Formation Capital (TSE) reports encouraging results from seven holes drilled in late 1995 at its Sunshine project in east-central Idaho.
The holes were drilled in the previously untested Sunshine East zone, and formed part of a 67-hole program spanning 32,725 ft.
At least three mineralized horizons were intercepted in the northwest-trending, steeply dipping stratigraphic package. Mineralization is confirmed over a strike length of 800 ft. and to a depth of 400 ft. The zone lies parallel to the Sunshine Lode zone, 800 ft. to the east.
Holes 95-2, 30A and 30B all intersected an upper horizon, returning a selected interval of 7 ft. grading 1% cobalt and 2.77% copper, as well as 0.022 oz. gold per ton, for hole 95-30A. The lower mineralized horizons were intersected by holes 95-5, 30A and 30B, and included a 5-ft. intercept grading 1.26% cobalt, 1.06% copper and 0.048 oz. gold for hole 95-30B.
The potential of the Sunshine East zone is believed by Formation to be similar to that of the Sunshine Lode zone, which, prior to the 1995 program, contained a drill-indicated reserve of 400,000 tons grading 1.1% cobalt, 0.26% copper and 0.025 oz. gold, with an inferred resource estimated at 1 million tons of similar-grade material.
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