With the successful completion of geochemical and geophysical surveys on the Holberg Inlet property on northern Vancouver Island, Cameco (TSE) is planning a 700-metre drilling program.
Cameco can earn a 60% interest in the property by spending $775,000 and making $90,000 in property payments over a 4-year period.
Prior to the earn-in, the property is owned 82.5% by Hisway Resources (VSE), 12.5% by Silver Drake Resources (VSE), and 5% by Champion Resources (VSE). Hisway reports that strong IP chargeability anomalies correlate well with multi-element soil anomalies in a number of areas. Subcrops and boulders in one area are reported to contain strongly silicified and bleached sediments grading up to 5% sulphides. Prospecting also located several new lead-zinc showings with a number of samples grading over 2.5% zinc with associated gold. The drilling program is expected to be completed before year-end. Hisway has about four million shares outstanding.
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