Onitap adding third drill rig

A third drill rig is being added on the Boston-Richardson property held by Onitap Resources. Located near Isaac’s Harbour, N.S., the property includes a former producing mine which yielded 50,000 oz of gold.

Onitap is trying to confirm an inferred reserve of 500,000 tons grading 0.15 oz gold per ton, which was established by drilling completed since 1984. A primary objective is also to expand the continuity of the mineralized zone and to outline a potential reserve base of 3.5 million tons. Depending on grade, contained gold would range from 300,000-500,000 oz, Onitap says.

Near Shiningtree, Ont., the company controls several claim groups. Based on limited drilling, reserves on one property total 100,000 tons grading 0.04 oz in a strongly altered zone. Total flow-through share funding arranged to 1988 ranges from $666,700 to $2 million.