Pending the successful completion of a $1-million flow-through share issue, Bighorn Development Corp. plans to rehabilitate the shaft on the main vein on its Island Lake gold property in northern Manitoba.
Once rehabilitated, Bighorn would use the shaft to mine a 2,100-ton bulk sample from the 225-ft level of the old workings. A 20,000-ft drilling program is also planned, which will test for depth and strike extensions of the mineralized zone.
Initial results have also been received by the company from 195 channel samples taken from the main zone at Island Lake. Of 49 samples assayed, average grades in the vein were 0.58 oz gold per ton, 0.63 oz in the hangingwall and 0.167 oz in the footwall. Average widths for the footwall, vein and hangingwall are 2.4 ft, 2.1 ft and 2.3 ft respectively.
Based on a drill-indicated strike length of 1,100 ft and depth of 550 ft, Bighorn calculates a geological inventory of 227,000 tons grading 0.61 oz gold per ton or 348,000 tons grading 0.45. The company feels that potential exists to increase reserves, as the zone remains open along strike and at depth.
A unit offering was completed this month, netting the company $297,850.
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