Converse drill results mixed

Drilling at the Converse gold project in Nevada has returned lacklustre results for Cameco (CCJ-T) and Romarco Minerals (R-T).

At Converse, the companies, together with 50% joint-venture partner Newmont Mining (NEM-N), drilled five holes in a 3,820-ft. program that tested a north-trending structural zone which extends from the North Redline deposit.

The five holes intercepted zones of anomalous gold values along the structure, as well as alteration and several narrow dykes. The most significant hole encountered three zones of mineralization at a depth of between 800 and 1,000 ft., including 25 ft. grading 0.035 oz. gold per ton, 45 ft. of 0.024 oz., and 10 ft. of 0.1 oz. The mineralization is associated with a sulphide-enriched zone peripheral to the Redline skarn system.

The combined resource for the North Redline and South Redline deposits remains unchanged at about 83 million tons grading 0.024 oz. gold per ton, or 2 million contained ounces.

The remaining half of the Converse property is shared equally by Cameco and Romarco, which also completed drilling at the neighbouring Nike project. The 5,515-ft. program there consisted of six holes that tested alteration associated with mapped structures and four that tested targets under pediment gravels. No significant mineralization was encountered.

Meanwhile, Romarco has dropped its interest in the Jake Creek property in northern Nevada — a joint venture with Echo Bay Mines (ECO-X).