Trenching on the Spanish Mountain property, in British Columbia’s Cariboo district, is returning gold values for Eastfield Resources (ETF-V), Consolidated Logan Mines (CKO-V) and Cyprus Amax Minerals (CYM-N).
Cyprus is earning a half interest in the property from the two juniors by spending $1.5 million over four years and paying $415,000 in cash payments.
The major can boost its interest to 70% by financing Eastfield and Logan’s share of costs through to production.
Cyprus is testing the bulk-tonnage potential of the property, which is underlain by siltstone, intermediate-to-felsic volcanics and intrusive rocks.
Two parallel trenches, spaced 200-300 metres apart, have been completed to date, for a total distance of 1,860 metres.
The first trench returned several well-mineralized intervals, including: 112 metres grading 0.85 gram gold per tonne (from 0 to 112 metres); and 230 metres grading 0.74 gram gold (from 284 to 514 metres), which includes 64 metres grading 1.83 grams gold.
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