Amax Gold plans more drilling for Gil claims

A second phase of drilling is scheduled for this autumn on the Gil claim block in the Fairbanks district of Alaska.

Amax Gold (NYSE) owns 80% of the property through a subsidiary, while Teryl Resources (VSE) holds the remainder.

The property lies south of Amax’s Fort Knox project, which hosts a low-grade, porphyry-style deposit with a proven and probable reserve base of 174 million tons grading 0.024 oz. gold per ton at a stripping ratio of 1.05-to-1.

Amax and Teryl have completed a series of nine stepout holes, offsetting a hole drilled in 1994 which intersected 90 ft. of 0.067 oz. Select results are as follows: 130 ft. of 0.11 oz. for hole 95-8; 50 ft. of 0.036 oz. for hole 95-10; 40 ft. of 0.028 oz. for hole 95-11; 60 ft. of 0.03 oz. for hole 95-13; 110 ft. of 0.033 oz. for hole 95-14; and 30 ft. of 0.032 oz. for hole 95-15.

An additional 2,000 ft. will be drilled to test the host intrusive and the width of the skarn zone.