Canadian firms are playing a very significant part in the gold exploration activity that is sweeping the western U.S. states. Westley Mines is certainly one of these.
This company, reports President Victor Jones, has just completed the acquisition of a 24-sq-mi property in northern Virginia some l0 miles north of the Comstock Lode district and just a few miles east of Reno.
This property covers an east-west trending structure extending over three miles in length. The geological interpretation by Westley is that this is of the Comstock Lode type and that it holds excellent potential for the occurrence of gold-silver deposits at depth. Surface geological and geochemical surveys are in progress. The company holds a 100% interest in this ground, subject to a 5% net smelter interest.
Drilling is scheduled to start the first of October on the Westley- Novamin Resources’ Newgold property on the Burin Peninsula in Newfoundland. This program calls for four holes to test an IP anomaly that corresponds with an anomalous gold geochemical anomaly in a pyritic volcanic host rock, not unlike the geological occurrence that hosts the BP-Selco occurrence which is being brought into production.
Westley has concluded flow- through financing for this Newgold drill program, consisting of 75,000 shares at 80 cents .
On its Comstock project, drill hole No 6 targeted for 2,000 ft to test for the faulted top of what is known as the Big Bonanza gold- silver lode deposit, is half way to its objective. Westley, which is the operator, holds a 37 1/2% interest in this play with Baroque Resources, Franco-Nevada M ining Corp. and Bradner Resources.
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