In a show of confidence in the Jualin gold property owned by International Curator Resources (VSE), Placer Dome (TSE) has budgeted a further $1.1 million for exploration this year. Placer has spent about $1.3 million to date and can earn a 50% interest in the property, near Juneau, Alaska, by spending a total of $7 million by August, 1992.
The 1990 program will begin immediately and consist of 20,000 ft. of diamond drilling. The program should be completed by May at which point Placer will determine if the project warrants further expenditures.
Placer Dome’s interest in the deposit stems from its proximity to the Kensington deposit under development by Echo Bay Mines (TSE) and Coeur d’Alene Mines (AMAX). The Jualin deposit is within the same geological structure as the Kensington. At last report, the Kensington was estimated to contain 7.3 million tons grading 0.152 oz. gold per ton.
The objective of the upcoming program is primarily to confirm that the structure, indicated by previous drilling, is continuous.
If the current program is successful, the next step will include driving a decline to access and explore the mineralized zone.
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