After having netted $1.28 million in a recent public financing, Loki Gold (VSE) is well financed to meet exploration commitments scheduled for this year on the Brewery Creek project near Dawson, Yukon.
The gold project is owned and operated by a unit of Noranda (TSE), with Loki holding the right to earn a 49% interest. A reverse circulation program began on the property in mid-May and will involve about 39,370 ft. in 250 holes to be completed by the end of July.
This phase of drilling is split equally between delineation of known mineralization and exploration of untested soil geochemical targets. The first-phase program will also include 1,640 ft. of diamond drilling, 6,561 ft. of trenching and reconnaissance geochemical surveys along strike of known mineralization.
The $1.4-million, second-phase program will involve 28,215 ft. of definition reverse circulation drilling.
At the end of the 1990 season, the Brewery Creek project was reported to contain preliminary reserves totalling 11.1 million tons grading 0.052 oz. gold per ton.
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