Results from the first half of a 30,000-ft. reverse circulation drill program on the Bibiani deposit in southwest Ghana indicate an average grade of 0.10 oz. gold per ton.
CDN-listed International Gold Resources (IGR) says the drilling was designed to outline near-surface gold mineralization at the past-producing deposit. Work to date has extended known mineralization to a vertical depth of about 250 ft. in the central part of the Main zone. It has also indicated unmined widths of gold quartz mineralization of up to 200 ft. Grades range between 0.021 and 2.06 oz. gold per ton over widths between 5 and 220 ft. These results are from 25 intersections reported over a strike length of 3,100 ft. In addition, oxidation extends to a depth of at least 150 ft., suggesting this part of the deposit is heap-leachable.
IGR can earn a half interest in the 10.5-sq.-mile concession by spending $US3 million on exploration and development and by providing a feasibility study by Dec. 31, 1996.
The company has also signed purchase option agreements for two additional concessions, known as Nkwanta and Dadiaso. (In total, IGR has options to earn interests in five concessions in Ghana and one in Burkina Faso.) In other news, IGR has drilled 49 holes on the Humbug gold project in Lemhi Cty., Idaho. The deposit has a drill-indicated reserve of 11.7 million tons averaging 0.041 oz. gold per ton and IGR is proceeding with a prefeasibility study.
Meanwhile, the company has completed a $12.8-million financing of more than 3.7 million special warrants at $3.40 each. As a result, it will have $14.5 million in available capital and, on a fully diluted basis, 19.3 million shares outstanding.
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