The first phase of the $250,000 program, expected to take four to six weeks to complete, consists of 5,000 ft of infill drilling on the property’s Spirit zone. It is aimed at determining the extent and continuity of the zone. Previous drilling returned several ore-grade intersections, including one 24-ft intersection that averaged 1.48 oz gold per ton.
The nature of the gold occurrences is nuggety, says President John Hansuld, and emphasis will be placed on determining the structural controls of the gold distribution.
Hansuld says shares from three flow-through financings have been recently “absorbed by the marketplace.” The company is also negotiating a private placement to raise between $1 million and $3 million.
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