Corona finds new zone at Varna Gold project

According to Varna, 10 core holes intersected good values including 0.166 oz gold per ton over a core length of 46 ft and six feet of grade 0.397 oz in a seri es of gently-dipping brecciated zones.

“Holes are spaced approximately 50 m (165 ft) apart and core lengths of the intersections represent close to true widths of the zones intersected,” said Varna Chairman Gordon Barron.

The latest program was designed to follow up on results obtained last year from the Lightning zone which hosts three mineralized zones in a sequen ce of massi ve and tuffaceous volcanic rocks.

Drilling so far has tested the mineralization over a strike length of 150 m (495 ft) to a depth of about 100 m (330 ft), says Barron.

One hole (PC89-20) intersected the eastern extension of the newly-discovered Thunder zone where a channel zample cut across a trenched area earlier this summer yielded 0.242 oz across 76 ft.

While hole (PC89-20) intersected 11.4 ft of grade 0.152 oz, a fold structure in the area may explain why two other holes drilled under the Thunder z one did no t intersect any significant mineralization, according to Barron.

A fill-in drill program designed to extend both zones is currently in progress.

In other news, Varna has agreed to pay off the $698,695 owed to BP Resources Canada for exploration on the Jackson Arm gold property (also in Newfoundland) by making payments of $25,000 starting next month. The payments are scheduled to increase to $50,000 in January until the debt is paid off.

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