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News Release: April 19th, 2002
Report
on Drilling Project
The 2002 diamond drill program on the Company's Elk property is well under way with 2600 metres completed
in sixteen NQ holes. The Elk claims are located in the Okanagan
area of Southern British Columbia and include the Siwash Gold
Mine which produced 51,460 ounces of gold from 18,190 tons of
quartz vein ore extracted from open pit and underground mine
workings in the mid 1990's from the B vein system.. This year's
4500 metre drill program is testing the WD vein system, the Deep
B shoot, the Gold Creek West vein and the Bullion Creek structure.
The WD vein is located 200m north of the B
vein system, and has an inferred resource of 29,130 ounces of
gold at a grade of 1.252 oz/t in 23,260 tons. In the current
drill program, the continuity of the WD vein was tested with
fifty metre step-outs to the south and east. All holes intersected
the vein near the projected depth and will result in an increase
of the resource. Hole 311 returned 0.561 oz/t gold over a true
width interval of 2.15 metres indicating good continuity of the
structure and mineralization to depth. This is the deepest hole
on this structure to date.
Two holes were drilled into the Bullion Creek
structure, located 700m north of the B vein, to test a zone of
hydrothermal alteration. Strongly altered granodiorite was intersected
in both holes and narrow pyritic quartz veins returned an assay
of 0.103 oz/t gold over a true width of 1.0 metres. The presence
of gold mineralization in Bullion Creek zone establishes good
potential for other high-grade shoots.
The Gold Creek West vein, 400m southwest of
the mine site, was tested by nine drill holes in 1996 and 2000
and shows continuity of structure and mineralization over a strike
length of 190 metres. Four holes drilled, during the current
drill program intersected the vein at the projected locations
and have extended its continuity a further 100m to the west.
Results are pending.
The DeepB shoot on the B vein system is located
immediately below the existing mine workings and can be accessed
by extending the existing decline approximately 600m. It contains
an inferred resource of 35,600 oz Au in 12,200 tons grading 2.925
oz/t. Four perimeter holes seeking to extend the Deep B shoot
down-plunge have been completed. Results from three (SND02317,
18, 19) have been returned and are listed in the table below.
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