Additional assays were released by Westpine Metals (VSE) from recent drilling on the Taseko copper-gold project, 140 miles north of Vancouver, B.C. The drill program is being funded by a unit of Asarco (NYSE) which can earn a 60% interest in the property by financing $3.65 million in work and cash payments of $340,000 over a 4-year period.
The latest assay results include 119 ft. grading 0.34% copper and 0.010 oz. gold from 554-673 ft. in hole 90-20. Copper assays are not yet available for hole 90-21 which returned 215 ft. grading 0.036 oz. gold from 503-718 ft. Westpine said copper determinations for this hole were visually estimated to be more than 0.5% copper.
The first two holes drilled on the property this season returned encouraging results (T.N.M., Aug. 6/90) which led to a decision by the partners to extend the $300,000 exploration program in 1990.
Asarco agreed to commit an additional $150,000 that will be used for 3,500 ft. of diamond drilling as well as geological mapping, prospecting and a possible extension of this year’s magnetometer survey. The objective is to extend known areas of mineralization as well as to test new areas.
Alpine Exploration (VSE), operator of the Taseko project, and Westley Mines (VSE) each holds one million shares of Westpine.
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