Keylock to drill Czech project

An agreement with Rudne bane, a mining company controlled by the Czecho-Slovakian government, will allow Keylock Resources (ASE) to complete a 1,500-metre underground drilling program and metallurgical studies on the Hodrusa mine, a former base metal producer in Slovakia.

Initial work completed by Rudne bane indicate the deposit contains reserves of 210,000 tons grading 0.25 oz. gold per ton.

Keylock expects to complete the work by mid-January, when it will be in a position to negotiate the purchase of at least 50% of the project through the government’s ongoing drive to privatize Crown companies.