A 12-hole drilling program on the Gold Basin property in Mohave Cty., Ariz. returned no significant results in all but four holes which intersected low grade gold values. Consolidated Rhodes Resources (VSE) is earning a 50% interestin the Gold Basin property from Toltec Resources (VSE) by spending US$1 million on exploration.
The recent drilling was designed to follow up a 5-hole drilling program completed in late 1990 which intersected a wide zone of low-grade gold mineralization. Hole 90-01 had initially been reported to have returned no significant results but because of shipping problems, the upper portion of the hole was not assayed, but did in fact intersect the zone.
The recent drilling still leaves the No. 1 zone open to the east as well as to depth. The zone has been traced over a strike length of about 1,200 ft. by drilling, trenching and surface sampling.
No further drilling has been done on the No. 2 zone where drilling in early 1990 returned a 55-ft. intersection grading 0.48 oz. gold per ton. Drilling on the No. 2 zone is planned in the coming program.
A number of other targets have been identified on both the Gold Basin and Cyclopic properties. Consolidated Rhodes and Toltec are jointly earning a 100% interest in the adjacent Cyclopic property.
The largest target, about 1,400 ft. north and parallel to the No. 1 zone, is a minimum of 2,000 ft. in length, up to 200 ft. wide.
A program of trenching and reverse circulation drilling will resume on the properties upon completion of ongoing geophysical surveys and the compilation of results from geochemical and geological surveys.
A summary of significant results from the 1990-91 drilling follows:
Hole Interval Width Gold
(ft.) (ft.) (oz./ton) GBRC 90-01 55-115 60 0.039 GBRC-90-02* 35-70 35 0.039 GBRC-90-03* 95-165 70 0.027 GBRC-90-04* 0-150 150 0.032 GBRC-91-09 25-135 110 0.020 GBRC-91-11 115-140 25 0.020 GBRC-91-12 165-185 20 0.028 ” ” ” 205-230 25 0.020 *previously released N21
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