Drilling is under way at Aber Resources’ Bugow gold prospect at Russell Lake, N.W.T. Freeport-McMoRan Gold, which is operating and financing the program, can earn a 51% interest for expenditures of $7.4 million over four years and cash payments totalling $775,000. Aber and its affiliate, Highwood Resources, will each retain a 24.5% interest in the 10,000-acre property. Last year’s drill program outlined a sub-economic deposit grading better than 0.3 oz gold over 350 ft along strike, they say. The companies emphasize the deposit was hosted in a “Lupin style iron formation” which has a total strike length of at least 15 miles on the property due to complex folding. Five other significant zones of gold mineralization are known to date, they add.
At least 10,000 ft of drilling is planned in 20 holes to test the various zones along strike and down dip. In addition, several new targets have been outlined by recent geophysical work.
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