Mining company announces gold find

Posted: Friday, November 03, 2000

FAIRBANKS (AP) -- Owners of a mining claim near Goodpaster say they've got a significant gold find near the Pogo mine site. The announcement came as another mining company announced promising results in test holes near Northway.

Copper Ridge Explorations Inc., owner of the Ogopogo project, hopes the same rich geology that produced the Pogo mine's 5.6 million ounces of gold reserves for Teck Resources and Sumitomo will do the same for them.

''Structurally, we may actually be connected to Pogo,'' said Mark Fields, Copper Ridge's vice president and director. The company, based in Vancouver, Canada, says it's in talks with several major gold companies on possible joint ventures to continue exploration and development.

Samples from Ogopogo indicate up to 123 parts per billion of gold. That's enough to conduct an intensive drilling program, Fields said. The field work was done in August.

''We need to trench and do diamond drilling,'' he said.

The Ogopogo project covers 114 state claims and 8,040 acres on the northern boundary of Pogo.

North Star Exploration Inc. also announced promising results this week from recent assays from test holes near Northway.

The tests showed gold in significant quantities, said Tom Bundtzen, the company's manager of Alaska field operations.

''With one drill hole, we ran into something pretty sweet,'' Bundtzen said.

North Star, a privately funded exploration company based in New York, has an exclusive exploration and development agreement with Doyon Ltd. to evaluate and develop mineral resources on 7 million acres.

North Star collected samples from mid-September through mid-October near Northway Junction, northeast of the Alaska Highway. The claim is called Road Metal.

One ore sample showed gold at 2.865 ounces per ton. By comparison, Fort Knox Gold Mine mills ore at 0.0245 ounces per ton.

North Star is focusing its Alaska exploration program on five areas within the Doyon region, Bundtzen said. The company is looking at claims near Hughes, called the Indian River trend; the Tofty prospect near Manley Hot Springs; Elephant Mountain near Rampart; and Kaiyah prospect near Kaltag, in addition to the Northway work.

Bundtzen said the company is looking for a major mining firm interested in developing the Northway project.



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