Drilling on two of Milestone Resource’s (COATS) gold properties in the Birch Lake area of Ontario has returned poor results. On the Shabumeni property, two of the four holes assayed carried no significant intersections while the other two cut narrow (less than 2-ft.) widths grading 0.08 oz. and 0.12 oz. gold per ton.
At the Swain Lake property optioned from Falconbridge, three holes drilled underneath surface gold showings returned minor amounts of gold, but up to 0.4% copper over narrow (less than 5-ft.) widths.
Milestone has also received a progress report from Falconbridge on the Ash and Axe properties along the Manitoba’s nickel belt. Under an option agreement with Milestone, Falconbridge has completed about 50 km of line cutting and geophysics on the nickel properties, and intends to drill some of the geophysical targets in the winter of 1990-1991.
This summer, Milestone will continue prospecting on their Birch Lake ground. In the meantime, the company plans to purchase two companies — Mead Petroleums and Farms, an oil company; and Crown Drilling, an oil and gas drilling company. Milestone plans to use horizontal drilling technology on Crown’s rotary rigs in a move to “become a significant oil producer in the future.”
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