A 5-hole, second-phase drilling program was recently started up on the Coral Lake gold claims of Founder Resources (VSE) near Beardmore, Ont.
Encouraged by results from the first two holes, Founder has moved its rig west to probe the strongest part of the anomaly. The company will also test strike extensions of the anomaly at greater depths.
Holes No. 1 and 2 intersected trace gold over 145 ft. and 555 ft., respectively. Separate, narrow lenses within the core lengths returned anomalous gold values.
Founder recently purchased a 100% interest in 136 claims in the Beardmore-Geraldton gold camp, increasing the company’s land position along the Paint Lake fault to 8.7 miles.
Founder’s property lies just east of the Brookbank project, where reserves stand at 1.4 million tons grading 0.26 oz. per ton.
The company reports that about 626,000 warrants have been exercised at a price of 60 cents per share. Founder shares recently traded at 75 cents.
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