A trenching program on the Nine Mile property has prompted owners North Lily Mining (NASDAQ) to proceed with a drilling program. The trenching program tested a 4,400-ft. long east-west trending fault system on the western Montana property. Thomas Crom, the company’s chief financial officer, noted that the system contained one major vein ranging from 10 to 75 ft. in width.
A 250-ft. trench along the eastern extension of the vein averaged 0.108 oz. gold per ton while a trench at the western portion of the vein returned values of up to 0.307 oz. gold.
Crom said the company planned to start a 5,000-ft. drilling program on the property in 2-3 weeks.
Financing for the program will not be a problem since North Lily has about US$9 million in working capital. The company has about 21 million shares outstanding and trades at the US$1.90 level.
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