An exploration program at the Similco copper mine near Princeton, B.C., is turning out “encouraging” results for owner, Princeton Mining (TSE). The company believes the area of exploration north of the existing mine could be the site of a new pit exceeding 20 million tons with a low strip ratio.
The drilling, part of a $2 million program, points to a link between two zones, the Virginia and Alabama. Copper values in the two zones indicate an average of 0.32% copper, while precious metal values appear to be about three times the mine’s present average (Similco produced 17,277 oz. gold and 432,220 oz. silver in 1989).
Drilling in another area, dubbed the Oriole Pits, defined a vertically- dipping linear sulphide zone southeast of Pit 3 grading about 0.5% copper. The average thickness encountered is 150 ft., while the strike length is in excess of 600 ft. with the zone remaining open to depth.
About 3,000 ft. southeast of the Oriole Pits, a drill hole intersected 130 ft. of 0.7% copper in an area where, in 1989, hole 89-3 intersected 53 ft. of 0.97% copper and hole 89-6 returned 217 ft. grading 0.58% copper.
The continuing exploration program will concentrate on delineating the Virginia and Alabama for inclusion in the mine plan. The company also plans to investigate a number of targets on the property associated with an IP survey 4,000 ft. east of Pit 2.
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