Deak ups reserves as Cyprus drops option

An option agreement between Cyprus Canada and Deak Resources (TSE) concerning three zones — the Kerr Mill, “G” and South — near Virginiatown, Ont., has been terminated. Deak and its subsidiaries will retain total ownership in the property.

Cyprus had identified significant mineralization within the Kerr Mill and “G” structures which lie south of the main Kerr orebody. Preliminary results from the “G1” and “G2” zones suggest a drill-indicated reserve exceeding 1 million tons averaging 0.198 oz. gold per ton. The zones lie in an area 900 ft. east of the operating Kerr No. 3 shaft, about 100 ft. from workings on the 2,500-ft. level.