An initial review of drilling by Barrick Gold (TSE) on the 6,200-acre Walsh Lake gold property near Yellowknife indicates that three new gold zones have been identified, says 75% owner Nebex Resources (ASE).
In addition, says Nebex President Brian Douglas, the winter drilling established that a geological structure believed to be a potential faulted extension of the Giant shear (the source of gold produced at the Giant mine) is gold-bearing.
Nebex considers the Walsh Lake property to have strong potential because its geology, alteration and gold mineralization are comparable to the Hemlo camp.
“Our consultant believes that the drilling has opened up some excellent new gold potential,” says Douglas, who is planning a more detailed analysis of the information provided by Barrick.
Barrick can earn a 51% undivided interest in the Walsh Lake property by spending $2.5 million on exploration and arranging a $2-million private placement of Nebex shares within three years. It can raise its interest to 60% by completing a feasibility study on the project within the following two years.
Be the first to comment on "Three new gold zones found by Nebex at Walsh Lake"