Hecla, which is earning a 65% interest in the property, completed its initial drill program on the property in March.
Results from that 5-hole campaign, which tested a part of the property known as the MaryAnn basin, included 10.7 metres grading 4.1 grams gold per tonne, plus 1.5 metres grading 22.3 grams gold and 46.3 grams silver. Gold is associated with quartz-sericite-pyrite alteration and quartz stockwork veining in andesites.
The first program did not work out as planned, the company said. Earlier holes were set up to drill from the east, across the north-striking structure. However, results indicated that the structure dips to the west.
The program also determined that a second mineralized fault exists parallel to the fault that once hosted the past-producing MaryAnn mine.
The latest reverse-circulation program (about 760 metres in all) will re-test portions of the MaryAnn Basin already drilled by Hecla, as well as surface gold mineralization at the past-producing Sunset mine.
To earn its interest, Hecla must spend US$3.5 million on exploration in four years, as well as make annual payments of US$90,000.
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