Ego plans more drilling on N.W.T. lead-zinc property

A phase-two drill program is scheduled to begin next month, the company said.

The recently completed program tested a previously known occurrence of lead-zinc-silver mineralization known as the BB Lake deposit. The prospect was explored in the late 1940s and early 1950s by another company.

Some of the better results reported from Ego’s recent phase of drilling are as follows: Hole Width Zinc Lead Silver

(m) (%) (%) (g/t) 1 14.0 7.4 3.5 118.9 2 1.5 7.8 0.05 23.1 3 1.4 10.0 0.12 30.3 6 3.4 9.0 0.47 180.9 7 4.4 7.4 0.06 80.6 8 16.0 16.6 0.85 169.3 11 12.1 5.9 0.04 18.6 13 15.0 7.0 0.01 56.4 14 11.2 7.5 0.03 12.5

Geologically, the BB Lake deposit lies within the nose of a fold that plunges northeast at an angle of about 45 degrees . The mineralization occurs as a series of sulphide lenses hosted by a cherty tuff unit at the contact between felsic volcanics and quartz-mica schists.

Ego has spent $450,000 on the property to date, and will earn a 100% interest in the claims by spending a further $1.05 million prior to April, 1992. Another junior company, Asquith Resources (COATS), can earn a 25% interest in the property by providing $375,000 for exploration work. Funding for Asquith’s share of the first phase of exploration was provided by Nanisivik Mines, a wholly owned subsidiary of Mineral Resources International (TSE).

A phase-two program, comprising 20,000 ft of diamond drilling using two machines, is scheduled to get under way by mid-November, according to Ego.

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