Stikine strikes out at Sullivan Deeps

Vancouver — The second deep drill hole by Stikine Gold (SKY-V) on its Sullivan Deeps project, near Kimberley in southeastern British Columbia, has failed to intersect significant lead-zinc mineralization.

Hole SD-2 bottomed out in Lower Aldridge formation rocks at 2,460 metres below surface, cutting only an 0.8 metre interval of laminated and semi-massive to brecciated sulphides at a depth of 2,365 metres.

Testing the centre of a sub-basin structure, known to host the prolific Sullivan deposit to the south, the hole cut what Stikine called a “disappointingly thin” sulphide intercept consisting mostly of pyrrhotite. A large-scale conductor seen in down-hole UTEM4 geophysics could be the result of this pyrrhotite interval.

In late 2004, the company’s initial hole SD-1 intersected five distinct bands of sedimentary exhalative (SEDEX) mineralization over 7.7 metres at a depth of 2,736 metres. Assays of up to 13% zinc over 0.3 metre were returned.

Stikine Gold optioned 50% of the Sullivan North claims from Teck Cominco (TEK-T) in 2003.

With drill holes at depths exceeding 2,600 metres carrying a price tag of $1 million each, Stikine Gold is evaluating its options at Sullivan Deeps. Shares in the company dropped by as much as 40% following its latest results.