Trenching on the Newton property southwest of Williams Lake, B.C., returned a number of gold values for joint venture partners Verdstone Gold (VSE) and Rea Gold (TSE).
The property is about 24 miles north of the Fish Lake deposit owned by Taseko Mines and Cominco Ltd.
Verdstone, operator of the joint venture, recently completed 5,715 ft. of trenching over an area measuring 3,500×3,500 ft.
Chip samples, taken on 6-ft. intervals returned values ranging from 39 ft. grading 0.007 oz. gold per ton, up to 26 ft. grading 0.031 oz. gold. The longest interval graded 0.025 oz. gold over 158 ft.
The companies report anomalous background readings in gold and copper were encountered in most of the trenches. The best result for copper is 256 ft. grading 0.10% copper in trench 91-13.
Larry Reaugh, president of Verdstone, noted that the top 90 ft. of the property is oxidized and therefore much of any copper mineralization on surface will have leached away.
A report is now in progress to recommend drilling locations for a program this winter.
Verdstone completed a statement of material facts in order to raise funds for drilling, and Reaugh expects to begin work on the property by mid-March. Reaugh expects the public issue will raise over $200,000 through a unit offering. The units have not been priced but will include a share plus two share-purchase warrants.
The company is also looking at raising up to $200,000 through private placements.
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