Columbia planning drilling on Spectrum

After a successful exploration program in 1990, Columbia Gold Mines (VSE) plans to spend about $1 million on the Spectrum property in northwestern British Columbia during the coming season. Columbia is earning a 70% interest in the property from Calnor Resources (VSE) and Northair Mines (TSE) by spending a total of $2.95 million.

John Brock, president of Columbia, said the company is finalizing an agreement with Northair and Calnor which will allow Columbia to earn up to a 100% interest in the property. Details of the agreement have not been released. Brock said the coming program will focus on testing the strike and depth extent of the QC and Porphyry zones, both discovered in last year’s drilling program.

The QC zone has been traced over an 1,800-ft. strike length and to a depth of about 300 ft. Of the 15 holes drilled on the zone, 12 intersected mineralization averaging 16 ft. in thickness at an average grade of 0.36 oz. gold per ton.

The Porphyry zone lies parallel and about 100 ft. west of the QC. Drilling over 1,000 ft. of strike intersected up to 0.20 oz. gold over 25 ft.

The zone occurs within a broad zone of low-grade copper-gold mineralization averaging about 300 ft. in width.

Brock expects the drilling program to be under way by mid-June, but he said this year’s program will also include mapping and sampling on other areas of the property.

Columbia is fully funded for the program following a share placement with International Mahogany (TSE). Mahogany now owns more than 30% of the issued capital, increasing to 43% on fully diluted basis. Columbia has about 7.6 million shares outstanding.