Merger between Hendricks and Everdeen approved

The proposed merger of privately owned Hendricks Minerals Canada and inactive Everdeen Resources has been approved. The new company, which will retain the name “Hendricks Minerals Canada,” will trade on the Canadian Dealing Network.

The corporation owns all of the outstanding common shares in the capital of Hendricks Mining Co. (HMC), which itself owns or leases 39 patented and 74 unpatented mining claims near Boulder, Colo. In addition, HMC has options to acquire another 127 patented and 12 unpatented claims. The total land package comprises 1,000 acres and encompasses all the significant precious metal deposits within the Caribou district, including the Cross gold mine, which HMC bought in 1974.

After rehabilitation and 28,000 ft. of drilling, Cross went on to produce 5,000 oz. gold and 125,000 oz. silver from 27,000 tons of ore. It is underlain by a series of Precambrian gneisses that were intruded by quartz monzonites and gabbros. Mineralization is found as a series of steeply dipping sulphide-rich (galena, sphalerite and pyrite) veins and stockwork mineralization within the monzonites and gneisses. Work by HMC has identified more than 40 vein and stockwork systems.

Drilling was carried out to test for shallow mineralization between surface and the mine workings. Results from 14 of 18 holes suggest the stockwork zone (the previously mined zone) was subeconomic within the first 150 ft. from surface. Below 150 ft., however, infill sampling returned encouraging results. Of the 19 reported results, grades ranged from 0.029 to 0.258 oz. gold per ton over widths ranging from 30.2 to 271.6 ft.

Underground drilling and sampling are being concentrated on the Stockwork zone at a depth between 200 and 700 ft. In addition, surface drilling of 8-10 holes will be completed to test the zone at depths between 800 and 2000 ft.