A drilling program on the Spectrum property in the northern Iskut area of northwestern British Columbia is returning good grades and widths. The program is part of an earn-in by Columbia Gold Mines which must spend $2.95 million on the property to earn a 70% interest from Calnor Resources (VSE) and Northair Mines (TSE). Recent drilling has intersected what Columbia interprets as two distinct zones of mineralization; the QC and Porphyry zones. Both zones are structurally controlled, trending north-south, and dip steeply to the west.
John Brock, president of Columbia, said the zones have been traced for over 1,800 ft. of strike length and to a depth of about 300 ft. He said previous drilling to the south of the recent program did intersect the Porphyry zone but was not deep enough, intersecting the QC zone in only a few holes.
Brock said this year’s program is now complete with few more assay results still awaited. Next year’s exploration program will include deeper drilling in the southern region, and drilling on strike to the north.
Columbia has about $250,000 in working capital and is in the process of completing a private placement with International Mahogany (TSE), which already owns about 19% of the company’s outstanding shares.
The private placement is for 1.3 million units priced at 50 cents per unit. Each unit consists of one share plus one warrant for the purchase of an additional share at 50 cents.
Columbia currently has about 6.4 million shares outstanding.
Results from the recent drilling program are as follows: Zone Interval Length Gold Hole (ft.) (ft.) (oz./ton) 90-46 Porphyry 150-175 25 0.20 QC 375-408 33 0.36 90-56 Porphyry 95-100 5 0.32 QC 315-350 35 0.14 90-59 Porphyry 249-257 8 0.60 QC 330-405 75 0.30 90-60 Porphyry 267-272 5 0.20 QC hole did not reach target depth
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