After drilling the fourth hole of this year’s drilling program, Kennecott opted to suspend drilling operations on the Lockwood property near Everett, Wash.
Kennecott can earn a 51% interest in the property from 65-35 owners Island-Arc Resources (VSE) and Formosa Resources (VSE) by funding the project to a production decision.
The companies met with some success last year, with drilling outlining a new zone of polymetallic massive sulphide mineralization in the hole 8 zone over a strike length of about 630 ft., true widths of up to 42 ft., and grades of up to 2.5% copper, 4.8% zinc, 0.075 oz. gold and 2.17 oz. silver per ton. Additional drilling this year was based on a geological model which assumed the zone was folded into a synclinal structure but the program failed to intersect any significant mineralization.
Further drilling to test an anomaly representing a possible fault offset also failed to intersect the zone.
Kennecott’s fourth and final hole of the recent program tested a new IP anomaly over 1,300 ft. to the northwest of the hole 8 zone but returned no mineralized intersections.
Island-Arc noted that Kennecott is continuing geological mapping on the property and additional drilling may be conducted later in the year.
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