Kenai Resources Confirms High Grade Gold Zones at Sao Chico; Shrs Near Yr Lows
Kenai Resources Ltd. (KAI.V), which has been trading near a year low of 8 cents, provided an update on drilling at the Sao Chico gold project in north central Brazil. It said High grade gold assay results have been received from the independent lab for four core holes. Two strongly mineralized gold zones have been encountered from the results of 16 core holes that have now been completed over a strike length of 500 meters, for a total of approximately 2,200 meters so far drilled in the first phase 3,000 meter program. Sulphides have been encountered to a downhole depth so far of 186 meters or 158 vertical meters. Mineralization is open at depth and along strike.
It said the initial exploration target is for a potential high grade deposit in the range of 1.1 million to 2.2 million tonnes.
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