Silver Stream acquires 5,000m of diamond drill core in Ontario

2 February 2014 (Last Updated February 2nd, 2014 18:30)

Silver Stream Mining has acquired 5,000m of Solomon Pillars gold property diamond drill core stored in Copper Cliff, Ontario.

Silver Stream Mining has acquired 5,000m of Solomon Pillars gold property diamond drill core stored in Copper Cliff, Ontario.

Located within the southern metasedimentary sub-belt of the Beardmore-Geraldton Greenstone belt, the BQ and NQ-sized drill core is from 30 diamond drill holes completed by Canadian Nickel during the mid 1980s, operating on behalf of a Canico, Pronto Explorations joint venture.

The holes tested the main and western mineralised zones identified by Canico and will contribute significantly to exploration work being planned by Silver Stream for this year and the next.

The drill core is owned by Sage Gold and comprises 418.1ha with 22 leased and four staked claims.

The all-up cost to re-drill these holes at current prices for an NQ-sized core is between $700,000 and $750,000, which represents a substantial saving for Silver Stream.

Future plans include the review and re-sampling of the core, as required during this winter.

In October 2013, Silver Stream signed an option agreement with Sage Gold, under which Silver Stream may earn up to an 80% undivided interest in the property that has been the focus of significant exploration and development work.

In 1935, a three-compartment shaft was installed to a depth of 91.4m with two levels developed at 45m and 84m depth.

A mine dump was also established next to the shaft. However, three mineralised zones were reported from drilling by Canico between 1969 and 1988, which resulted in a company calculated resource in 1986 from the main and west zones.

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