Chet Idziszek has spent much of this year dropping exploration projects in northwestern British Columbia, the latest being the Spectrum gold property in the north Iskut area of British Columbia.
Idziszek is president of a number of Pezim group juniors, including Eurus Resource (VSE), which last year optioned the Spectrum property from Columbia Gold Mines (VSE).
The deal was tough, with Eurus required to spend $2 million during 1992, and an aggregate $8 million by the end of 1994. Columbia was to be operator until the earn-in was completed.
“Eurus’ decision not to proceed with the project was influenced by the size of the known higher-grade reserves, the high required deposit grade given the property’s remote location, and the deposit’s strong nugget effect,” Idziszek says.
The Spectrum property features locally high-grade gold mineralization in a number of zones. Diluted preliminary reserves for the QC, Porphyry and 500 Colour zones are estimated to total 216,800 tons averaging 0.47 oz. gold per ton.
This calculation by Orcan Mineral Associates is based on a cutoff grade of 0.29 oz. gold, an average intercept width of 5.9 ft., a 20% dilution factor, and cutting of high-grade assays to an equivalent of 1.46 oz. gold over 3.3 ft.
Preliminary reserves increase to 653,000 tons averaging 0.32 oz. gold when the cutoff grade is lowered to 0.14 oz. gold.
Eurus says it will continue to seek out new exploration and development properties of merit in North and Latin America this year.
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