Drilling has started on the Trophy Gold Project owned by Goldbelt Mines (VSE). The property is in the Galore Creek area, 100 miles northwest of Stewart, B.C., and is under option to Gigi Resources (VSE) which can earn a 55% interest by spending $5.5 million and issuing a total of 200,000 shares. Earlier this year Goldbelt acquired the property from Continental Gold (TSE) which retains a 10% net profits interest. The drilling program will include a minimum of five holes totalling 2,950 ft. on the Ptarmigan zone. Drilling on the Ptarmigan zone in 1988 by Continental Gold intersected 36.4 ft. grading 0.16 oz. gold and 0.88 oz. silver per ton. The first phase of drilling will test over 740 ft. of the zone’s strike length.
A grid has been established in the southwest corner of the property in an area of gold and copper geochemical anomalies. Sampling, mapping, and geophysical surveying has been completed and the company expects that a number of showings will be ready for drilling upon completion of the current program.
Total expenditures for 1990 are set at a minimum of $1 million.
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