Sumitomo Metal Mining (95 percent), Sumitomo Corp. (5 percent)

Stone Boy Inc., owned by subsidiaries of Sumitomo Metal Mining (95 percent) and Sumitomo Corp. (5 percent), continues to seek high-grade gold on claims in the area of the Pogo gold mine in Interior Alaska.

The Stone Boy partners have been exploring the larger Pogo district since 1991.

This includes recent drilling on the Monte Cristo property, located roughly 40 miles (65 kilometers) west of Sumitomo Metal Mining's Pogo gold mine, and the Ink claims, situated a few miles southeast of the underground operation.

Under contract with the Stone Boy partners, Pathfinder Mineral Services managed a US$2 million exploration program on the Stone Boy project during 2013 that included 5,623 meters of drilling in 21 holes on these properties; as well as rock and soil sampling.

Roughly US$429,000 of the 2013 program was allocated to ongoing exploration at Monte Cristo.

The Naosi Zone, a gold-silver-antimony prospect within the larger Monte Cristo properties, had previously been one of the primary exploration targets of the Stone Boy project.

In 2011, the partners released results from drilling Naosi, including drill intercepts of 7.8 grams per metric ton gold, 19.7 g/t silver and 0.1 percent antimony over 7.92 meters; and 22.83 meters grading 4.2 g/t gold, 48 g/t silver and 0.17 percent antimony.

Last November, however, Sumitomo Metal Mining and Sumitomo Corp. said they have decided to put exploration at Naosi on hold in favor of other prospects at the Monte Cristo property as well as other properties that make up the district-scale Stone Boy project.

The Ink claims, located about 15 miles (24 kilometers) southeast of Pogo, were the target of the remaining $1.6 million of exploration on the Stone Boy Project.

The program included 4,941 meters of drilling in 12 holes.

In addition to drilling, 787 soil samples and 48 rock samples were collected on the Ink claims during 2013.

Though precise quantities of gold discovered have not been disclosed, assessment reports state that results from the drilling indicate the presence of gold and pathfinder minerals associated with quartz veins cutting fine-grained granodiorite intrusive rocks.

Going forward, the Stone Boy Inc. intends to continue exploration activities in the Stone Boy project in a quest to discover a new gold mine to follow operations at Pogo.

This includes a robust exploration program in 2014.