut 240 ft grading 0.104 oz gold per ton. Another two holes are testing the 500-ft gap between holes 12-76 and 12-77.

Goldex can earn a 60% interest in the Ormico property by spending $400,000 on exploration. Ormico can participate as to a 40% interest or elect to be diluted to a 20% net profit royalty interest.

The Goldex shaft extends to a depth of 1,500 ft. A new hoist has been commissioned which is capable of servicing a shaft to a depth of more than 3,000 ft if warranted, Goldex says.

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