This season’s drilling on the Col copper project in the Mount Milligan area northwest of Prince George, B.C., returned intersections ranging from 0.20% to 0.66% copper over narrow widths (10-20 ft.).
Asarco Gold (NYSE) can earn a 70% interest in the property from Kookaburra Gold (VSE) by spending a total of $10.35 million by 1997.
Despite the narrow widths, the intersections occurred within a background of anomalous copper values while geochemical and geophysical surveys outlined a large system of copper-gold mineralization measuring over 4,000×1,000 metres. Kookaburra believes that the 1992 program should be directed at an area west of the 1991 drilling. The area is described as having widespread outcropping copper-gold mineralization and contains a preliminary reserve of two million tonnes grading 0.6% copper and 0.4 grams gold per tonne. The zone remains open to depth as well as along strike to the west.
Kookaburra is reviewing the 1991 results with Asarco and is also discussing the scope of the 1992 program.
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