Inel Resources to start $1-million program

Inel Resources (VSE) owns 50% of the property but can increase this to 100% by spending an additional $2.4 million by 1992. The company recently completed a $1.25 million financing with a Swiss financial institute, enabling it to carry out this season’s program budgeted at $1 million.

According to Gerald Carlson, president, the program will include work to extend the adit about 300 ft to break out within the Main sulphide zone, 6,000 ft of underground drilling to define high grade targets intersected in 1988, and 8,000 ft of surface drilling to test the Discovery, Ridge and Northwest Ridge zones.

Last year the company completed 1,800 ft of underground drifting, 14,000 ft of underground diamond drilling and 6,600 ft of surface drilling, plus extensive prospecting.

Results from last year’s surface program include 2.8 ft of 0.628 oz gold and 7.4 ft of 0.868 oz. Results from underground holes include: 4.2 ft of 0.425 oz; 13.3 ft of 0.770 oz; 2.3 ft of 1.1 oz and 10.1 ft of 0.460 oz gold per ton.

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