Proceeds from a $1-million private placement will be used by Booker Gold Explorations (VSE) to continue drilling through the winter at its Hearne Hill copper-gold project, 65 km northeast of Smithers, B.C.
A single rig is testing a high-grade, hydrothermal, breccia zone within a low-grade, stockwork porphyry. The porphyry has an indicated and inferred resource estimated at 60 million tonnes grading 0.16% copper and 0.1 gram gold per tonne.
Drilling has extended the breccia zone over a 150-metre width in an east-west direction. The latest results are from hole 95-23, which was drilled at a 60 angle and encountered significant mineralization from a depth of 450 ft. to the bottom of the hole, at 1,142 ft.
An intersection of 686 ft. averages 0.45% copper, 0.18 gram gold and 1.56 grams silver. Several higher-grade intervals within the 686 ft. include: 75 ft. of 0.91% copper, 0.15 gram gold and 2.25 grams silver; 26.5 ft. of 2.15% copper, 0.61 gram gold and 5.66 grams silver; and 40 ft. of 0.93% copper, 0.31 gram gold and 5.51 grams silver.
The high-grade breccia zone lies 380 metres south of the original Chapman breccia zone, which, according to a previous estimate, contains 180,000 tonnes averaging 1.74% copper and 0.9 gram gold.
The company intends to determine the relationship between the two zones by carrying out infill drilling at depth.
Booker has increased its land position in the Hearne Hill area of Babine Lake with additional staking. It now hold 65 claims comprising 18,525 acres.
On a fully diluted basis, Booker Gold has 7.3 million shares outstanding. A second private placement is in the works, which is expected to raise an additional $2 million.