Bitech (ASE) has completed a $200,000 financing and has resumed drilling on two properties. A 500-metre drill program is testing for the northeast extension of the Nugget Pond horizon on the Baie Verte Peninsula in Newfoundland.
The target area is west of the former-producing Tilt Cove copper mine. The Nugget Pond horizon in this area is represented by a pyrite and magnetite-bearing sedimentary unit with geochemical gold values up to 970 parts per billion (ppb) and 3.9 grams silver per tonne (0.11 oz silver per ton).
These values are coincident with a large soil geochemical anomaly with values up to 785 ppb gold and 1,200 parts per million copper. Bitech also says the geophysical response is similar to that over the Nugget Pond deposit. At Nugget Pond, geological reserves total 566,000 tons grading 0.41 oz. gold per ton.
In Quebec, Bitech has started a 1,500-metre drill program on its Tache gold-zinc property near Chibougamau.
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