Crosshair announced that it began drilling at the Golden Promise Project located 35 kilometers west of Grand Falls. The Project is host to the Jaclyn Zone, a gold mineralized composite vein system which still has room for expansion.
The drilling at the Jaclyn Zone is designed to expand the higher grade portion of the zone and firm up resources to allow incorporation into a 43-101 resource estimate planned for release later this year.
A trenching program is planned to further reveal a mineralized gabbro unit discovered in the southeastern portion of the property. The unit has been showed to have plenty of potential to host bulk minable open pit style gold mineralization.
The trenching program will be the last work program on the Golden Promise Project before the company takes formal steps to roll out Golden Promise, South Golden Promise and Victoria Lake properties into a new public company through a shareholder dividend. The management is expected to call a special shareholder meeting early next year to gain shareholder approval before going forward with the proposed transaction.
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