Substantial widths were reported from 88-22 including 49.9 ft of 0.17 oz gold (estimated true width) in the interval 364.5-586.4 ft; within that over-all interval was 10.5 ft of 0.53 oz and 27.8 ft grading 0.24 oz gold.
James Kermeen, president, confirms that more drilling is required before a definitive ore reserve calculation can be made. But he notes the nearby Discovery mine reached a vertical depth of 4,800 ft and he concludes “the tonnage potential is seen to be substantial.”
Geophysical work indicates the mineralized altered leucodiorite plug hosting the Main zone mineralization is substantially larger than initially thought.
A second drill will be moved to the property in early January to test the Main zone and an anomaly just over a mile away. By mid- January Athabaska Gold will have earned a 60% interest in the property after spending $750,000. Chevron Minerals will hold the balance with Athabaska as operator.
The joint venture has agreed upon a $600,000 phase one program which will take place in January and February. Phase two of the 1989 program will cost about $1.2 million. “Athabaska has received several offers to fund their portion by private placement and expects to have financing in place shortly,” says Kermeen.
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