Stikine puts stake in Eskay Creek on block

Stikine Resources (VSE) has appointed Yorkton Continental Securities as its fiscal agent to locate a buyer for its shares. The company’s key asset is a 50% interest in the Eskay Creek project, a joint venture with Calpine Resources (VSE). According to Robert Evans, secretary, the company has about 3.2 million fully diluted shares outstanding. At presstime Stikine shares were trading at $46 in a 52-week range of $5.50 and $59.50.

It has been no secret that Stikine intended at some point to sell its stake in the Eskay Creek project where Calpine has been encountering success with an ongoing drill program.

Meanwhile, Calpine will be continuing work on the property throughout the winter. So far it has tested the 21 zone discovery along a minimum strike length of 1,300 m with the zone still open to the north and to depth.

Assay results were released for hole 89-123, collared 50 m east of hole 89-109. It returned 9.8 ft of 0.281 oz gold and 8.29 oz silver per ton, 1.27% lead, 1.65% zinc and 0.15% copper from 95.1 ft to 104.9 ft. A 344.4-ft interval from 141.0 to 485.4 ft graded 0.202 oz gold, 0.26 oz silver, 0.82% lead and 1.40% zinc, including 173.8 ft of 0.322 oz gold, 0.21 oz silver, 0.49% lead and 0.54% zinc.

Final gold, silver and base metal assay results were also reported for hole 89-120. The hole returned 85.3 ft of 0.56 oz gold, 40.20 oz silver, 1.73% lead, 2.51% zinc and 0.38% copper and 26.2 ft of 1.39 (uncut) oz gold, 58.72 oz silver, 1.27% lead, 3.27% zinc and 0.64% copper. Calpine also released base metal (lead, zinc and copper) values for a number of holes where g old and silver assays were previously reported. These intervals typically contained good gold and silver values in combination with significant base metal values.

Two of the more notable holes returned 45.9 ft of 1.67 oz (uncut) gold, 57.75 oz silver, 1.43% lead, 3.26% zinc and 0.42% copper and 42.6 ft of 0.897 oz gold, 32.20 oz silver, 1.77% lead, 3.60% zinc and 0.41% copper respectively.

]]>