More copper-gold at Lorraine property

Drilling on the Lorraine property in north-central British Columbia continues to return copper-gold intersections.

Lysander Gold (VSE) is acquiring a 100% interest by spending $100,000 and issuing 200,000 shares. U.S.-based Kennecott has the right to back-in for 60% upon completing a positive feasibility study, provided minable reserves exceed 165 million tons grading 0.6% copper equivalent.

The company is drill-testing areas of copper mineralization to confirm grades and test for gold potential. Drilling on the Upper Main zone includes three holes collared from the same setup on the steep face of Lorraine Mountain. Hole 94-8 (previously released) intersected 302 ft. grading 1.48% copper and 0.019 oz. gold per ton. Hole 94-9 (drilled at 45) intersected 237 ft. grading 0.9% copper and 0.017 oz. gold, while 94-10 (drilled at 38) intersected 203.5 ft. grading 0.81% copper and 0.01 gold.

In 1970, four small-diameter holes were drilled from the same setup at the ridge top, about 500 ft. to the east and 300 ft. higher in elevation. Results included 190 ft. grading 1.06% copper, 210 ft. grading 0.84% copper, 180 ft. grading 0.7% copper, and 200 ft. grading 0.65% copper — with all the intersections continuous from the collar. No gold values were reported. Further drilling between the two setups is planned for 1995. Drilling on the eastern margin of the Bishop zone also returned copper values, including a 49.2-ft. intersection grading 1.09% copper, as well as trace gold.

Additional drilling is planned here next year to confirm the deposit’s geometry. Lysander has 6.8 million shares outstanding and $200,000 in working capital.