A new junior mining company, Jilbey Industries which was originally financed by a 400,000-share offering at 30 cents a share through the facilities of West Coast Securities of Vancouver, began trading on the Alberta exchange this week, trading as high as 65 cents .
Jilbey has optioned a 16-claim property in Duverny Twp., near Amos, Que., to Bay Resources & Services, which is eager to start a ground ip survey this week to define targets for 7,000 ft of initial drilling in the new year, according to Jilbey President Eric J. Plexman.
Chip samples from one of 14 vein structures uncovered on the property so far, have returned high grade gold assays over narrow widths. According to Ian Coster, a geologist for Robert S. Middleton Exploration Services, check assays from samples collected in 1945 returned values of 0.73 oz gold per ton over 16 in and 0.43 oz over 13 in.
In addition, a 46-ton sample was taken from one vein structure and processed at the Belmoral mill in Val d’Or last February. The average assay from 18 uncut assays from the sample was 0.254 oz gold per ton over a width of 6.0 ft, according to R. J. Graham, P.Eng.
Bay can earn a 37 1/2% interest by spending $500,000 on the property by the end of 1987. It will likely spend that amount by the end of February. Drilling could start as early as January.
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