U.S.REPORT Uranerz drilling hits on Jascan’s Dawson bet

High-grade gold assays have been reported by Jascan Resources (TSE) from recent drilling by Uranerz on its Dawson gold property, four miles west of Canon City, Colo. Uranerz, a subsidiary of Uranerzbergbau of Germany, completed eight diamond drill holes for a total of 8,062 ft. on the property’s eastern half. Previous work on that area of the property has outlined preliminary reserves of 465,000 tons grading 0.24 oz. gold per ton.

Six of the eight holes contained visible gold, with assays running as high as 6.1 oz. (uncut) over 5 ft. in hole 1., and 3.6 oz. (uncut) over 5 ft. in hole 2. Other significant results included 9.3 ft. grading 0.49 oz. in hole 6, 6.4 ft. of 0.34 oz. gold in hole 5 and 5.8 ft. grading 0.13 oz. in hole 1. The intersections came from various depths ranging from 760 ft. to 1,187 ft.

The holes were in the property’s eastern half, known as the Dawson segment, where the majority of previously known gold reserves exist along a 600-ft. strike length.

Assays from five other short holes in the Windy Point area of the claim block are expected shortly. Windy Point is about 3,200 ft. west of the Dawson segment and has yielded previous surface results of 0.89 oz. over 7.6 ft. and 0.33 oz. over 6 ft.

Uranerz may earn interests in the property ranging from 50% to 75% by spending US$4.25 million on exploration over three years and making cash payments totalling US$325,000.

To continue its second 6-month option period beginning in August, Uranerz must pay US$50,000 to Jascan, and spend a further US$250,000 on exploration.