Drilling is scheduled to start this week on a single 5,000-ft hole near Cranbrook, B.C., in similar geological terrain as that which hosts the Sullivan lead-zinc-silver mine.
The hole, which is estimated to cost about $400,000 to drill, is being financed by VSE-listed Goldpac Investments. It has been spotted to test a geophysical target which suggests the presence of a major massive sulphide orebody close to a mile below surface (N.M., Dec 14/87).
A CP-50 drill rig, with directional drilling capability, is being set up and should collar the hole soon, President John Leask tells The Northern Miner. The rig is capable of drilling to depths of 9,000-10,000- ft with reasonable accuracy.
The first part of the hole will be drilled with an HQ-size bit and the remainder will be drilled with the smaller NQ size.
It should take about six weeks to reach a depth of 5,000 ft.
“More drilling on the property will be contingent on economic or near-economic results from this hole,” Leask says. “The threshold value would be in the range of 10 m of 10% combined lead/zinc,” he adds.
The company’s shares traded this week at about $1.30.
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