Ican forecasts 200 million tons at Racey

Calgary-based Ican Minerals (TSE) continues to intersect strong widths of low-grade gold mineralization on the Racey property in Oregon, the company says. Although Ican is awaiting check fire assays, the last eight holes all intersected the gold-bearing zone.

Ican says if results from the densely drilled area are extrapolated into the sparsely drilled but mineralized areas, the property would have potential reserves of more than 200 million tons grading 0.02 oz. per ton.

Excluding the recent program, Ican and partner Billiton Minerals U.S.A. have drilled 156 holes, or 48,443 ft. on the porphyry gold property. By spending $5 million over three years, Billiton can earn a 51% interest.

Gold mineralization, at an average grade of 0.02 oz. continues to a depth of 750 ft. The drilling area measures 2,500×4,000 ft. and is open to the north and south.