Waddy drilling gets good widths, at Saskatchewan gold deposit

Preliminary assays have been reported by Waddy Lake Resources (TSE) from the first 14 holes in a recently completed 29-hole drill program on the company’s Komis gold deposit in northern Saskatchewan. The program was designed to better define the geometry and continuity of individual high-grade zones which make up the Komis deposit. Preliminary reserves for the deposit were last reported at 1.61 million tons grading 0.15 oz. gold per ton to a depth of 600 ft.

Some of the more significant intersections in the latest program are as follows: Width Grade Hole (ft.) (oz./ton) 1 30 0.38 2 30 0.10 3 33 0.14 4 10 0.12 5 20 0.12 6 39 0.57 7 20 0.15 11 13 0.21 12 20 0.21 13 10 0.16 14 13 0.31

The 13,450-ft. drill program was completed on Oct. 8. It followed a comprehensive re-evaluation of all previous drill data from the Komis project. Waddy Lake says the final results are being compiled and evaluated.

Meanwhile, certain acquisitions of Waddy Lake shares by GR Capital, a subsidiary of Golden Rule Resources (TSE), have been found not to be in full compliance with regulatory requirements relating to takeover bids. Officials of the Ontario Securities Commission are in discussions with GR Capital to reach a mutually satisfactory resolution to that matter.

Earlier this year, cash-rich Golden Rule Resources consolidated several of its other property interests on a number of adjacent projects in La Ronge belt.