Drilling on the MacBride Lake property near Lynn Lake, Man., returned a number of zinc and copper intersections for Eastmin Resources (VSE) and Bellex Resources (VSE).
Bellex is earning a 49% interest in the property from Eastmin by issuing the company 100,000 shares and spending $725,000 by the end of 1993. Eastmin, in turn, is earning a 100% interest in the project from Kancana Ventures (VSE) by spending $1 million and making cash or stock payments totalling $250,000 during a 3-year period. Kancana retains a 2% net smelter return royalty.
Previous drilling on the property outlined a preliminary reserve of about two million tons grading 8.77% zinc and 0.35% copper plus associated gold and silver values.
The mineralized zone has been traced over a strike length of about 750 ft. near surface, pinching to a strike of about 450 ft. at depth. The zone is steeply dipping, with a thickness ranging from 10 ft. to 30 ft. The majority of the previous drilling was concentrated on the top 300 ft. of the deposit although the zone has been intersected at a vertical depth of more than 1,100 ft.
Bellex has released assay results for three holes: 91-1 intersected 7.5 ft. (611.7-619.2 ft.) averaging 6.25% zinc and 0.2% copper at a vertical depth of about 425 ft.; 91-2, drilled about 265 ft. east of 91-1, cut 22 ft. of massive sulphides at a depth of 445 ft. (12 ft. of the intersection graded 5.22% zinc and 0.37% copper); 91-3 cut the sulphide lens at a vertical depth of 740 ft. with a 19-ft. section assaying 9.4% zinc and 0.68% copper. Bellex reports that hole 91-4 intersected the zone over 28 ft.; although assays have not been completed, the company’s geologist stated the mineralization appears to be the best intersected to date.
Bellex is currently funding a $150,000 program and is reviewing financing options for further work.
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