Moss and Barrick plan to drill Koval property in Ontario

An 8-to-10-hole drill program is ready to begin on the Koval gold property in the Pickle Lake area of northwestern Ontario.

Under an agreement between Barrick Gold (TSE) and Moss Resources (TSE), the latter can earn a half interest in the property by spending $600,000 on exploration over four years.

Reserves are reported to exceed 470,000 tons averaging 0.17 oz. gold per ton.

The drilling will test for extensions of several gold zones, including the down-plunge projections of the D and E zones.

Earlier drilling of the E zone intersected an interval averaging 0.176 oz. over 30 ft. at a vertical depth of 100 ft. This zone included a narrower intercept which averaged 0.367 oz. over 12.7 ft.

Two intervals were cut in the D zone, the first of which was 25 ft. below surface and averaged 0.347 oz. gold over 13.6 ft. The second interval was 125 ft. below surface and averaged 0.2 oz. over 8 ft.