Big brother Inco (TSE) has taken over the supervision of exploration at Fort Knox Gold Resources’ (TSE) base metal prospect in the Shining Tree area of northeastern Ontario.
The decision was announced at a packed annual meeting, where Fort Knox management fielded questions from shareholders anxious to hear about the exploration play.
Inco has a 40.9% interest in Fort Knox and has been acting as a technical adviser on the project since Fort Knox intersected a wide zone of nickel-copper mineralization there in October.
“Fort Knox doesn’t really have the staff to carry out this kind of exploration,” explained Alan Sauerbrei, Inco’s director of exploration for eastern North America.
Wayne Whymark, vice-president of exploration for Fort Knox, said he will be relieved to get some field assistance after spending 16-18 hour days working at the drill site alongside geologist Doug Hunter.
Although no specific figures were released, it was indicated at the meeting that long-awaited platinum group metal assays from the nickel-copper discovery are nothing to write home about.
Assays from SG-7 to SG-9, the last holes to be drilled before the program closed down for Christmas, are expected to be available by the end of December. The results, and the effect they have on Fort Knox’s share price, could determine whether or not Fort Knox receives further financing for the project. More than 317,000 warrants to purchase Fort Knox at $1 per share expire on Dec. 31.
Inco has not said whether it will exercise its share of the warrants. At the beginning of January, Whymark will meet with Inco geologists in Sudbury to discuss exploration plans. “Inco is going to saturate the whole property with geophysics,” an Inco spokesman told Fort Knox shareholders.
Be the first to comment on "Inco takes over Fort Knox play"