Ventures seeks opportunity in southwestern Alaska

Having terminated its exploration project in Eritrea, East Africa, Ventures Resources (VRS-V) is focusing all of its efforts on Alaska.

The company recently released the first batch of drill results from work carried out by Watts, Griffis & McOuat (WGM) at the Golden Horn, Black Creek and Chicken Mountain projects in the state’s southwestern region.

The 10 holes assayed to date represent about 40% of the planned drilling at the three properties. Results showed only limited mineralization, usually low grade and at depth.

The only high-grade interval was encountered in the first hole, GH-1, which was drilled several hundred feet east of the Golden Horn mine. The hole intercepted 22 ft. of low-grade mineralization (0.018 oz. gold per ton) from 308 to 330 ft. Farther down, the angle hole intersected the Golden Horn vein.

GH-1 and GH-2 were drilled in a scissor-like pattern to determine the dip of the vein. GH-2 failed to intersect the vein.

The high-grade interval from GH-1 measured 27 ft. (from 378 to 405 ft.) grading 0.3 oz. gold. The vein itself measured 1.6 ft. and graded 4.6 oz.

gold. The value was not cut when determining the high-grade interval.

Also at the Golden Horn, hole GH-3 encountered 33 ft. grading 0.085 oz. gold.

And just west of the mine, GG-4 hit 21 ft. grading 0.022 oz. gold; GG-6 hit 10 ft. of 0.086 from 190 to 200 ft., as well as 20 ft. from 365 to 385 ft., grading 0.021 oz. gold. Stepping out to the north on Otter Creek, GG-10 hit 13 ft. grading 0.047 from 277 to 290 ft. and 21 ft. grading 0.034 oz. gold from 329 to 350 ft.

In total, the company has completed 35 holes (totalling 17,000 ft.) at the Flat properties. The 25 holes for which assays are pending were drilled on the Chicken Mountain property.

Mineralization at the properties appears to be associated with shear structures within a Tertiary intrusive complex hosted in Mesozoic graywackes and shales.

The structures cut granitic and gabbroic intrusives, which baked the surrounding sediments to a hornfels. The structures are related to mega-shearing along the Iditarod-Nixon Fork fault to the north.

The Flat-Iditarod area was the site of Alaska’s fourth-largest gold rush, when, in the early part of the century, more than 1.5 million oz. were pulled out of alluvial gravels.

Ventures controls 144 sq. miles of mineral land around Flat, covering the entire district.

The geologic environment at the Flat properties is similar to that of Placer Dome’s (pdg-t) Donlin Creek deposit, to the south. And the surrounding area is still largely unexplored.

Ventures President Greg Sheardown says there are still miles of unclaimed opportunity in this and other parts of Alaska. “I’ve become somewhat of an ambassador for the state,” he says. “I spend much of my time educating people about the possibilities here.”

He admits, “We have no plans to become a producer; our core strength is 25 years of experience exploring in Alaska, and it is this experience that will ensure the greatest return for our shareholders.”

The company has exploration rights to 3 million acres of native mineral lands.

>From 1975 to 1979, WGM evaluated the potential of the mineral lands held by the Doyon native corporation, which, outside of the U.S. government, is the largest landholder in Alaska. WGM did so on behalf of a consortium of oil companies. The consortium later dropped its interest, leaving Doyon with all the data.

In 1995, Ventures was given the opportunity, through WGM, to choose what it considered the most prospective 3 million acres from the Doyon lands.

The package consisted of five different blocks across the state, including: the Flat properties; another 2 million acres in eastern Alaska (the Champion, Veta and Seventy Mile properties), the Wiseman block, north of Fairbanks; and the Tanana block, east of Fairbanks.

Ventures has also picked up additional ground around the Flat area, including property bordering on the Donlin Creek project.