Redcorp aims drills at Tulsequah Chief (March 31, 2004)

Redcorp Ventures (RDV-T) intends to spend $3 million exploring and developing the Tulsequah Chief mine project in northwestern British Columbia.

A past producer, Tulsequah Chief has a measured and indicated resource of 5.9 million tonnes grading 2.59 grams gold and 107.41 grams silver per tonne, plus 1.42% copper, 1.26% lead and 6.72% zinc, as well as an inferred resource of 3 million tonnes grading 2.42 grams gold, 107.86 grams silver, 1.1% copper, 1.19% lead and 6.38% zinc.

Plans call for infill drilling to upgrade the inferred resource to the indicated category (and to NI 43-101 standards), as well as stepout drilling to expand the resource at depth.

The updated resource will then be used as the basis for a revised mine plan, ultimately leading to a reserve estimate for feasibility evaluation.

The stepout phase of drilling will target the area downdip of previous drilling, where the deposit remains open at depth. The deepest hole drilled to date intersected two separate massive sulphide zones and returned 11 metres (true thickness) grading 0.81% copper, 1.15% lead, 8.79% zinc, 0.83 gram gold and 70.51 grams silver, followed by 18 metres grading 1.35 copper, 0.87% lead, 7.29% zinc, 1.95 grams gold and 65.4 grams silver.

The deposit now extends some 850 metres down-plunge from old production stopes to the mineralization intersected by the aforementioned hole. About 160 metres of underground development will be driven to establish drill stations so that the compnay can test the projection of the deposit a further 300 metres downdip.

Based on the geological model and existing drill data, the deposit could potentially continue below its known extent. The company also sees good potential for extending the deposit along strike, and for finding peripheral sulphide lenses.

Redcorp, through wholly owned subsidiary Redfern Resources, has spent more than $27 million advancing Tulsequah Chief to date.