The board of directors of Wye Resources (COATS) have accepted the resignation of Martin Oosterveld as the company’s president and James Myslicki as vice-president. Elected as Wye’s new president is Daniel Chrusz.
The company’s main asset is its 60% interest in a 43-claim gold property in the Saganaw Lake area, 87 miles west of Thunder Bay, Ont. The other 40% is held by Curran Bay Resources (ASE).
To date, nearly 6,000 ft. of drilling have been completed by Wye, with results reported from only two holes. Hole 88-12 intersected 19.3 ft. of 0.95 oz. gold per ton at a depth of 28.9-48.2 ft., while hole 88-17 cut 16.7 ft. averaging 0.19 oz. at depths of 142.4-160.1 ft. The latter hole was drilled below hole 12.
During the 1983-84 period, Curran Bay completed about 4,000 ft. of drilling in 23 holes on the gold prospect.
According to Wye’s geologist, a preliminary estimate of reserves suggests that 250,000 tons of material averaging 0.2 oz. gold could be mined from a small open pit to a depth of 66 ft.
The gold occurs in mafic volcanic rocks and is hosted by quartz- carbonate-pyrite veins. At the main Powell showing, the veins are up to 20 ft. thick, according to Wye.
Further exploration plans for the property are expected to be announced at the company’s annual meeting in February, Wye says.
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