EXPLORATION ’99 – Copper Ridge hits gold-bearing structure

Junior Copper Ridge Explorations (KRX-V) has discovered a new mineralized structure in the course of its 13-hole drill program at the Scheelite Dome gold property in the Yukon.

Highlights are as follows:

• Hole 23 intersected 4.5 metres averaging 3.66 grams gold per tonne, including a 1.5-metre section that ran 7.64 grams gold.
• Hole 23 intersected fractured and oxidized quartzite and phyllite with carbonate veining, as well as coarse quartz veining with pyrite, arsenopyrite, stibnite and jamesonite.
• Hole 24 was collared about 100 metres to the east of hole 23 and cut 5.9 metres averaging 2.4 grams gold. The hole intersected a fractured and sericite-altered monzonite with a stockwork of quartz-arsenopyrite-scorodite veins.

Otherwise results from the first 10 holes were mixed.

Holes 18 to 21 returned low values in the range of 0.79 to 2.91 grams gold over widths of 0.6 to 4.9 metres. These holes were collared along strike and downdip of a previous intercept in hole 12 (drilled in 1998), which returned 7.7 metres grading 3.7 grams gold per tonne.

Hole 20 tested the downdip extension of hole 12 and intersected 3.4 metres grading 1.57 grams gold; hole 18 undercut hole 20 and failed to encounter any significant mineralization; hole 19 was collared 50 metres to the southeast and hit 1.43 grams gold over 0.6 metre; and hole 21 was collared 50 metres northwest of hole 20 and hit 2.7 metres grading 1 gram gold and 1.5 metres grading 2.91 grams gold.

Previously reported holes 16 and 17 were collared 300 metres northeast of hole 20 and intercepted 1.5 metres grading 2.04 grams gold and 4.9 metres averaging 0.58 gram gold, respectively.

Results from the remaining three holes are pending.

Situated 25 km northwest of Mayo, Scheelite Dome is one of five exploration-stage properties Copper Ridge recently acquired from Kinross Gold (k-t) in exchange for 1 million shares. Kinross holds a 26% interest in Copper Ridge.

Copper Ridge has a 100% interest in the 11,600-ha project. However, at the feasibility stage, Kennecott Canada Exploration, a division of London-based Rio Tinto (RTP-N), can acquire a 49% back-in right or a 2% net smelter return royalty. The original vendor also holds a 2% NSR.