Freeport/Vananda report assays from Texada Island project

To date, about 7,843 ft of drilling was carried out in seven holes, five of which were drilled to test the extension of mineralization in the former Little Billie mine. The surface holes drilled during the past several months were laid out to test documented gold and copper mineralization encountered by a previous operator (1956) in short underground holes drilled below the sixth level of Little Billie.

Hole 88-1, drilled 100 ft south of the previous underground holes, intersected 19.3 ft of 0.212 oz gold, 0.85 oz silver and 1.60% copper and 8.2 ft of 0.416 oz gold, 2.65 oz silver and 5.92% copper. Holes 88-3 and 88-4, drilled 200 ft south of the underground holes, intersected 13.5 ft of 0.772 oz gold, 2.31 oz silver and 3.04% copper and 15.1 ft of 0.508 oz gold, 1.57 oz silver and 2.60% copper respectively.

Results are not yet available for two holes drilled to test an IP anomaly over 1,312 ft in length southeast of Little Billie and the Copper Queen mine, although the companies noted that several zones of sulphide mineralization were present in hole 88-7.

To date, about 31 line miles of gradient array IP surveying has been completed (a co-operative effort with adjacent property holders BP Canada and Echo Bay Mines), with several anomalies outlined in the area between the abandoned Copper Queen and Cornell mines. Vananda Gold said a deep anomaly was also indicated over the Manto occurrence in the Ideal Cement quarry where channel sampling previously assayed 0.233 oz gold, 5.81% zinc and 0.52% copper over 17.4 ft.

Stanley Beale, president of Vananda Gold, said the projected 1989 program is to consist primarily of core drilling on the Little Billie, the Copper Queen, and the Cornell and Manto I.P. anomalies.

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