Drilling on the down-plunge extension of the Goldstream deposit near Revelstoke, B.C., has intersected 8.6 ft. grading 6.35% copper, 3.17% zinc, 0.60% lead, and 0.81% oz. silver per ton in hole 91M-12. The Goldstream project is a joint venture between Bethlehem Resources (TSE) and Goldnev Resources (VSE) which plan to reactivate the former producer through a financing and concentrate sales agreement with Nippon Mining and Sumitomo. The two Japanese companies delayed closing of the agreement because of the Middle East situation, rescheduling the draw-down of the funding to March 1.
The Goldstream mine is estimated to contain a minable reserve of 2.1 million tons grading 4.81% copper and 3.06% zinc.
The recent drilling is part of a program designed to test the north-easterly extrapolation of the deposit. The hole intersectd what is believed to be the down-plunge extension of the Goldstream about 800 ft. below its known extent.
As a result, the companies estimate minable reserves could be increased by 200,000-300,000 tons, although detailed infill drilling will be required to confirm the deposit’s continuity.
Drilling on four of 11 geophysical and geochemical targets along the stratigraphy hosting the deposit failed to return any significant results. Drilling on the adjacent Jenkins project also failed to intersect any significant results, although some anomalous base and precious metals were encountered.
Drilling is continuing in the vicinity of hole 91M-12, as well as 500 ft. further to the northeast.
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