The first phase of exploration on the Treaty Creek Project, 80 km north- northwest of Stewart, B.C., has discovered a new zone of precious and base metal mineralization. Tantalus Resources (VSE) is earning a 51% interest in the project from Teuton Resources (VSE) by spending $3.2 million by May 9, 1994, making cash payments of $300,000 and issuing 200,000 treasury shares to Teuton.
A program of systematic prospecting over an area of altered and gossanous andesitic volcanics led to the discovery of a 500×800-metre area of outcrops and boulders.
Of the 43 samples collected from outcrop and boulder occurrences, 31 returned more than one ounce silver per ton. Outcrop samples returned values of up to 27.4 oz. silver, 11.1% lead, 3.73% zinc and 1.05% copper.
An orientation UTEM survey is planned for the area to identify drill targets. Grid-based geological, geophysical and geochemical surveys are continuing over the Treaty Gossan, six kilometers to the southeast.
Tantalus expects to mobilize a drill to the property in early September to test the new zone and any targets identified on the Treaty Gossan zone.
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