Homestake Resource Corp. (CVE:HSR) said Thursday that it has started drilling at its Homestake Ridge project, in Northwestern B.C., and adds more claims to its Kinskuch property.
The Homestake project is located within the
Iskut-Stewart-Kitsault Belt 32 kilometres north-northwest of the
tidewater communities of Alice Arm and Kitsault, B.C. The project
consists of 26 mineral claims containing 151 units and seven crown
The Vancouver-based mineral explorer said core holes
will offset high-grade mineralization discovered back in 2011 at the
South Reef deposit about 800 metres southwest of its silver deposit.
said initial holes will offset three other holes from last year’s
program that tested a 75 metre strike length of a mineralized trend.
year-ago program returned 30 plus grams per tonne (g/t) gold at 260
metres. This includes 30.8 g/t gold at 3.1 metres and 3.3 g/t silver in
an 8.7 metre interval averaging 11.3 g/t gold and 1.6 g/t silver in
drill hole HR11-232.
South Reef is the third largest high grade
gold-silver deposit discovered by Homestake. Mineralization is open at
depth and along a strike length of 3.4 kilometres.
Kinskuch project, the company also announced that it has staked 2,964
hectares of claims in two claim groups, which bolsters the land package
to 62,364 hectares.
Claims were added on the northern margin of the property and cover a portion of the headwaters of the White River.
second group of claims were staked along the southwestern projection of
the Homestake and Dolly Varden mineral trends in the western part of
In addition to the staked claims, Homestake Resources closed a second tranche from a private financing it previously announced.
company sold 10 million units in the non-brokered private placement,
and issued 837,500 non flow through shares for proceeds worth $167,500.
flow-through shares are priced at 20 cents each, and consist of one
common share and one warrant. The purchase warrants enable holders to
buy an extra share for 30 cents for 36 months.
Proceeds from the offering will go toward general working capital and for corporate purposes.
Corp., formerly Bravo Gold Corp., is a Canada-based exploration-stage
company engaged in the acquisition and exploration of mineral
Shares last traded at 25 cents each on the TSX Venture Exchange on Thursday late afternoon.