Omni Resources (ORI-V) has two exploration and development programs under way on its Mount Skukum properties, 40 miles south of Whitehorse, Y.T.
At the Skukum Creek project, the company is preparing to drill 10 holes underground in an attempt to confirm and expand a drill-indicated reserve of 513,000 tonnes grading 0.22 oz. gold and 8.01 oz. silver per tonne.
A second underground program is planned for the nearby Goddell gold project, 5 miles to the northeast. Omni can earn a 70% interest in the Goddell project from property owners Arkona Resources (AKA-V) and No. 276 Taurus Ventures.
A 520-metre-long decline will be driven to allow access to an area where, in 1988, drilling returned 113 ft. of 0.11 oz. gold (including 21 ft. grading 0.39 oz.) in hole 88-2, and 209 ft. of 0.13 oz. (including 37 ft. grading 0.61 oz.) in hole 88-3.
Based on the limited drilling of five holes, the inferred reserve is estimated at 228,000 tons grading 0.29 oz. An underground drill program of up to 20 holes is proposed.
Trumpeter Yukon Gold, a company controlled by BYG Natural Resources (BYG-T), holds the right to earn half of Omni’s interest in the Mount Skukum properties, providing it elects to exercise 3 million Omni share purchase warrants at $1.50 per share.
Omni has a current working capital in excess of $3 million, and about 17.5 million shares outstanding.
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