McAdam drifting at Spud Valley

Continuous panel samples of the last 47 ft of drift averaged 0.76 oz gold per ton over a 4-ft mining width, the company says. The first 102 ft of drifting on this sublevel, including the above 47 ft, averaged 0.46 oz over a 4-ft width.

McAdam says the results confirm the updip extensions of the 310 ft of drift on the 7 level which averaged 0.336 oz over a 4-ft width. Drifting on the level continues.

Project reserves (all classes) stand at 243,005 tons grading 0.314 oz.

The company reports a recent rights offering raised $78,217.50. Additional financing is being sought by the company to allow it to complete construction of a test mill at the Spud Valley property, and finish exploration and test- milling programs there.

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