Alotta drilling New Senator bet

A second drill has been added on the optioned New Senator property near Rouyn, Que., by Alotta Resources.

So far, approximately 4,500 ft of a planned 20,000-ft drill program has been completed. Assays from the first two holes include A-86-1 which intersected 5 ft from 1,017 to 1,022 ft and graded 0.11 oz gold per ton. A 15-ft intersection from 1,143 to 1,158 ft graded 0.05 oz.

Hole A-86-2 returned 17 ft from 1,717 to 1,734 which graded 0.16 oz. It also returned a 2-ft section from 1,824 to 1,826 ft which graded 0.11 oz.

Hole A-86-2 intersected the shear zone approximately 600 ft vertically below and 200 ft east of hole A-86-1.

The company says that hole A-86-3, drilling on the same zone, is now at a depth of 1,679 ft. It’s anticipated to intersect the shear zone at a vertical depth of 1,700 to 1,900 ft. This hole is 500 ft east of hole A 86-1.

Funding for this project is through the sale of flow-through shares. The total estimated cost is $600,000. Half of this amount is being provided by Q-Vest 1986 Mining and Co., while the other half has been arranged through NIM and Co. Limited Partnership 1987.

Alotta can earn a 75% interest in the New Senator property by submitting a feasibility report to NSR Resources by Dec 31, 1988, and by completing a total of 45,000 ft of drilling. This property produced 1.8 million tons grading 0.14 oz between 1940 and 1955.

Alotta says that a public financing to raise $1 million should be concluded within the next 45 days. These funds are to retire outstanding debt and to carry out drill programs on the Mineral Zone and Golden Eagle projects in Idaho, in addition to an exploration program on the Sasabe gold project in Arizona.