A high grade gold zone has been encountered by Goldpost Resources in the crosscut which has been driven through the Gibson west zone in the Hislop west property in northeastern Ontario.
Both walls of the crosscut have been sampled, president Patrick Heenan reports. Free gold was noted on both walls and in the muck, and all assays over one oz gold per ton were reduced 50% arbitrarily.
Along the west wall, an average of nine panel samples assayed 0.75 oz across 7.5 ft, while along the east wall, an average of 15 panel samples assayed 3.75 oz across 12.5 ft.
The company plans to start an underground drill program for 20,000 ft in May to explore the area in general and the Gibson west zone in detail along strike and to depth.
Meanwhile, a recent preliminary study of drilling on the Hislop east gold property suggests the indicated tonnage has been increased from 850 tons per vertical foot grading 0.19 oz to 1,600 tons per ft grading 0.20 oz. Some areas were not included because of insufficient information.
Additional drilling is under way within the 4,000-ft strike length on which Goldpost has, to date, drilled 74 holes. Plans to drive a 4,000-ft decline are being formulated.
Also, work is planned to check for platinum potential on three claim blocks in northwestern Ontario in which Goldpost has a 100% interest and on which nickel- sulphide gossans occur.
In February, Goldpost was successful in arranging two private placements of flow-through shares, one worth $500,000 from N.I.M 1987 Partnership, and the other worth $585,635 from the Middlefield Group of Companies. The exercise prices per Goldpost shares are $1.82 and $1.69 respectively.
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