Project operator Cyprus Canada is expected to begin a 5,000-metre drill program on Queenston Resources’ (TSE) Amalgamated Kirkland gold property, near Kirkland Lake, Ont.
In 1994, Cyprus drilled 13 holes totaling 7,168.5 metres to test the updip and plunge extent of the Cyprus zone. Based on this and previous work, Cyprus estimates the zone contains 1.97 million tons grading 0.16 oz. gold per ton, which represents 315,476 contained ounces of gold.
The new program is designed to identify an extension of the Cyprus zone and/or an on-strike or parallel oreshoot.
Cyprus can earn a 70% interest by making semi-annual cash payments, spending $250,000 on exploration every six months, and providing Queenston with a positive feasibility study.
Cyprus must also provide production financing to Queenston, if requested, following the announcement of a production decision.
Last month, Cyprus notified Queenston that it had elected to terminate its option to earn an interest on the Kirkland Lake West property. In 1994, Cyprus drilled five holes which tested the Kirkland Lake main break and a subsidiary gold structure on the Queenston property. The best intersection was 0.083 oz. over 4.9 ft.
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