The area surrounding the Mt. Milligan gold- copper project north of Prince George, B.C., is expected to be a busy exploration camp this year, second only to the “Golden Triangle” in the northwestern corner of the province. Among the properties to be drill tested is the 31-sq.-km Cat Mountain property held under the terms of a joint venture agreement between Lysander Gold (VSE) and BP Resources Canada (TSE).
Described as a “Mt. Milligan- type” alkalic gold-copper porphyry project, Cat Mountain is operated by BP which has a 53% interest. On its own, Lysander holds 100% of the Bet claim (in the centre of the BP-Lysander ground) and 100% of ground covering 21 sq. km adjoining the joint venture to the north.
As the key part of the $1.2-million 1989 program, BP plans to drill 14 holes totalling 8,500 ft. to further test an area on the south face of Cat Mountain. Lysander noted that previous drilling (1989) in this area intersected “Mt. Milligan ore grades” in gold and copper.
Elsewhere, Teck (TSE) recently exercised warrants ahead of schedule to increase its position in Lysander. Teck now holds about 800,000 shares, or about 13.1% of Lysander’s outstanding shares.
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