Inco Gold has completed a 15,000-ft diamond drill program on the Vault gold project in the Osoyoos area of British Columbia and, based on the results, will decide whether to exercise an option to buy 400,000 shares of its joint venture partner on the property, Seven Mile High Resources (VSE). Inco Gold, a wholly-owned subsidiary of Inco Ltd. (TSE), has a 60% interest in the property while Seven Mile High has a 40% interest.
Inco’s option on the Seven Mile High shares expires May 12. Until then it can buy a 200,000-share block at $1.75 per share and another 200,000-share block at $2 per share.
Drilling to date has indicated a large epithermal gold system. Intersections have included 0.18 oz gold per ton over 66.7 ft and 0.22 oz over 49 ft.
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