World Wide to drill Nevada gold play

Drilling is scheduled to begin soon on the Easter gold project, 180 km north of Las Vegas, Nev.

World Wide Minerals (TSE) reports that the primary vein structure extends beyond 7,000 ft. The initial target is the Main vein, which has a strike length in excess of 1,600 ft. A previous operator, Homestake Mining (TSE), calculated an open-pit inventory of almost 200,000 oz. gold to a depth of 200 ft. The average gold grade is 0.091 oz. per ton, with an open-pit cutoff of 0.04 oz.

Twenty rotary holes will be drilled on 200-ft. spacings in an attempt to confirm and expand the Homestake results. Since the Main vein is known to extend to at least 700 ft. downdip, 10 holes will be drilled to test its continuity at depth. An additional 18 holes are budgeted to test vein extensions to the east and west, as well as examine parallel structures and other prospects.

The drilling, estimated to cost $200,000, will be funded via two private placements worth up to $330,000 in total. The remaining proceeds will be used to fund World Wide’s exploration efforts in Ecuador. The company expects to option three concessions from Ag Armeno Mines and Minerals (VSE) in the next few weeks and then procure an additional six properties.