Infill drilling at Tulsequah confirms continuity of grade

Initial results from infill drilling at the Tulsequah Chief property in northwestern British Columbia are confirming the deposit’s continuity at grades similar to those released in reserve estimates.

Redfern Resources (TSE), which has a 40% interest in the project and the right to acquire the remaining 60% from Cominco (TSE), is completing a 6-hole infill program on the massive sulphide deposit to confirm its continuity and geometry.

Terms of Redfern’s option to acquire Cominco’s 60% interest in the property remain confidential. John Greig, president of Redfern, said the company is negotiating with several major mining companies interested in acquiring a stake in the property.

Redfern is awaiting assays from the last three holes and Greig noted that visual inspection of the intervals indicates grades will be the same or better than the average grade of the deposit.

Preliminary estimates, released earlier this year, put reserves at about eight million tons grading 1.55% copper, 1.22% lead, 6.81% zinc, 0.08 oz. gold and 3.19 oz. silver per ton.

The reserves are contained in two overlapping lenses, A-B and H. Greig said considerable potential exists to increase reserves because the H lens remains open at depth according to recent geological interpretations. Greig added that the company has not made any plans for further work on the property pending a conclusion of negotiations with the majors.