New York-based DRX (NASDAQ) is encouraged by exploration results on a Micronesian gold property in Yap State, 750 miles north of Papua New Guinea. Yap State is a former U.S. trust territory and the ground is held by DRX Micronesian Mineral Resources Co., a unit of DRX. Last year, DRX MicroMin completed a field program consisting of 2,100 ft. of trenching on a previously discovered gold anomaly.
Continuous channel samples extracted at 6-ft. intervals were cut along the bottom of each trench and, according to DRX, results indicate that a commercial gold deposit could be discovered within the project area.
The trenching exposed broad zones of mineralization of anomalous to ore-grade gold values. Four of the six trenches completed exposed mineralized zones of greater than 0.030 oz. gold per ton.
The trenching tested only a portion of the 1-sq.-km area of hydrothermal breccias which are anomalous in gold. This area occurs within a 10-km.-long belt of gold anomalies, says DRX.
As a result, DRX is looking for a joint venture partner to help fund future exploration on the property. Several companies are now evaluating the available information.
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