Seabright milled 42,000 tonnes of rock mined from an open pit on the Touquoy. The mill grade of 1.42 g gold per tonne (0.04 oz per ton) confirmed the grade calculated from drilling of the open pit material.
The results, Seabright says, improve the company’s confidence in the grade determined from drill core in the deeper, richer portions of the deposit. A feasibility study is in progress which will result in a decision on future development of the project. Exploration is continuing in the Moose River area for other Touquoy-type gold deposits.
In the Dufferin area of the province, the company is discussing a possible joint venture with other companies which would lead to the stripping and bulk sampling of a gold-bearing reef. Drilling has delineated two reefs, one below the other, and striking for 215 m.
In New Brunswick, Seabright has outlined several base metal targets on its 50%-owned property at Armstrong Brook. Some drilling will be completed this fall.
With a market capitalization of less than $2 million, Seabright is trading for its cash value. This places no value on Seabright’s property holdings, James Lalor, chairman of the company, said. Cash reserves are sufficien t to fund on-going exploration at current levels for the next three years.
Seabright is controlled by Westminer Canada, a wholly-owned affiliate of Western Mining, an Australian-based mining company.
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