Colby has a 50% interest in a gold-silver prospecting licence covering a 185-square-mile area, 72 miles northeast of Glasgow. Colby’s 50% co-venturer at Loch Tay is East West Resource Corp. (VSE), a company with common officers and directors.
Current work plans call for soil geochemical sampling and additional surface trenching to outline diamond drill targets.
Detailed trenching has traced one gold-bearing structure along a strike length of 1,000 ft with grab samples assaying up to 11.8 oz gold and 6.7 oz silver per ton. In addition to the main structure, the trenching also revealed at least seven other parallel gold-bearing zones, the best of which assayed 0.74 oz gold over 3.3 ft.
The company reported it had cash totalling $572,330 at the end of last year.
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