Drilling by International Taurus Resources (VSE) at the Taurus minesite in northern British Columbia is expanding a newly discovered zone of mineralization.
The zone consists of quartz stockwork mineralization, with very fine-grained pyrite in silicified volcanics.
Discovery hole 56 intersected 85 ft. grading 0.16 oz. gold per ton from 116 to 191 ft. Eleven holes have been drilled to date (to a vertical depth of about 550 ft.) and results are in on six of these. The drilling encountered zones with intercalated or bedded mineralization from surface to about 500 ft. in depth.
Assay results from the other five holes are generally lower in grade than hole 56, including 145 ft. grading 0.036 oz. in hole 59 and 79 ft. grading 0.065 oz. in hole 61.
Most of the work to date has focused on narrow vein zones about half a mile from the old Taurus mine, which produced some 240,000 tons averaging 0.15 oz. Prior to the recent discovery, Taurus was working to define several vein zones by means of underground development and drilling. Previous estimates put the geological resource at about 367,000 tons grading 0.17 oz. David Hjerpe, president, said the recent underground development work has outlined in the order of 100,000 tons grading 0.3 oz. for milling in a 250-ton-per-day gravity-flotation mill, which the company is rehabilitating. The original plan was to start processing the material at about 150 tons per day, but the new discovery is shifting the company’s focus to the property’s bulk-tonnage potential.
No metallurgical work is available on the new style of mineralization, and leachability tests are planned.
A second drill rig is being mobilized to the property to test the extent of the mineralization. Hjerpe expects to continue work until December and resume in February.
Taurus has about 10 million shares outstanding on a fully diluted basis, and Hjerpe said the exected dilution should bring the company’s working capital up to about $2 million.
Hera Resources (VSE), which has 4.3 million shares outstanding and $700,000 in working capital, owns 2.3 million shares of Taurus.
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