Hole 24, completed during a recent summer drill program, cut 5 ft of 2.26 oz gold, 2.4 ft of 0.42 oz, and 10 ft of 0.13 oz gold per ton at a depth o f about 1, 100 ft near the main zone.
Current exploration is being financed by Chevron Minerals, the operator, which can earn a 50% interest in the property by spending $2.2 million before December, 1990. Chevron has been exploring the property since 1987, bu t has not yet exp ended all funds to earn its 50% interest. Plans for the next phase of exploratio n work are being formulated, the company said.
Toronto-based Northgate Exploration (TSE) holds 26% of Holmer Gold’s 3.4 million issued shares.
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