The company’s recent consolidation was completed on the basis of one new share for every 10 issued and outstanding common shares. A member of the Calgary-based Brown group of companies, Gunnar says it will focus this year on the Tyranite gold property in Ontario and the Fireweed gold prospect near Smithers, B.C.
Underground exploration and a bulk sampling program, designed to bring ore reserves to the mineable category, are planned at Tyranite, where surface buildings including a headframe and assay lab have been constructed and where dewatering of the mine shaft from previous workings has been completed.
Exploration drifting, supported by drilling, will explore the on-strike and down dip extensions of the dominant gold bearing structure of the mine, said spokesman Ray Gilbert.
“Geologic interpretation of the area of the old workings has shown strong evidence that ore shoots continue laterally and downward below the lowest workings,” he said.
Gunnar can earn a 50% stake in the 333-claim Fireweed property where mineralized rock float and a strongly manganiferous sandstone outcrop assaying up to 10 oz silver per ton were discovered in 1987. Drilling in early 1988 intersected two areas of significant mineralization containing silver, lead, zinc, copper and gold values, according to Gilbert.
Exploration drilling intersected an area of disseminated galena/ silver mineralization known as the West zone which Gunnar says has significant silver and lead/zinc potential.
A 24,000-ft diamond drill program includes detailed drilling on the West zone and exploration drilling on other known zones on the property.
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