Further work on another gold prospect, known as the Johnson Gulch property in South Dakota, has been curtailed, and the property is to be returned to the owners. This decision was made following receipt of unsatisfactory results from a comprehensive review of previous work on the property, the company reports.
Takla says the inability to raise exploration funding in soft market conditions, combined with discouraging exploration results, has led it to drop the Solstice property, 97 miles northeast of Smithers Twp., in British Columbia. Adverse market conditions and poor exploration results are also cited as reasons for the company’s decision to return the nearby Takla Rainbow gold property to Cathedral Gold (TSE). The property is underlain by a mixture of volcanic and intrusive rocks within the Quesnel Trough, a major structure in central British Columbia. Drill intersections of 0.69 oz gold per ton across 4.9 ft were reported previously from the property.
To alleviate the company’s cash expenditure requirements, several other small groups of grassroots mineral claims were also allowed to lapse.
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