Drill testing at Algo Resources’ Adams Lake plateau gold and silver prospect is expected to resume immediately.
President Errol Hemingson said that under the phase 2 program, his company plans 4,000 ft of drilling to test an arsenical zone in a quartz feldspar porphyry ryholitic flow recently discovered during extensive surface exploration.
The company`s OK 1 and OK 2 claims adjoin the Rea Gold gold/ silver discovery property.
Mr Hemingson said Algo has now completed preliminary field geology and the initial fieldwork program included 50 km of grid, approximately 1,600 soil samples along with channel sampling of the arsenical zone. All samples are being assayed for lead, zinc, copper, silver, gold and arsenic.
To prepare for the Aug. 7 drilling date, White Geophysical Inc. is now conducting an ip survey. The survey will attempt to define earlier electromagnetic targets now outlined by geochemical and geological areas of interest.
According to Mr Hemingson, the proceeds of a private placement of 250,000 shares at 65 cents per share announced earlier have been received. He said a statement of material fact for a major financing will also be submitted immediately.
Phase 1 of the program was budgeted for $115,000 and phase 2 is budgeted for a further $240,000 for continued geological work and 4,000 ft of diamond drilling.
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