Wheaton drilling yields new intercepts

Wheaton River Minerals (TSE) has encountered more gold mineralization at a new zone on the Golden Bear property in northwestern British Columbia.

The Kodiak zone, about 2 km north of the Golden Bear mine, was discovered when a trench was excavated to investigate a splay off the main structure hosting the Golden Bear deposit.

In October, the first hole in an 11-hole program intersected 48.3 metres grading 5.24 grams gold per tonne (T.N.M., Oct.25/93). Since then, 10 more holes have been drilled, all of which encountered significant gold mineralization.

Some of the best intersections include: 7.6 grams gold over 33.45 metres in Hole 93-205; 9 grams gold over 17.85 metres in 93-199; and 7.81 grams gold over 6.1 metres in 93-201.

The mineralization is hosted in a fault containing strongly weathered, red, hematitic gouge, along with silicified, hematite-altered dolomite breccia. Metallurgical testing indicates Kodiak ore is non-refractory and in-house testing indicates the mineralization can be either heap- or vat-leached. A very-low-frequency electromagnetic conductor was identified along-strike to a distance of 350 metres north of the current drilling. This conductor coincides with a previously outlined induced polarization anomaly. Drill-testing of these coincident anomalies will occur later this winter. Meanwhile, a $2.2-million program has begun on the Grizzly zone. The work, which involves driving an 800-metre ramp, will last seven months. To finance exploration of both Grizzly and Kodiak, Wheaton has completed a private placement of 1.5 million special warrants at $3.65 each. In doing so, it hopes to raise $5.5 million.

The Golden Bear mine was acquired from Homestake Mining (TSE) in July through Wheaton’s 85%-owned North American Metals (VSE). Repadre Capital (TSE) holds a royalty interest.