Assay results were released by Adrian Resources (VSE) for the first two holes drilled on the Ski project north of Stewart, B.C., and adjacent to the Eskay Creek project, owned by Prime Resources Group (VSE) and Stikine Resources (TSE). The long-awaited results appear to have generally disappointed investors, as the share price of Adrian slipped $1.25 to $7.75 in active trading immediately after the results were announced. The results had little impact on Prime and Stikine, which are jointly earning a 50% interest in Adrian’s Ski project by spending $5 million over four years and taking the property to production.
The first hole of the program, 90-1, returned 0.10 oz. gold and 8.93 oz. silver per ton over 4 metres (13 ft.) at 322-326 metres. This interval is reported to be contained within a broadly mineralized 14- metre section grading 0.054 oz. gold and 3.04 oz. silver at 312-326 metres. A second 4-metre interval in this hole returned 0.11 oz. gold and 6.7 oz. silver.
The second hole, 90-2, returned an average of 0.11 oz. gold and 6.36 oz. silver over 3 metres at 322-325 metres, and an average of 0.12 oz. gold and 1.03 oz. silver over 2 metres at 334-336 metres. These intervals are contained within a section grading 0.059 oz. gold and 1.70 oz. silver over 15 metres at 321-336 metres.
An additional 8 holes have been completed on the property, and assay results are pending. Adrian reported that the “strongest mineralization observed to date” occurs in hole 90-4 and 90-7, both of which intersected the central part of the main projected trend of the 21B deposit. In contrast, it is noted that holes 90-1 and 90-2 intersected the eastern margin of the trend.
Hole 90-4 is reported to have intersected 6.8 metres (369.4-376.2 metres) of base metal sulphide mineralization within contact zone stratigraphy. The intersection includes a 1-metre interval of semi- massive to massive base metal sulphide mineralization immediately overlying 5.8 meters of 2-3% sulphide mineralization comprised of veinlets and disseminations of pyrite, sphalerite, tetrahedrite and galena.
Hole 90-7, about 50 metres downdip of 90-4, intersected 76.7 metres (372.3-449.0 metres) of contact zone stratigraphy containing 1-4% fracture controlled and disseminated pyrite and traces of honey- colored sphalerite.
A deep penetrating UTEM geophysical survey was recently completed on the Ski property, and a geophysical (IP) survey is to begin shortly. In the meantime, two drills are continuing to test the extension of the 21 zone mineralization on the property.
Be the first to comment on "Results from Ski disappoint investors"