Prepared by Minexpert of Montreal, the same firm which directed a $2.7-million surface exploration program on the property from September, 1988 and February, 1989, the report also recommends $400,000 be spent on further diamond drilling from surface.
A 700-ft shaft should be collared east of the Bunkhouse/Hooper vein junction, the report says. Underground work on the 600-ft horizon would investigate six different vein systems.
Mineralization on the property is characterized by a high percentage of free gold and values derived from diamond drilling are considered unreliable. Probable and possible reserves are 968,000 tons averaging 0.165 oz gold per ton.
Three bulk samples and 32,803 ft of diamond drilling have been carried out so far. There is an old 350-ft shaft elsewhere on the property but it is far from the veins of interest.
Gold Vessel Resources (ASE) can earn a 44.5% interest in the property by spending $1.4 million and issuing 3.35 million shares by Feb 28, 1990.
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