Channel sampling results from a new copper/gold massive sulphide deposit, discovered on Teck Corp.’s Rambler property near Baie Verte, Nfld., by Petromet Resources (TSE) and Newfoundland Exploration Comp. (ASE) indicate a zone with good continuity and potential.
The zone, located in the northern part of the property, has been exposed over a total strike length of 20 ft with an average width of 15 ft. Some of the wider channel sample results include: 19.3 ft grading 3.38% copper and 0.063 oz gold per ton, 20.9 ft of 4.43% copper and 0.061 oz gold and 23.6 ft of 3.83% copper and 0.063 oz gold.
A drill will be mobilized immediately, according to Petromet, to drill-test the strike length and depth of the zone.
About 11,000 ft of drilling has been completed elsewhere on the Rambler property, as part of a 65,000-ft program. Petromet and Newfoundland Exploration are equalling funding this $3.8-million program.
Under the terms of the option agreement with Teck, the senior company can provide all further funding up to and including a feasibility study and arrange production financing, once the two joint venture partners have earned 25% each.
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