Results from the ongoing drill program include a 12.2-ft section which assayed 2.36% copper, 0.13% zinc, 0.05 oz gold and 0.44 oz silver per ton. Another hole intersected 11.1 ft grading 7% copper, 0.08 oz gold and 0.56 oz silver. One of the better sections with above-average gold assays came in hole 89-26 which returned 9.7 ft grading 0.13 oz gold, 4.1% copper and 0.62 oz silver. Zinc values were 0.28%.
From the main mine area, drilling in hole 30 intersected 15.2 ft grading 0.16 oz gold and 10.2 ft assaying 0.2 oz gold in a second mineralized section. The partners have completed 32,000 ft of drilling.
The property also holds significant tailings accumulations which are believed to hold 125,000 oz of gold. Data from 100 drill holes completed in the tailings will allow for metallurgical testing.
Petromet and Newfoundland Exploration each holds a 50% interest in the Rambler property. After the first $3.8 million is spent by the two partners on exploration, Teck has the option of providing additional financing. Teck can earn a 50% interest by financing exploration and paying for a feasibility study. If Teck earns its interest, Petromet and Newfoundland Exploration will each be reduced to a 25% interest.
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