Grayd, Inmet Mining drill prospects at Glacier Creek

Diamond drilling is under way on the Glacier Creek polymetallic property, 100 km south of Fairbanks, Alaska.

The property is one of six that make up the 100-sq.-km Bonnifield joint venture, in which Inmet Mining (IMN-T), the operator, holds a 60% interest and Grayd Resource (GYD-V), the remainder.

The program is expected to total 1,050 metres and focus on four volcanogenic massive sulphide targets.

The first holes will target a 1,500-metre airborne electromagnetic and coincident copper-lead-zinc-silver soil anomaly. The structure occurs close to Grayd’s Dry Creek property, which hosts a 2.8-million-tonne resource grading 0.08% copper, 2.3% lead and 5.59% zinc, plus 155.7 grams silver and 0.9 gram gold per tonne.

The anomaly lies over top a felsic dome and is associated with an airborne magnetic anomaly, as well as strongly altered rocks.

In addition to the drilling, the project will be subjected to geochemical and geophysical programs. Total expenditures for 1998 are pegged at $800,000.