Earlier drilling at Huntington showed lower grade gold values

The highest grade gold values at Huntington Resources’ (VSE) Brett property near Vernon, B.C., appear to occur at a specific elevation; and this may partly explain why several recently announced holes revealed sub-economic values with one exception. In any event, the market’s interpretation of the latest results has been very negative and the company’s stock has drifted down to almost half its year high of $5.25 which was reached after the discovery became known.

According to President Stirling D. McIlveen, RC88-1 to RC88-10 were drilled before RC88-11 (the discovery hole) which yielded a spectacular 235 ft grading 2.0 oz. But he confirms they were not assayed immediately so priority could be given to RC88-11 “due to the considerable visible gold which was noted.”

The latest results included a 20-ft section grading 0.5 oz gold in hole RC88-7 which was drilled downdip about 310 ft north of RC88-11 which was also drilled downdip. Werner Gruenwald, project geologist for Huntington, believes it hit the zone at a slightly higher elevation.

The remaining holes returned much lower gold values ranging from 0.027 oz gold over 15 ft to 0.089 oz across 5 ft. There were two longer intercepts in hole No RC88-2, one of which returned 0.049 oz over 85 ft and the other 0.076 oz across 35 ft. That particular hole was drilled down-dip to intercept the footwall of the zone.

Gruenwald emphasizes that Huntington and its joint venture partner, Lacana Mining (TSE), work closely on the project although Huntington is the operator. Lacana will earn its 51% interest this year and would be entitled to take over as operator at that point. The joint venture is using a 2-directional approach to evaluate the property; one involves detailed diamond drilling of the discovery zone and the other includes the testing of new targets.

Holes are currently being drilled on 50-ft centres near the high grade intercept and they range from shallow to over 400 ft, he states, adding that step-out drilling is planned and possibly some deeper tests. He says they are “getting shoots all over the place” and they are now trying to connect them. One trench 75 ft south of the discovery hole returned 7.9 ft grading 2 oz gold.

Brican Resources (VSE), which traded very heavily after the discovery was announced, has some strategically located property near Huntington. Three shear zones have been delineated on its property by geophysics and detailed soil geochem has revealed anomalous gold values in each zone, the company claims.

News of the Huntington discovery has sparked a mini gold rush into the area. Canova Resources (VSE) and Expeditor Resource Corp. (VSE) recently acquired the Tick, Tock and Ona claims just north of Huntington. Also in the area, Foundation Resources (VSE) just acquired a 50% interest in the Duo Via One claim and Duke Minerals (VSE) recently staked what it describes as “well located claims” in proximity to Huntington. At last report Colima Resources (VSE) was negotiating property in the region.