It seems that just about everyone is waiting for additional drill results on the Owl Creek West project including partners Syngold Exploration and Kidd Creek Mines.
At press-time, there were no further results. But there are a ” bunch more holes” at the assay lab, says John Heslop, director of exploration for Falconbridge Ltd., which acquired Kidd Creek about a year ago. “We’re as anxious as everyone else,” he adds.
Last week, Montreal-listed Syngold and project operator Kidd Creek stirred up a great deal of excitement by intersecting a wide zone of high gold values on the property located in the heart of the famed Timmins mining camp.
At that time, diamond drill hole H13-34 returned an average assay of 0.18 oz gold per ton over 173.9 ft. The zone included a 78.7 ft interval averaging 0.32 oz. An adjacent hole, located 150 ft along strike and 150 ft deeper, intersected 0.24 oz.
Currently, there are three drills testing the potential for extensions in the new zone which is open along strike and both downdip and updip. A fourth machine is investigating targets elsewhere on the property.
The Owl Creek West property consists of two contiguous claims covering about 80 acres and adjoins Kidd’s Owl Creek project which has been mined by open pit methods since 1982.
Syngold can earn a 25% interest in the property by spending $1 million before Feb 28. It can earn an additional 10% interest by providing Kidd with funds for a further $400,000 of exploration before March 1, 1988.
Prior to the announcement of last week’s drill results Syngold was trading at about the $1.30 level. After the results came out, the stock doubled to a year high of $2.50. On Tuesday, Dec 16 it took a 22 cents leap to new-high at $2.92 on a volume of 282,647. At press-time it closed at $2.98, another new high.
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