Choosing to focus on its most advanced projects, Ventures Resource (VRS-V) has commenced a trenching and drilling campaign on the Veta and Flat gold properties in central Alaska.
Most of the US$1.5 million budgeted for Veta is being provided by Venture’s equity partner, Teck (TEK-T), which is committed to spending as much as US$5 million over three years to explore the 1,500-sq.-mile property. In late 1997, Teck bought 3.7 million shares of Ventures, giving it the right to earn a 60% interest in any mining project on the property.
In early June, Ventures mobilized a field party to the Carrie prospect, within the Veta property, to complete geologic mapping, sampling and geophysics. Drilling will follow. The company is looking for an intrusive-hosted gold deposit similar to Teck’s Pogo de-posit, 18 miles to the west.
Meanwhile, Ventures expects to begin drilling at the Eva prospect, also part of Veta, after it has completed a surface evaluation. A polymetallic target, Eva has been traced for 1,800 ft. and remains open on strike and at depth.
In July, the company expects to begin drilling at the Flat property, which, last year, was subjected to more than 17,000 ft. of drilling. Ventures hopes to block out a bulk-tonnage deposit, and, in all, has earmarked US$300,000 for exploration in 1998.
Be the first to comment on "Ventures drill-tests prospects"