At the Fyre Lake property in the Finlayson Lake district of southeastern Yukon, Columbia Gold Mines (COB-V) has completed 23 holes in a planned 10,000-metre program.
The holes range in depth from 30 to 107 metres.
The drilling is designed to test the 3.5-km-long Kona volcanogenic, massive sulphide zone. Packsack drilling in the 1960s tested a 100-by-500-metre section and identified a 7.5-metre-thick zone averaging 0.7 gram gold and 4.8 grams silver per tonne, plus 1% copper and 1% zinc.
Columbia Gold reports that 14 of the 23 holes drilled to date contain sulphide intersections ranging up to 17 metres.
The 292-claim property covers a trend 13 km long, where additional targets are defined by geophysical and geochemical anomalies, as well as mineralized float that grades 5.5 grams gold, 1% copper and 1% zinc.
Columbia Gold can earn up to an 80% interest in the Fyre Lake property from Welcome Opportunities (WLO-V) by spending $6 million before December 1999. At that time, Welcome can elect to increase its interest to 55% by arranging all financing to production.
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