Financial shot-in-the-arm for Windy Craggy project

The big Windy Craggy copper- gold-cobalt-zinc project of Geddes Resources is getting another financial shot in the arm.

The company says it has raised an additional $4 million in flow- through share financing, bringing to $10.6 million the total of common share financing arranged so far this year.

Geddes says the new funds will be spent $1 million this year, and $3 million in 1988.

The company says for instance that the 1987 exploration program at the Windy Craggy prospect, in northwestern B.C., has now been expanded and calls for a 7,000-ft adit (previously 5,500 ft), and enhanced crosscutting, drifting and diamond drilling.

The adit entrance has been prepared for a distance of 270 ft, and is now scheduled to advance 36 ft per day, to reach the main sulphide zone by about early fall.

Next year, a first-phase program calls for additional work at the adit level in the vicinity of the gold zone, together with bulk sampling, mineral studies, testing of mining methods and other technical work preliminary to a feasibility study.

The Windy Craggy deposit has been estimated to contain in the order of 300 million tons at a grade of 1.5% copper, two lb cobalt, and measurable amounts of silver as well as gold.