Vancouver — High-grade gold intersects out of Peter’s mine in Guyana had WSR Gold (WSR-V, WSROF-O) trading up 47% recently, closing up 17 at 53 on almost 5 million shares traded.
The company has drilled 8 holes to date, exploring four extensions of the main mineralized zone. Hole PM2007-1 intersected 1.22 grams gold per tonne over 118 metres from surface. Hole PM2007-5 showed 2.7 grams gold across 76 metres from a depth of 108 metres, including 13 metres of 11.45 grams gold and 7 metres of 19.42 grams gold.
Other holes intersected a range of grades, from 0.77 to 5.93 grams gold. The main mineralized zone plunges southwest, with ongoing drilling testing the continuity and gold potential of the Corridor, a north-south trend between the main deposit and Harold’s Hill. WSR’s current drill program consists of 40 holes totalling about 11,000 metres.
The company (previously called Westchester Resources) is earning a 50% interest in the project from Guyana Goldfields (GUY-T, GUYFF-O) in return for 5 million shares and a US$5-million commitment toward exploration over a 3-year period.
Peter’s mine was the first significant gold producer in Guyana, put into production by a New York-based company in 1904. It operated until 1909, and saw the development of a 300-ft. shaft.
In the late 1960s, the United Nations drilled several holes near the main shaft and returned some good grades. Lion’s Mines then acquired the property and conducted significant development work, but had to abandon the property after a dispute with the Guyanese government in the early 1970s.
Guyana Goldfields acquired the project in 1996 and continued exploration.
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