Vancouver-based Major General Resources (MGJ-T) has completed drilling of its copper discovery on the optioned Stewart property in the Bathurst region of New Brunswick.
The best result was 25.5 metres (from 268.5 to 294 metres) grading 1.04% copper, 0.019% cobalt, 0.21 gram gold and 10.2 grams silver per tonne in hole 8.
The hole, which intersected the brecciated Johnson-Stewart copper zone at a vertical depth of 200 metres, was the first to test a 1-km-long electromagnetic conductor (of which, 900 metres are within the Stewart property).
The optioned claims are in the southeastern sector of the Bathurst volcanic complex. Much of the property is underlain by the Nepisiguit Falls formation, which hosts the camp’s base metal deposits.
Major General can earn a 100% interest in the Stewart property’s nine claims from private individuals by issuing 155,000 shares over five years and spending $400,000 on exploration by Dec. 31, 2000. The optioners have retained a 1% net smelter return royalty, in which Major General has a $1-million buyback option.
The property is adjacent to the Nepisiguit property, also optioned by Major General.
In May, the company plans to begin a 30-to-40-hole program of delineation drilling.
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