The latest results included 273.9 ft of 0.172 oz gold and 1.5 oz silver between 201.4 and 475.3 ft in hole No CA88-9. Within that interval was 59 ft of 0.6 oz gold and 2.8 oz silver from 201.4-260.4 ft; further down the hole 24.6 ft of 0.24 oz gold and 0.98 oz silver was returned between 450.7 and 475.3 ft.
With the completion of the latest program, Calpine has earned a 50% interest in the property which is located 60 miles north-northwest of Stewart, B.C. In terms of exploration expenditures, it’s now a true joint venture so Stikine will have to put up its share of expenses.
Stikine recently concluded a private placement of 100,000 flow- through shares at $10 each which, pending regulatory approval, will put $1 million into its treasury for work on the property. Incidentally, the company is rumored to be a takeover candidate — in this case by Pezim’s Prime Capital.
Stikine’s stock has been a star performer in recent weeks and in terms of market capitalization it has reached that of Calpine, a potential suitor and a Prime Group company. However, Stikine is tightly held and it would not be an easy takeover target for anybody.
Pezim confirmed that Prime is interested in taking over Stikine. He also told The Northern Miner that no Prime Group company was involved in the recent private placement.
“We are not interested in doing a financing. We’d be interested in the whole thing and I imagine one day we will get together,” he said.
Discussing the upcoming program at Eskay Creek, Pezim said “they (the joint venture) are talking about a contract for 45,500 ft of diamond drilling with two machines which is a lot of drilling.”
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