The Feb. 14 news release is here--drilling at Margie property:
DIAMOND DRILLING COMMENCES AT
MARGIE GOLD/COPPER PROPERTY
Friday, February 14, 1997
Surrey, British Columbia
Mr. Larry W. Reaugh, President and Chief Executive Officer of Verdstone Gold
Corporation and Molycor Gold Corporation ("the Companies") is pleased to announce
that diamond drilling has commenced on the MARGIE Claims, the Companies most
recent acquisition, some 3 miles northwest of Hope, B.C.
Preparatory work, including a short extension of the existing road needed to provide a
location for the initial drill site, was completed February 8. Diamond drilling started
February 12, plans are to drill to a depth of approximately 600 feet in four holes to
locate the down dip occurrence of a surface showing of sulphide mineralization known
to contain chalcopyrite, pyrite and possible sphalerite. The showing is within an
anomalous area for gold, silver, copper, lead and zinc which is coincident with a
magnetometer low extending over a strike length of 600 feet and open at both ends.
The Companies can each earn 50% undivided interest in the claims through the
expenditure of $100,000 (each). The interests are subject to a 3% N.S.R. Exploration
expenditures must be made within two years.
Currently road building and site preparation is being conducted on the HED -
Moly/Copper Prospect 15 km south of the Crow Rea, Okanagan Property. Previous
work by Anaconda outlined an area measuring 1000 x 325 metres for a drill inferred
geological reserve of 25.35 million tons grading .385% Cu. equivalent.
Molybdenum has been a premier metal over the past two years increasing from $3.25
US/LB to $4.55 US/LB since October 1996.
Results of Diamond Drilling will be reported as they are received.
ON BEHALF OF THE BOARDS
VERDSTONE GOLD CORPORATION and
MOLYCOR GOLD CORPORATION
Larry W. Reaugh
President & Chief Executive Officer
The Vancouver Stock Exchange has neither approved nor disapproved the information
contained herein. |
