Calgary-based junior Nebex Resources (ASE) will soon start surface drilling on its Walsh Lake and adjacent Northbelt gold properties, immediately north of Royal Oak Mines’ (TSE) Giant Yellowknife gold mine in Yellowknife, N.W.T.
On the 6,000-acre Walsh Lake property, drilling will test the Sam Otto zone at a vertical depth of 300 ft. A previous drill hole in this zone returned 0.123 oz. gold per ton over 30 ft. at a vertical depth of 225 ft. Gold mineralization at Sam Otto is stratiform and occurs in felsic tuffs and/or exhalitive sediments.
Nebex has a 75% interest in the Walsh Lake property.
At the 5,300-acre Northbelt property, Norbex will drill-test the North Giant Extension (NGX) zone, believed to be the faulted extension of the main Giant shear zone northeast of the Akaitcho fault. Northeast of the fault, the NGX structure hosts several gold showings and one deposit, the GKP zone, which saw limited production from 1986 to 1987.
Nebex can earn a 50% interest in Northbelt by spending $4 million on exploration over the next four years and completing a feasibility study. The 6,000-ft. drill program is being financed by a $210,000 private placement and is to continue until the end of April.
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