Fairfield to option out interest in Siwash property

The new management of Fairfield Minerals (FFD-T) has wasted little time finding a partner to develop the Siwash gold property near Merritt, in southern British Columbia.

Aurizon Mines (ARZ-T) will earn a 60% interest in the 11-sq.-km property by spending $7 million on exploration over four years. The agreement is subject to a 60-day period of due diligence. Open-pit mining from 1992 to 1994 netted Fairfield 47,500 oz. gold, with underground test mining in 1994 producing an additional 3,750 oz.

The Siwash mine currently hosts an open-pit resource of 12,500 tons grading 1.72 oz. gold per ton, a diluted underground resource of 22,300 tons grading 0.78 oz., and a possible underground resource of 99,000 tons grading 0.69 oz.

In addition to the Siwash vein zone, which remains open along strike and to depth, there are five other vein systems currently in the early stages of exploration. At present, Fairfield is carrying out a 15,000-ft. exploration program of diamond drilling.

Aurizon can also earn a 60% interest in 53 sq. km of surrounding claims by spending $3.5 million over six years. Fairfield will retain a 100% interest in a 68-sq.-km portion of its original land position.