- Decade Resources (DEC) has begun drilling at its Del Norte Project in British Columbia following the receipt of the necessary permits
- An apex pad has been prepared on the south Nelson glacier, which will test veins and breccias associated with the LG vein
- Drilling will also focus on an indicated zone that may be separate from the LG vein based on interpretations of previously collected data
- The new zone was drilled earlier with two deep holes, which returned significant results
- Decade Resources (DEC) is currently steady at C$0.095 cents per share
Decade Resources (DEC) has begun drilling at its Del Norte Project in British Columbia following the receipt of the necessary permits.
Located 34 kilometres east of Stewart, the Del Norte Project covers 5,830.16 hectares with 13 separate claims, and was optioned from Teuton Resources in January this year.
Under the terms of the deal with Teuton, Decade may earn up to a 55 per cent interest in the property by making a total cash payment of $400,000 over a four-year period.
The company will also issue 800,000 common shares upon closing of the agreement, along with a further $180,000 in common shares over four years. Finally, Decade is required to assume $4 million in exploration expenses over a period of five years.
A further 20 per cent interest in the project may also be acquired by entering it into commercial production.
Decade Resources has prepared an apex pad on the southern portion of the Nelson glacier, which will test veins and breccias associated with the LG vein. A number of other drill holes will test a zone of mineralisation that may be separate from the main LG zone based on new interpretations of previous data.
This zone was drilled earlier with two deep holes in 2004 and 2005, which returned significant results. These include 8.6 metres at 3.02 grams per tonne of gold and 270.5 grams per tonne of silver, as well as 15.54 metres at 6.47 grams per tonne of gold and 346.02 grams per tonne of silver.
The current program is funded by a private placement completed in early July, in which the company raised C$1.2 million with a $500,000 participation from precious metals investor Eric Sprott.
Decade Resources (DEC) is currently steady at 9.5 cents per share at 10:51am EDT.