Vancouver — Drilling by
Bema is earning a 75% interest in the project from the administrative district of Chukotka. So far the company has drilled more than 52,000 metres in 308 holes.
Mineralization in the main Kupol vein has been traced for 3.6 km along strike and to a depth of 600 metres below surface in the North zone. The deposit remains open along strike, to the north and south, and at depth.
Multiple high-grade veins have been intersected in the North and North Extension zones. Highlights include hole 374, which cut six veins. One vein averaged 21.82 grams gold and 233.75 grams silver per tonne over 22.8 metres. Also, hole 385 intersected 28.92 grams gold and 645.5 grams silver over 8 metres.
At the North Extension, which continues at depth, hole 416 returned 10.35 metres of 14.28 grams gold and 106.38 grams silver.
Drilling in the Central zone has attempted to define the resource near the surface. Results included 24.9 grams gold and 493.21 grams silver over 15 metres in hole 363. This hole extended the mineralization below a barren fault and dyke zone. Together with hole 403, which ran 23.53 grams gold and 753.55 grams silver over 1.8 metres, the results of hole 363 suggests that the high-grade mineralization extends at least 300 metres north of the Big Bend.
The most recent drilling into the South zone included an intercept from hole 451 that ran 7 metres of 29.54 grams gold and 156.56 grams silver and extended the offset vein by another 25 metres to the south.
The main Kupol vein appears to have been offset by a fault, some 100 metres to the east, which opens it up to the south.
Good grade continuity was found on the main vein structure from dilution drilling on 10-metre centres. Infill drilling at the Big Bend zone showed the strength of the high-grade veins over wide intervals as highlighted by hole 373, which intersected 20.1 metres of 52.53 grams gold and 495.43 grams silver.
A new resource estimate for Kupol is expected by the end of January 2005. A feasibility study to be completed by April 2005.
The company has arranged a bought-deal financing worth $100 million, most of which is slated for Kupol.
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