Drilling on up to 10 targets will begin in the next few days. Subject to favourable results, two 300-metre holes are planned for each target. Three drill rigs are on the property to complete the 6,000-metre program by the end of October.
The property hosts several well-defined, coincident magnetic and gravity anomalies. They were defined using BHP’s proprietary airborne gravity gradiometer technology.
In late June, Far West entered into a strategic alliance with a wholly owned subsidiary of Australia’s BHP to explore for iron-oxide-hosted copper-gold deposits in the Great Bear region.
The Great Bear project, about 125 km west of Yellowknife, is situated in a previously unexplored area of the Great Bear magmatic zone.
Far West can earn a 70% interest in the property by funding agreed surveys and drill-testing selected targets in designated areas.
BHP retains a back-in right to acquire up to a 75% interest in any mineral deposits discovered by: solely funding ongoing exploration; making various cash payments to Far West; and carrying Far West through to completion of a bankable feasibility study.
Be the first to comment on "Far West readies drills"