The first results are in from a program undertaken by Goldcap Inc. (ASE) and Tyler Resources (TSE) at the Tas gold property 40 miles north of Fort James in central B.C.
Under an agreement with Noranda Exploration (TSE), Goldcap can earn a 50% working interest by spending $1 million over four years. By spending $115,000 on a phase 1 program including a 40 km IP survey and five drill holes Tyler has earned half of Goldcap’s initial 10% interest.
Results from the five holes drilled on four widely spaced targets are as follows: Hole No. Length Grade oz/ton
19 5.2 ft 1.05
1.0 ft 4.42
4.2 ft 0.285
20 26.6 ft 0.20
21 5.0 ft 0.048
6.5 ft 0.093
5.0 ft 0.775
22 26.9 ft 0.26
“The high grade intercepts in holes 19 and 21 are thought to represent two new zones,” said Goldcap President Robin Day who estimates that a further 12,000 ft of diamond drilling is warranted this year.
A $430,000 private placement designed to finance the next phase of exploration at the Tas property, was scheduled to close last week.
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