Vancouver-based Cheni Gold Mines (TSE) will acquire the Mt. Skinner gold property from privately owned Ottarasko Mines.
Situated near the western extension of British Columbia’s Chilcotin River, the 11-claim property is underlain by a narrow shear zone.
Previous drilling and trenching on the zone’s Victoria vein indicates the presence of high-grade mineralization within a steeply plunging, 90-ft.-long oreshoot.
A 190-ton bulk sample yielded 365 oz. at an average grade of 1.92 oz. gold per ton. There are additional showings in similar structures near the Victoria vein.
Cheni will evaluate the vein by taking a 1,000-ton bulk sample and drilling 14 holes for a total of 3,300 ft. Trenching will be carried out on neighboring showings.
To earn its interest, Cheni will immediately pay $25,000 and issue 50,000 treasury shares. It must also pay $25,000 cash by Sept. 30.
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