Amax drills the Gil

Amax Gold (NYSE) has begun 2,000 ft. of drilling on its 80%-owned Gil gold prospect in Alaska.

The first hole will be drilled near a previous one, which intersected 90 ft. grading 0.067 oz. per ton at a downhole depth of 45 ft. To date, almost 20 holes have been drilled by Teryl Resources (VSE), which retains the other 20% of the property. Two zones of mineralization have been located.

Teryl also holds 52 claims, collectively known as the West Ridge propery, across the road from Amax’s Fort Knox deposit.

The Gil prospect is 8 miles south of Fort Knox.