A purchase agreement will give International Wayside Gold Mines (VSE) a 100% interest in the Cariboo Gold Quartz Mine property near Wells, B.C.
The company already owns half of the property and will buy the remaining 50% from Mosquito Consolidated Gold Mines (VSE). Mosquito, in return, will receive payments totalling $5 million and a 2% net smelter return royalty.
Wayside is involved in a $1.5-million exploration program, the purpose of which is to outline bulk-minable reserves. A previous owner outlined a near-surface resource of 1.1 million tons grading 0.12 oz. gold per ton in the Sanders zone.
Wayside’s program will include 150 surface holes in the Sanders area. In addition, 60 underground percussion holes will test a newly discovered shear zone, while 40 underground diamond drill holes will test the Pinkerton zone.
Previous work on the Pinkerton indicates potential for a bulk-tonnage surface resource. Pilot holes returned 0.04 oz. gold from 0 to 45 ft. and 0.22 oz. gold from 0 to 44 ft.
Be the first to comment on "Wayside boosts stake in Cariboo"