Early results from a 65,000-ft drilling program currently under way on the Rambler properties near Baie Verte, Nfld. have returned moderate gold values.
The drilling program, designed to test gold and base metal targets on the property, is being conducted by joint venture partners Newfoundland Exploration (ASE), Petromet Resources (TSE) and Teck Corp. (TSE). To date, 21 holes totalling 5,000 ft have been drilled in the area of the Main mine. Some of the better assay results reported are as follows: WidthGold Hole (ft) (oz/t) 5 8.9 0.125
2.5 0.148 6 10.9 0.151
29.0 0.10 10 5.2 0.12 16 4.0 1.2
4.3 0.45 18 16.0 0.19 19 11.0 0.11
Initial drilling is focusing on areas where gold values were located by previous work. Current reserves at the Main mine are estimated at 173,000 tons averaging 0.37 oz gold, 1.12 oz silver, 1.75% copper and 1.09% zinc per ton.
An area of tailings has an estimated 4.7 million tons of material containing 125,000 oz gold. A drill sampling program is under way to confirm grades and obtain samples for metallurgical studies.
Newfoundland Exploration and Petromet are spending $3.8 million to earn a combined 50% interest in the project.
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