Under an agreement with NovaGold Resources (TSE), Biron Bay is earning a 60% stake in the property by spending $1.5 million on exploration and development over three years.
NovaGold, which is retaining a 40% working interest in the property, reported that the ore shoot contains inferred reserves of 1.28 million tons grading 0.197 oz gold and 19.38 oz silver per ton.
NovaGold has the right to convert its 40% interest to a 22% carried interest at any time.
Based on results of a phase-one program consisting of 6,640 ft of drilling along a 2,400-ft strike length, Biron Bay has elected to go-ahead with an accelerated program focusing on the northward extension of the structure.
Results from phase one included 12 ft of grade 0.251 oz gold, 21.85 oz silver, 36 ft of grade 0.157 oz gold and 4.626 oz silver and 107 ft of grade 0.075 oz gold and 12.334 oz silver.
Biron Bay’s assumption that a high grade ore shoot is contained within a northwesterly quartz- calcite breccia zone is based on results of six h oles (including one wedged hole).
Drill intersections obtained so far are from depths of 500-1,100 ft below surface.
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