Further work on Fort Knox Gold Resources’ (TSE) claims in Fawcett Twp., Ont., will get under way as soon as financing is complete, says Wayne Whymark, vice-president of exploration.
“I am quite confident that I’ll get my marching orders within the week,” he says.
Recently, Fort Knox intersected a 110.9-ft. interval grading 1.03% nickel and 0.43% copper within a 215-ft. mineralized zone. About a mile to the north, a separate zone returned 200 ft. grading 1.3% zinc.
Ever since results from the nickel-rich zone were released, Fort Knox has been trading heavily, reaching new highs almost every day. By presstime, the stock had touched a record high of 98 cents, compared to a 52-week low of 11 cents.
Although Whymark would not comment on the amount of cash the company is trying to raise for drilling, he said a private placement would be the most likely financing vehicle.
In that case, if Inco (TSE) wants to maintain its 40.9% interest in Fort Knox, the nickel producer will have to put up its share of the funds. Meanwhile, Goldhunter Explorations (ASE) has optioned 21 claims that tie on to the northwest corner of Fort Knox’s property. Geophysical targets on the newly acquired claims are hosted by a similar geological sequence to that of the Fort Knox mineralization, the company says. Previous gold exploration returned assays of up to 7.14% copper in grab samples, but the samples were not analyzed for nickel and zinc.
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