Drilling on the Iron Colt vein at the North Belt property near Rossland, B.C., is continuing to return high-grade intersections. The latest hole, NB-1-91, graded 5.0 oz. gold per ton over 8.9 ft. Vangold Resources (VSE) is earning a 50% interest in the property from joint owners Antelope Resources (VSE) and Bryndon Ventures (TSE) by spending $500,000.
Vangold can earn an additional 10% interest in the North Belt property by spending a further $250,000 and issuing 100,000 shares.
The Iron Colt vein is believed to be the easterly extension of the main Le Roi vein where about three million ounces gold were recovered from ore grading an average of 0.5 oz. over its operating life from 1891 to 1941.
Dan Wehrle, the geologist on the property, said the high-grade zone averages 6-8 ft. in width and is contained between two dykes about 200 ft. apart. The zone has been intersected over a vertical extent of about 300 ft., and remains open to depth.
Other intersections on the zone include hole NB-91-2, which intersected 6.4 oz. gold over 6.5 ft. and hole 89-87 which intersected 7.1 oz. over 8.4 ft. Lower-grade results have been encountered on strike as well as on parallel structures.
Drilling has moved to another part of the property while the companies review the possibility of conducting further exploration on the zone by underground development. In view of the multi-ounce grades encountered by drilling, development mining could pay for itself.
Drilling is now concentrating on the Evening Star area of the property to follow up previous drilling which intersected 37 ft. grading 0.17 oz. in skarn mineralization.
The companies will also test the Gertrude claim which has a strong geophysical and geochemical response on strike to the old War Eagle/Number One vein which produced about 600,000 oz. of gold during the life of the Le Rio mine.
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