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Royal is operator the project, in which it holds a half-interest. Vancouver-based
Drilling began in August 1998, since which time Royal has tested six targets by completing 60 reverse-circulation holes.
Gold mineralization was encountered in the East Amethyst and Amethyst Ridge zones, which host epithermal quartz veins and stockwork zones in a rhyolitic volcanic-intrusive complex on the southwestern portion of Milos island.
In East Amethyst, hole 17 cut 30 ft. grading 2 oz. gold per ton (uncut) at a depth of 180 ft. Included in that interval was a 10-ft. zone of 5.2 oz. gold.
Hole 37, drilled at an angle from the northeastern part of East Amethyst, returned 90 ft. of 0.66 oz. gold, including 20 ft. of 1.5 oz. starting at a depth of 60 ft. From the same drill pad.
Hole 36, drilled eastward at an angle near the surface, hit 50 ft. of 0.28 oz. per ton, including 15 ft. of 0.6 oz.
Hole 20, drilled at an angle underneath hole 37, encountered 15 ft. grading 0.43 oz. gold at a depth of 70 ft., including 5 ft. of 1.2 oz. per ton.
At Amethyst Ridge, the drilling encountered 80 ft. of lower-grade mineralization from hole 8 grading 0.03 oz. per ton. The angle hole was drilled westward, with mineralization starting at a depth of 200 ft. Hole 6, drilled to the northeast from the same pad, cut 50 ft. of 0.027 oz. gold starting at 65 ft., followed by another 50-ft. zone grading 0.02 oz. starting at 130 ft.
Hole 44, drilled about 30 ft. from hole 6, hit 50 ft. of 0.08 oz. gold.
A second, 40,000-ft. phase of drilling will include infill work at Amethyst Ridge and East Amethyst. Royal also plans to drill 6,000 ft. at the Mavro Vouni prospect, southwest of the Amethyst zones.
A resource estimate for the project could be available in March. Royal can earn its half-interest by spending US$5 million over three years.
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