I suggest everybody reads this press release again and for newcomers to this thread it will be a good source for information to start DD.
The company already had an estimate of 0.14 oz of gold per ton
in this 8.5% area (which is covering about 500mm tons of rock) of its claims with an extraction rate confirmed by Bateman Eng at about 0.03 oz /ton. Company believes that
they have a uniform distribution of gold in this area and this
drilling program should confirm it. Please take a note that 1 phase
of the program will be completed by the end of the summer.
I understand that company did not want to make any strong public
statement to insure there will be no any involvement of investigation
accompanied with such claims by SEC until
the evidence will be at hand... and that sort of investigation might be very
destructive from the main course of business and bring bad publicity..
but if they right we have .14 * 500,000,000 = 70,000,000 oz of gold
in the ground and possibility of extraction of 15,000,000 oz of gold !!!
and this only on 8.5% of their claims
and yes, this can rival Carlin Trend
And here is the news release:
Friday June 19, 11:31 am Eastern Time
Company Press Release
SOURCE: Intergold Corporation
Intergold Corporation Begins 75,000 Foot Drilling Program
NEWPORT BEACH, Calif., June 19 /PRNewswire/ -- Subsequent to the
completion of additional claims staking, Intergold Corporation (OTC
Bulletin Board: IGCO - news; www.intergoldcorp.com; the Company) will
begin detailed drilling of its Blackhawk property, now that independent
engineers have confirmed the presence of commercially viable gold
mineralization on its Blackhawk Property in the State of Idaho. The
drilling and assay program will begin the process of proving and
detailing of mineralized reserves.
The first phase of drilling will encompass 19,000 lineal feet of drill
cores, drilling each hole to a depth of 500 feet. The holes will be
drilled on 800-foot centers in a grid pattern over an area approximating
6,500 x 2,400 feet, which encompasses an estimated volume equal to 500
million tons. The area represents approximately 8.5% of the entire 331
claimed area. The Company expects to drill a total of 75,000 lineal feet
in three phases, with the first phase due to be completed at the end of
this summer. The cores will be cut in half with half the cores to be
warehoused, and the other half being submitted for assay simultaneously
as drilling is conducted. Assay results will be released on a continuing
basis along with check assay results.
The Company has drilled a total of 10 holes to date to depths ranging
between 200-400 feet, and obtained average gold values of all cores
taken to date of .14 opt. The Company has previously confirmed the
presence of gold on its Blackhawk property through a world recognized
independent Mining Engineering Firm (see May 26, 1998 Press Release).
If results to date continue to be substantiated through Intergold's
detailed drilling program, and based on the Company's estimate of the
project's inherent economies of scale, Intergold's ''Blackhawk Project''
could rival the Carlin microgold discovery in Nevada. The State of
Nevada produced 10% of the world output for gold in 1996, and as a
geographic producing area, the State is the third largest producer in
the world.
SOURCE: Intergold Corporation
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