Skeena doubles drilling at Snip
Last updated 6/26/2016 at Noon
Skeena Resources Ltd. June 20 posted a 2016 budget of C$2.5 million to fund a 6,000-meter drill program at its recently acquired Snip gold property.
This is double the drilling originally planned for this historic Golden Triangle property.
In March, Skeena reported that it had entered into an option to acquire 100 percent interest in the property that hosts the past-producing Snip Gold Mine from Barrick Gold Corp. A budget of C$2.5 million for the 6,000 meters of drilling has been approved.
Walter Coles Jr., president and CEO of Skeena commented, "The ongoing compilation of Barrick Gold Corp.'s comprehensive database of historic exploration reports and operational mine information, as well as the overwhelming amount of investor interest in the Snip project has led to the expanded drill plans and overall budget," explained Skeena President and CEO Walter Coles Jr.
In addition to expanded exploration at Snip, Skeena reported positive preliminary metallurgical test results from its Spectrum project, also located in the Golden Triangle region of northwestern British Columbia.
The company said flotation test results on porphyry gold-copper mineralization indicate that recoveries in excess of 90 percent for gold and 85 percent for copper are achievable from average grade material.
Recoveries are consistent with the results of a mineralogical study that shows the gold to be free and very fine-grained.
Skeena plans to conduct a second phase of metallurgical tests on samples selected to cover the range of anticipated gold and copper grades.
Geological and ground geophysical surveys began at Spectrum in early June, and drilling is expected to begin in July.