A $1.2-million drill program totalling 18,000 ft. has started on the Sulphurets property, owned 60% by Newhawk Gold Mines (TSE) and 40% by Granduc Mines (TSE). The program is designed to test the down-plunge of the West zone below the level of established reserves and extend the R-8 zone reserves to the south.
The Sulphurets property, north of Stewart, B.C., was the subject of a feasibility study completed by Cominco Engineering in March. No details of the study were released and the partners engaged Corona (TSE), which owns about 40% of Newhawk’s share capital, to optimize the project and complete a bankable feasibility study. Newhawk anticipates that the study will be completed by the end of August.
Don McLeod, president of Newhawk, said the drilling program was designed to increase reserves and was not directly connected to the ongoing feasibility study.
Drilling is scheduled to be completed by the end of June, and the company expects the first assay results will be released within three weeks.
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