Pacific Trans optimistic that Ketza project is a go

A favorable production decision is expected on the Ketza River prope rty, says C.D. Stewart, President of Pacific Trans Ocean Resources, which holds a 50% interest in this Yukon gold project.

As part of the feasibility study on the property under way by operator Canamax Resources, which holds the remaining 50% interest, a revised estimate of reserves is being computed.

So far a total of $8 million has been spent on exploration on the property during the past three seasons. This year’s program amounted to $5.2 million which included 26,000 ft of diamond drilling and 5,000 ft of undergound workings on three levels.

The results obtained to date project a significant increase in the tonnage of reserves that was computed previously at the end of the 1985 season, says Mr Stewart. At that time, the drill-indicated reserves contained in the Peel and Ridge zones were 430,000 tons of oxides grading 0.51 oz gold per ton and 195,000 tons of sulphides grading 0.48 oz.

Two new zones — the Break and Shamrock — that hold potential for additional reserves — were discovered in this year’s program. These zones are expected to be tested further during the 1987 program.

Pacific Trans Ocean’s 37%-owned Australian-based affiliate Alberta Mines N.L. is involved in detailed exploration to evaluate the alluvial gold potential of its Rocky River prospect in Australia. Mr Stewart says bulk samples taken from area B of this property returned values lower than expected.

Alberta Mines plans to start a staged exploration program on its 100%-owned Ravenswest gold prospect in western Australia late this year.

For the year ended June 30, Pacific Trans Ocean posted a cash position of $1.1 million.