Noble Peak drill results encourage at Weasel play

Positive drill results have been received by Noble Peak Resources from the company’s Sandhill- Weasel sector of the Happy Lake project, shareholders learned at the company’s annual meeting. The project lands are located southwest of Rankin Inlet in the Northwest Territories

A 6-hole program on the Weasel prospect confirmed several surface showings which assayed up to 0.75 oz gold per ton in grab samples from silicified shears. The first hole assayed 1 oz across 3.28 ft. Another section graded 0.068 oz within a wider 16-ft section of lower-grading material.

A second hole, spotted 490 ft west of the first hole, intersected a 3.2-ft section grading 0.14 oz. A $5.5-million flow-through share- funded exploration program is planned for the summer of 1988.

The Sandhill-Weasel prospects are part of a large land package held under option from partner Borealis Exploration. In the original discovery area, 5 km northwest of the Weasel prospect, surface sampling has established a relationship between gold values and felsic intrusives in the area. Of 10 zones tested by drilling last summer, several are associated with shears in volcanic rocks.

Shareholders also learned that revised terms proposed by Noble Peak to bhp-Utah International Minerals, concerning the Crypto zinc property in Utah, have been accepted by Utah International. The new deal should be executed shortly, Norman Ursel, Noble Peak’s president, said. The Crypto property hosts reserves of 10.3 million tons grading 6% zinc and 0.42 oz silver.