Granges is operator and can earn a 60% interest, while partner Mid- North Resources retains a 40% interest. The 1989 budget has been set at $450,000, to consist primarily of drilling along a 5.5 km shear zone. To date, the partners have spent about $250,000 on exploration.
Recent drilling by Granges intersected 28.9 ft of mineralization grading 0.170 oz gold per ton, including a 5.24-ft section of 0.578 oz gold per ton uncut.
The hole was drilled about 1,900 ft east of a previous hole that intersected 40 ft of 0.118 oz gold and 1.25 oz silver, including 14.76 ft of 0.245 oz gold and 2.81 oz silver.
Drilling to date has taken place in the vicinity of the Gurney mine, a former gold and silver producer that turned out 25,000 oz gold and 71,000 oz silver between 1937 and 1939.
Granges and Mid-North have secured a ground position of about 12 sq miles in the immediate area.
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