Heres everything I have got on it. Some relevant and some not. I have not any personal views on the company and do not own any of their shares but as the story goes maybe I should.
Friday, October 25, 1996
Mining juniors mount defence as U.S. promoter charged,
stocks halted
VSE slaps Booker's wrist
By KEITH DAMSELL
Vancouver Bureau The Financial Post
Two Vancouver mining juniors swung into damage control yesterday following revelations that their U.S. promoter has been charged with
securities fraud.
"This is pretty much a mess," said George Heras, director of Highgrade Ventures Ltd. "We're caught in the crossfire . . . and trying to
clear this thing up as soon as we can."
The Vancouver Stock Exchange halted trading in Highgrade on Tuesday and Yukon Gold Corp. on Monday pending clarification of the
company's trading records and promotional activities, said Angela Huxham, the exchange's director of surveillance.
The allegations against Florida promoter Patrick Kephart, 32, mark the second time this month U.S. regulators have cited promoters of
VSE stocks for allegedly bribing brokers.
Daryl Buerge, former chairman of Cam-Net Communications Network Inc., was charged Oct. 10 with securities fraud in a Wall Street
FBI sting operation.
In a civil suit filed earlier this week, the U.S. Securities and Exchange Commission alleges that Kephart and 14 other parties paid more
than $450,000 in bribes to brokers in 1992-93 to boost the shares of six U.S. juniors.
The allegations were vigorously denied by Scott Mijares, a promoter named in the suit who works with Kephart.
"There's no truth to this," Mijares said. "We never had any bank accounts or paid off brokers."
On July 31, Highgrade agreed to pay Kephart and his firm, MarketMedia Inc., $70,000 for U.S. investor relations services. Both Heras
and Mijares claim MarketMedia had yet to begin work on the Highgrade account.
When trading was halted, Highgrade shares (HGV/VSE) were changing hands at $10.15, more than five times the company's 52-week
low of $2. European interest in the stock -- and not share promotion -- is behind the dramatic rise, Heras said.
On Sept. 30, Yukon Gold hired MarketMedia. Despite words to the contrary from the VSE, the company maintains the trade halt was
due to pending drill results.
Both Highgrade and Yukon Gold have ended their business relationship with Kephart and MarketMedia.
Canada NewsWire
Attention Business Editors:
YUKON GOLD CORP. - PROGRESS REPORT: BUDUK GOLD DEPOSIT, KALIMANTAN, INDONESIA
VANCOUVER, Oct. 10 /CNW/ - Yukon Gold Corp. (The ``Company'') has begun
its exploration and drilling programme at the Buduk Gold Deposit in West
Kalimantan, Indonesia. The programme consists of diamond drilling, comprising
about 3,000 metres to test and extend previously identified gold
mineralization, geological mapping, sampling and surveying, auger drill
sampling using a Wacker drill, as well as base map compilation and surveying.
Additionally, a Radarsat survey has been contracted for all three concessions.
Diamond drill hole BKD 96-25, collared 8.0 metres north of drill hole
BKD-18, was spudded on September 28th and drilled to a depth of 178.3 metres.
The hole intersected similar, totally clay altered, and pyritic zones, as
found in the logs of hole BKD-18 (Homestake International 1989) and continued
to core pyritic crystal tuff and fine tuffaceous and volcanic rocks with zones
of relatively intense pyrrhotite and lesser chalcopyrite to a depth of 115.70
metres. Hole BKD-18, drilled by Homestake International in 1989, bottomed at
about 63 metres in 24 metres of mineralization averaging 2.0 gr./tonne gold.
The hole was terminated at that time due to mechanical problems in the hole.
The best mineralization in hole BKD 96-25 was encountered in the
intercalated andesitic unit. Narrow intersections of quartz diorite with
pyrite and trace chalcopyrite were encountered as well as narrow aphanitic
intermediate dykes. Andesite volcanics and volcanoclastics with widespread
sporadic fractures, controlled pyrite-pyrrhotite-chalcopyrite was cored to
159.6 metres whereupon sulphide mineralization diminished intermittently to
the bottom of the hole at 178.3 metres. Average core recovery was 80.4% with
174 samples taken, photographed, and split by core saw. Eighty six samples
were submitted to the lab in East Kalimantan on October 3rd with the balance
now submitted and results expected by the end of October.
PRELIMINARY DRILL LOG: HOLE BKD 96-25
From To
(metres) (metres) Summary Description
----------------------------------------------------------------------
0 13.7 very oxidized hematite/limonite mottled fine
grained ash tuff
13.7 22.7 strongly oxidized moderately clay altered crystal tuff
22.7 34.4 very strongly clay altered crystal tuff, limonite
altered pyrite
34.4 46.21 totally clay altered fine grained tuff
pyrite disseminated 5% up to 10%, some pyrite veining
46.21 63.1 totally altered crystal tuff
5% disseminated euhedral pyrite and trace
chalcopyrite; some almost massive pyrite zones
(equivalent to the 33-63 metre interval in previous
hole no. 18)
63.1 78 fine grained leached white tuff
5% disseminated pyrite
78 91.2 fine grained tuff or sediment
pervasive pyritization as microveinlets (``network'')
91.2 95.05 sub-volcanic intermediate intrusive
3% pyrite as clusters, tr. chalcopyrite and pyrrhotite
95.05 100.25 andesitic volcanic
highly chloritized (plus silicified and sericitized)
6-8% total sulphides, increase of chalcopyrite &
pyrrhotite
100.25 102.65 andesitic dyke, chloritized
wispy & fracture fill pyrite
102.65 111.6 fine grained intermediate volcanic;
igneous texture evident
5% predominantly fracture filling pyrite
111.6 115.7 light grey intrusive (probably quartz diorite)
mafics chloritized; serticitized;
fracture-filled pyrite, tr. chalcopyrite:
total sulphides 1-2%
115.7 159.6 Andesite with wide spread fracture controlled pyrite
and pyrrhotite with occasional chalcopyrite specks.
159.6 178.3 The sulphide specks decrease as from 159m to
virtually none at depth 178.3m. End of hole
The second drill hole, BKD 96-26, was collared 100 metres to the south
and aimed due north at 58 degrees to intersect the sulphide-rich andesites
cored in hole BKD 96-25. As at 5:00pm Thursday, October 09, 1996, hole BKD
96-26 was at 74 metres in depth. The hole is currently in altered and
mineralized andesite with zones of massive pyrite up to two metres in length
similar to that found in the two above captioned holes.
Additionally, 3,980 metres of surveying have been achieved as well as
5,280 metres of ``Wacker'' drilling in 70 drill holes. A total of 50 samples
were taken in an effort to expand the surface oxide gold zone, which currently
stands at 127,000 ounces gold proven and is open on surface in three
directions.
The Vancouver Stock Exchange has neither approved nor disapproved of the
information contained herein.
For further information: Allen W. Achilles, President, (604) 688-2010, toll-free (800) 668-0071, fax (604) 688-2015; e-mail: mineral(at)mineweb.com
09:16e 10-OCT-96
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