Vancouver — By agreeing to acquire 6 million more shares, St Andrew Goldfields (SAS-T) aims to hold a 51% equity stake in junior Heritage Explorations (HXL-V).
St Andrew currently holds a 32.4% stake in Heritage and will acquire the additional shares through private transactions with Dolly Varden Resources and Zebrex Holdings. The transactions is expected to close by Dec. 11, 2003.
Heritage holds a large land package in the Eskay Creek mining camp of northern BC. This past Summer, the junior identifed a new mineralized zone on the eastern boundary of the SIB claims. Dubbed Hexagon, the zone was first identified from a regional high-energy stream sediment geochemical sampling program during the Summer 2002. The area is marked by anomalous mercury and elevated silver and arsenic values in a stratigraphic horizon that was not previously considered favorable to host Eskay Creek type mineralization. Heritiage punched 7 drill holes over a 4 km strike length with one hole collared at the northern Hexagon target area hitting patchy sericite pyrite alteration over a 185 metre interval. Gold values yielded up to 1.57 grams gold per tonne over 1 metre.
All 4 holes drilled into the central Hexagon anomaly cut mineralization with gold values yielding up to 1.51 grams gold over 2 metres.
The best results came from the two holes drilled into the southern Hexagon anomaly with gold values ranging up to 8.09 grams over 2 metres.