Cominco intersects high-grade at Buckhorn

More high grade gold mineralization has been encountered below the West Sinter zone at the Buckhorn mine of Cominco Resources International. The latest results included 165 ft grading 0.8 oz gold per ton (0.26 oz cut) in hole No 110.

At this time, the deposit appears to resemble a classic epithermal model with oxide material at surface and a higher grade feeder system at depth. Indeed, the discovery could well constitute at least a small underground producer for Cominco Resources, which has a 76.4% interest in Buckhorn, and Equinox Resources with 23.6%.

Cominco Resources says that results from hole No 110 were strongly influenced by high grade sections between 450-460 ft which averaged 8.3 oz and the interval from 500-510 ft which ran 2.4 oz. The balance of the 165-ft intersection was consistently mineralized and graded between 0.1-0.2 oz. “The results suggest the high grade zone is open to the north and south, beyond the 200-ft test to date, and to depth,” the company adds.

George D. Tikkanen, president, tells The Northern Miner that two diamond drills are being brought into the property and they should be there this week. Until now the company has employed reverse circulation (rotary percussion) drills which are used extensively in Nevada for evaluating near-surface, low grade oxide gold deposits.

While ideal for this application and cost effective as well, they don’t provide sufficient geological information, which is important for a discovery of this nature. Tikkanen says the section line on which No 110 occurred will be re-tested with a diamond drilling rig. At this juncture they appear to be dealing with a high angle structure on which the width, length and depth are still unknown.

Four holes were previously drilled below the West Sinter zone, one of which (No 80) returned 1.1 oz gold over 55 ft. No 89 graded 0.08 oz across 40 ft and No 91 yielded 0.7 oz over a core length of 30 ft. All these holes were spaced 50 ft apart on a northerly trend. Another hole 50 ft west of No 80 failed to intersect mineralization, the company adds.

Equinox President Ross Beaty is particularly bullish on the discovery. He notes that in these type situations the feeder zone is “separate and distinct and it’s usually the bonanza stuff that is generally narrower but fabulous grade. It’s a classic epithermal case,” he says.

Beaty feels “the chances are excellent for the development of a one-million-oz orebody,” while conceding: “It’s premature to say it will be there but it’s certainly the right system, the right grades, the right signature geologically, and all we can do is hope.”

Vancouver-based Bar Resources was the original owner of the property and it still has a 20% net profits interest. But the company’s agreement with Cominco Ltd. (which inherited the property when it took over Bethlehem Copper and later put it into Cominco Resources) is reported to be a tough one. Indeed, Bar probably won’t receive any income until payback for the mine which incidentally includes a variety of charges.