Year end results
Shore Gold Inc SGF
Shares issued 10,117,217 Jun 12 close $0.70
Fri 13 Jun 97 Company Review
Messrs Kenneth MacNeill and Gary Billingsley review the company
In May 1996, the company completed a $1.6 million financing that helped
finance first phase exploration programs on three main mineral properties.
In all cases these programs resulted in recommendations for additional work
in 1997.
Foremost is the Fort a la Corne diamond project. Five drill holes were
completed in four targets, intersecting kimberlite in all holes. Analysis
of drill core samples using the caustic fusion method returned diamonds
from each drill hole. Two of the holes averaged over six diamonds per 10kg
of sample.
The next phase of work on the property will include further definition
drilling of the known kimberlite, drilling of additional magnetic targets,
an airborne magnetic survey over land not yet flown, and a bulk sample of
the known kimberlite with the focus on recovering large stones in order to
better determine the economic potential of the property.
A detailed prospecting and sampling program was carried out on the 100%
owned 27,500 acre Virgin River property during the summer and fall. Over
400 samples were taken and the assay results confirmed copper nickel cobalt
anomalies as well as identifying several areas of anomalous gold values.
The anomalous values are evident over at least a 10km strike length.
The next phase of work will include geophysical work, both airborne and on
the ground, detailed prospecting and diamond drilling if warranted.
The Munro Lake property also returned promising results from a trenching
and sampling program on the existing gold showings. The best trenches cut
across at least 15m of shearing with strong shearing over 10m containing
significant gold and copper mineralization. The property is within four
miles of the producing Seabee gold mine, where the mineralization is also
hosted in shear zones.
The next phase of work at Munro Lake will include ground geophysics and
prospecting to extend the shear zone along strike, followed by diamond
drilling. Shore has now exercised its option on the Munro Lake property and
holds a 51% interest in joint venture with Shane Resources.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
