Mixed numbers reported from Golden Bear

Infill drilling on the Ursa zone at the Golden Bear mine property in northwestern British Columbia is confirming previous high-grade gold intersections for Wheaton River Minerals (TSE), although stepout drilling is meeting with limited success.

Wheaton controls the project through a majority shareholding in North American Metals (VSE), which has title to the property. North American also owes Wheaton more than $60 million.

Wheaton is drilling two separate areas in an effort to outline sufficient reserves to restart the mine, which is accompanied by a 400-ton-per-day refractory mill.

The Ursa zone features a core area that measures 250 ft. along strike and roughly 250 ft. downdip, with thicknesses ranging from 23 to 255 ft.

Infill results include: 23.6 ft. grading 2.08 oz. gold per ton in hole 95-276; 91.1 ft. grading 0.53 oz. in 95-275; 30.8 ft. grading 1.17 oz. in 95-277; and 149.8 ft. grading 0.22 oz. in 95-278.

The recent results also included two stepout holes (95-272 and 95-273), which tested the zone 90 ft. and 150 ft. to the south on strike and at the same depth as hole 95-271 (previously reported at 55.7 ft. grading 0.34 oz. gold at a depth of about 330 ft.). The two stepouts returned only low-grade values, thereby limiting the depth potential of the zone.

Ursa still remains open below 95-271, as well as on strike to the south above stepout holes 95-272 and 95-273.

The second area being drilled at the property is the underground Grizzly zone, in the mountainside adjacent to the mill.

Previous estimates put the Grizzly resource at about 299,000 tons grading 0.47 oz. gold, and Wheaton has been working to confirm and increase the figure.

The general resource area extends from section 23,825 to 24,050 for a distance of about 740 ft. (225 metres), a dip extent of roughly 170 ft. and an average width of 33 ft.

Results from the latest five holes include: 47.5 ft. grading 0.1 oz. gold in 95-136; 24.9 ft. grading 0.31 oz. in 95-138; 7.9 ft. grading 0.46 oz. in 95-139; and 11.5 ft. grading 0.4 oz. in 95-140. Hole 95-137 did not return any significant values.

Holes 95-136 and 95-139 are outside the resource area on section 24,000; they are 165 ft. and 82 ft., respectively, above previously released hole 127 (0.46 oz. over 34.4 ft. within the resource area).

Hole 140 is in the centre of the resource area at section 23,900, while hole 138 intersected the zone at the margin of the resource on section 23,850. Hole 137 tested the zone at the southern strike extent of the resource on the same section as previously released holes 130 and 132. (Neither returned significant results.)

Kerry Knoll, executive vice-president of Wheaton, says the company believes the expansion potential on the Grizzly is the greatest on strike and downdip to the north.

While drilling continues on the Ursa and Grizzly zones, Wheaton plans to conduct trenching of a newly discovered zone of gold mineralization on strike to the south of Ursa.