Drilling is under way on Waddy Lake Resources’ (TSE) Komis gold deposit in the Byers mineral belt northeast of La Ronge, Sask.
Waddy plans to complete 10,000 ft. to confirm and expand reserves of 562,000 tons grading 0.44 oz. per ton. The down-plunge potential of the deposit is considered especially promising.
To confirm the grade and tonnage of the five gold-bearing zones that make up the deposit, infill drilling will be completed on 40-ft. spacings. An underground bulk-sampling program is scheduled to follow.
Golden Rule Resources (TSE), which holds a 53.6% interest in Waddy, recently agreed to purchase the Jolu mine and mill about 21 miles southwest of the Komis deposit. Any production from Komis would be trucked to the mill. Waddy recently completed a rights offering of 5.3 million units at 20 cents per unit for proceeds of $1.1 million. Only 24% of the offering was taken up by common shareholders. A unit of Golden Rule subscribed for the rest.
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