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Gold/Mining/Energy : International Gold Corp (IGCO)
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To: ozzi who wrote (168)10/4/1998 9:29:00 AM
From: Semyon Kuretsky  Read Replies (1) of 405
 
IGCO received $5,000,000 to finance current three phase drilling program covering
total of 75,000 linear feet ( 3759 mm tons of core..) See news release
We are in the first phase which is covering 19,000 linear feet and estimated 500mm tons of
core.
If first phase can prove that distribution of gold is uniform throughout the entire area
(0.14 oz/ton ) we have a potential winner with a gold class deposit in the U.S.
First phase potential is 70,000,000 oz of proven gold ! and this is only 13.3% of the
entire 75,000 linear feet drilling program.
It would be nice to know what they have at this point but I do not think we will see any releases until results will be proven in the independent lab.. I believe, IGCO has two independent labs
to confirm results. And again the first phase was planned to drill 500 feet deep holes with a 800 feet center to cover 500mm tons of core. When each of these 500 feet holes is success there
should be additional drilling: filling holes to prove reserve. IGCO is drilling filling holes around
first 7 holes (3500 linear feet).
The most encouraging news for me at this point: filling drilling. IGCO would not spent time
and money if the first 7 holes core drilling would not be good.. don't you think so?
Good luck to all,
Sam


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