Exploration work on the property has confirmed the presence of significant copper-gold mineralization trending along a ridge which would allow for low cost open pit mining.
Drilling is limited, but 12 holes have outlined approximately 66 million tons averaging 0.8%-1% copper, 0.01 oz gold per ton, and 0.06 oz silver. Geophysical work indicates an anomaly which is open and extends 2,300-ft north and 500-ft south of the known mineralized horizon.
The deadline for the submission of bids is Aug 31, 1989. Western Canadian’s data room, which contains all technical and financial information relating to Sulphurets Gold, will be open by appointment from July 24 until Aug 31, 1989. Site visits will be available from July 31 to Aug 18, 1989. Toronto-based Wood Gundy is acting as the company’s agent for the sale.
Continental Gold (VSE), which has reported wide copper and gold intercepts from its Mt. Milligan project near Mackenzie, B.C., is also for sale. The company has been negotiating with a number of majors. Rio Algom (TSE) has assumed an 8.6% interest in Continental through private and open market purchases.
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