Stroud President George Coburn says that drill-indicated reserves in the Creek zone have been revised upwards to 754,000 tons grading 0.188 oz gold per ton, based on the results of recent drilling.
Two deep holes, representing a 500-ft step out from the previously known mineralization, suggest the zone continues to a depth of 1,300 ft. During the past two years, closely spaced drilling had established the zone to depths of around 500 ft.
Recent assay results from the Creek zone include five feet of 0.26 oz gold at a depth of 985 ft, and five feet grading 0.47 oz gold at a depth of 1,230 ft.
In another area, situated 1,600 ft along strike, the Main zone is reported to host some 102,000 tons of material averaging 0.17 oz gold.
Drilling is under way on the V2 zone, situated east of the Creek zone. The V2 was a new discovery made last year. Coburn says encouraging high grade gold results have been obtained at depths of 1,475 ft, and further work is needed to fully evaluate its potential. One recent hole cut 0.79 oz gold across five feet at a depth of 1,475 ft. Another intersection in the same hole returned 0.37 oz gold over five feet at a depth of 1,325 ft.
The Hislop gold project is a 50/50 joint venture between Chevron and Stroud. The 1,360-acre property straddles a band of intermediate and felsic rocks extending from the Ross mine to the east. Expenditures of about $1 million are expected on the property this year. Shares of Stroud Resources have traded recently at 39 cents on the Toronto Stock Exchange.
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