Gibraltar’s North zone yields values in wide intersections

An ongoing drilling program on the North zone of the Gibraltar mine near McCleese Lake, B.C., returned a number of wide copper intersections for owner Gibraltar Mines (TSE).

The company originally encountered the new zone on the Jan/Summit claims during a condemnation drilling program in 1990. Newcoast Silver Mines (VSE) holds a 30% net profits interest in the ground. The NPI was renegotiated earlier this year, giving Gibraltar the right to deduct exploration, capital and interest costs in addition to operating costs.

Drilling on the claims last year outlined a zone measuring about 1,600×400 ft., open to the south and east.

John Chapman, a director of Newcoast, said the recent drilling extended the zone to the east as well as about 600 ft. to the south. He said an extension of the zone to the east would have a positive effect on the strip ratio of the deposit.

Drilling results to date shows the top of the North zone varies in depth from 40 ft. up to 620 ft. below surface, giving the zone a relative high strip ratio.

Gibraltar expects to drill about 28 holes in the current drilling program.

Results from the first eight holes are as follows:

Hole Interval Width Copper

(ft.) (ft.) (%)

92-1 410-530 120 0.47

600-710 110 0.

40

92-2 640-140 100 0.64

330-490 160 0.50

530-680 150 0.51

92-3 370-450 80 0.36

92-4 240-450 210 0.31

560-700 140 0.43

92-5 390-460 70 0.44

500-710 210 0.51

92-6 250-290 40 0.58

390-620 230 0.73

92-7 430-510 80 0.92

620-670 50 0.34

720-790 70 0.30

92-8 310-460 150 0.27

500-730 230 0.74