Getchell pulls good drill holes at Galaxy

Recent drilling by Getchell Resources (VSE) on the Galaxy property near Kamloops, B.C, returned encouraging results which appear to confirm the results of previous drilling done on the property during 1961-69. Getchell owns 100% of the ground in and around the Galaxy zone, subject to a 3% net smelter return. It is earning a 75% interest in the balance of the property from Abermin Resources (TSE) by spending $750,000 over the next five years. The company does not expect to encounter any problems with respect to Abermin’s recently announced assignment into bankruptcy.

Based on previous drilling, the Galaxy zone is estimated to contain 3.5 million tons grading 0.65% copper within a keel-shaped zone, 400 ft. wide and 1,000 ft. long, plunging about 15 degrees to the northwest.

The margins of the zone thicken toward the central “keel” which reaches a maximum thickness of about 250 ft. The deposit is cut off by an easterly trending fault at the south end and is open at the north end.

Further drilling is being considered to test the northerly extent of the deposit. Gary Belik, president of Getchell, noted the Galaxy deposit would be “probably economic now” if a third party were to come in and mine and mill the deposit with its own equipment. He noted the stripping ratio was fairly low at about 2-to-1 waste- to-ore.

Getchell plans to conduct an induced polarization survey to test a 1.5-mile tract of ground between the Galaxy Zone and the southeast corner of the property boundary. It lies about 0.25 mile from the Ajax open pit mine operated by Afton Mines, which is controlled by Teck (TSE).

No drilling has been done in this area despite what appears to be about a 5-mile linear trend connecting a number of deposits in the area.

Getchell has 2.5 million shares outstanding fully diluted and trades at about 75 cents.

Results from recent drilling: Intercept Copper Gold Hole (ft) (%) (oz/t) RC90-1 10-80* 0.95 0.005 RC90-2 25-230 0.39 0.001 RC90-3 20-240 1.14 0.006 RC90-4 5-70 0.32 0.001 RC90-5 20-40 0.31 nil 135-245 0.21 0.001 RC90-6 105-285 0.47 0.003 RC90-7 80-140 2.65 0.041 * RC90-1 encountered an exploration drift at 80 ft. and was stopped.