Drilling results from the SKI project, directly north of the rich Eskay Creek property north of Stewart, B.C., were greeted with a mass of sell orders. Adrian Resources (VSE) owns the project and Prime Resources Group (VSE) and Stikine Resources (TSE) have an option to earn collectively a 50% interest in the property by spending $5 million.
Adrian’s stock price plummeted almost $4 per share after the results were released. Investors were obviously expecting more, stoked by street rumors and memories of the rich intersections seen on the Eskay Creek property (165 ft. south of Adrian’s border, hole CA90-646 intersected over 90 ft. of massive sulphide mineralization grading 0.37 oz. gold and 15.5 oz. silver per ton).
Although the results do not compare to some of those encountered on the Eskay Creek property itself, Chet Idziszek, president of Prime Explorations, said that the same mineralized structure which hosts the 21B zone on the ground to the south has been traced on to the Adrian ground.
The only difference, he noted, is that the widths of massive sulphides encountered to date are not as great as those found on the Eskay property.
Hole AD90-04 intersected about 3 ft. of massive sulphides and Idziszek said that visually, it would appear that hole AD90-09 intersected about 1.5 ft. of massive sulphides.
Drilling on the SKI project is being done on a fence pattern starting on section 13+07N (about 23 ft. from the Eskay Creek boundary), with a fence of eight holes drilled from two locations.
About 140 ft. north of this, another fence of holes has been drilled including holes AD90-9,13 and 14. A further 165 ft. north of that, on section 14+00N, holes AD90-12 and AD90-15 have been drilled.
The objective of the fence pattern is to follow the main zone of the Eskay Creek property as it extends north through the Adrian ground.
Idziszek reported that visual examination of holes AD90-09 and 13 drilled on section 13+50N and hole D90-12 on section 14+00N confirm the presence of 21B zone sulphide mineralization from section 13+07N to at least section 14+00N.
Holes that returned no significant assays were drilled updip of the extension while other holes intersected its periphery.
He stressed that the grades and the thickness of massive sulphide mineralization encountered on the 21B zone are not predictably consistent over its entire length and, therefore, the narrow intersections encountered on the Adrian ground to date do not necessarily come as a shock. Interval Width Gold Silver Hole Section (ft.) (ft.) (oz./ton) (oz./ton) AD90-03 13+07N no significant assays AD90-04 13+07N 1204-1217 13 0.22 152 1365-1381 16 0.20 5.7 1397-1597 199 0.067 0.7 AD90-05 13+07N no significant assays AD90-06 15+50N no significant assays AD90-07 13+07N 1217-1328 111 0.087 1.5 AD90-08 13+07N no significant assays Previously released: AD90-01 13+07N 1056-1069 13 0.10 8.9 1109-1122 13 0.11 6.7 AD90-02 13+07N 1056-1066 10 0.12 6.4 1096-1103 7 0.13 1.0
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