Some very high grade gold values have been encountered in a drill program at La Teko Resources’ Tillicum Mountain property near Nakusp, B.C.
The project has a reputation for generating bonanza-type results, and these are no exception.
A new gold zone, located at right angles to the rich Heino-Money zone, has been discovered and it’s still open along strike and to depth.
Drill results included: 4 ft of 1.6 oz gold; 3.5 ft averaging 1.8 oz and 5 ft grading 1.0 oz. As well, an ore shoot within the Heino-Money zone has been extended to depth with two intersections reported grading 9.4 oz gold over 3 ft and 1.95 oz across 3.5 ft.
Underground drifting in the ore shoot confirmed the high grade assays encountered in the drill core. The average of 106 tons stockpiled from the drift was 5.4 oz, worth about $300,000 (C) at today’s prices.
Mining crews are drifting and raising to determine the extent of this high grade mineralization but reserve definition and ore stockpiling is continuing elsewhere in the Heino-Money area.
La Teko’s interest in the property is through its 39.6% shareholding in Esperanza Explorations, which has the right to acquire a 100% interest in the ground.
Esperanza will be using a pilot plant to process the stockpiled ore, something that should get under way within the next month.
La Teko is raising $600,000 through a private placement which will be used to finance work on its Ryan Lode and San Juan heap leach properties.
Exercise of the warrants could boost that total to $400,000. Some test leaching has been done on approximately 4,000 tons of material from the Ryan Lode property, and initial results indicate excellent gold recovery, the company says.
Permitting is under way for the San Juan property in California and production will follow receipt of these permits, the company adds.
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