Situated near Everett, Wash., the Lockwood property is owned 65% by Island-Arc Resources (VSE) and 35% by Formosa Resources (VSE). The two juniors financed early work on the property which led to Island-Arc’s discovery of the Hole 8 zone.
Kennecott has the right to earn a 51% interest in the project, subject to the terms and conditions of a recent mining venture agreement.
Island-Arc noted that results from hole 91-15 extend the Hole 8 zone 150 ft. downdip and 100 ft. north along strike. The junior also said the hole demonstrates that the thickness of the zone in vertical holes, such as 91-13, continues to depth. Hole 13 returned 59 ft. grading 2.15% copper, 3.44% zinc, 0.047 oz. gold and 2.65 oz. silver per ton.
The true width of this intersection is estimated at approximately 32 ft.
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