Viceroy options property

in Yukon mining district

Viceroy Resource (VOY-T) has inked a deal with Eagle Plains Resources (epl-a) and Miner River Resources (MRG-G) whereby it can earn a 70% interest in the 29-claim McQuesten property in the Yukon.

Viceroy must spend $1 million on exploration over four years, make underlying property payments totalling $240,000 over five years and pay $35,000 to each of Eagle Plains and Miner River by the first anniversary of the agreement.

Situated in the Mayo district, the property hosts a broad,

east-west-trending zone of skarn and replacement-style mineralization in a sequence of sedimentary rocks intruded by narrow felsic sills. Eagle Plains and Miner River partially delineated a potential bulk-minable gold resource over a strike length of 500 metres. Highlights of the 1997

reverse-circulation drilling program included 6 metres grading 8.7 grams gold per tonne and 21 metres averaging 2.23 grams.

Trenching by Viceroy shows that the system has a minimum strike length of 2.5 km. Select trenching results included 22 metres averaging 2.23 grams, 25 metres of 1.59 grams, and 10 metres of 1.45 grams.

A major drilling program is planned for the early part of 1998. Preliminary metallurgical tests indicate that the gold should be amenable to low-cost cyanide processing.

Elsewhere in the Yukon, Viceroy has staked additional ground based on work completed during the 1997 regional exploration program. The company holds eight contiguous blocks totalling 1,154 claims. An aggressive exploration program is planned for 1998.

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