Redfern to fund program on Tulsequah area project

Equipment is being mobilized for a major exploration program on Redfern Resources’ (VSE) Tulsequah area property in northwestern British Columbia. Rehabilitation of the 5,400 level and preparation of underground drill stations should be completed by month-end, says John Greig, president.

Underground drilling is expected to begin later this month with the focus on extending existing reserves along strike and to depth. A new discovery to the northeast which returned several excellent drill interecepts last fall will also be explored. One drill hole, the farthest step-out to date, yielded 20.5 ft of 1.4% copper, 2.8% lead, 8% zinc, 6.5 oz silver, and 0.19 oz gold.

Proven and probable reserves are 780,000 tons grading 1.3% copper, 1.6% lead, 8% zinc, 0.07 oz gold, and 2.9 oz silver. “The Tulsequah massive sulphide deposit is a large system and may have potential for up to 20 million tons of ore,” Greig claims.

Redfern can earn a 40% working interest for an expenditure of $3 million on exploration. It has already spent $1.4 million and plans an additional expenditure of $1.6 million this season to complete its earn-in. Cominco Ltd. (TSE) is operator for the project.

Redfern has $1 million in working capital and it recently arranged a $1.3-million flow-through financing for its Tulsequah area program.