November 30, 2003 Exploration update: JV drilled five exploration holes totaling 4177 m, ranging in length from 491 to 1163m. Hole KY03-02 (917m) was drilled to further test, at depth, the northwest trending shear zone identified during the 1992 Cogema program and returned the best assays. This hole intersected variable amounts of shearing and weak to moderate sericite and ankerite alteration from 490-660m (northwest shear zone) with several anomalous assays reflecting quartz stringers and local increases in disseminated pyrite. A quartz extension vein at 583.65-548.40m returned 9.27g/t over 0.75m while a weakly altered interval from 407.60-408.35m with pyrite and quartz stringers assayed 6.76g/t over 0.75m. KY03-05 (491m) was also drilled into this shear zone intersecting minor veining with no significant assays results. Graphitic interflow sediments near the collar of the hole returned 1.24g/t over 1.0m. Holes KY03-01 (1163m) and KY03-03 (905m) were drilled to test the source of a gravity low anomaly on the southeast portion of the property, coring only Central Formation volcanics and did not explain the anomaly. Hole KY03-04 (701m) tested for a northeast trending vein system near the northern edge of the property coring only Vipond Formation volcanics with no significant veining or assays.
June 30, 2003 Diamond drilling commenced -up to 3500 m of drilling to depths of 1000m are envisaged for this first phase subject to continued data evaluation. Targets are based on geophysical surveys and follow-up on previous drill results.
In 1998, 7 diamond drill holes totalling 3,954 m and down hole PulseEM surveys were completed. KAY-98-02 intersected a narrow quartz-tourmaline-pyrite vein that contained visible gold and assayed 193 g/t Au over 0.3 m. A major vein system was intersected in KAY-98-01. A 15.1 m interval displayed intense alteration and strong quartz and quartz-carbonate veining with 1 - 5% pyrite/chalcopyrite and weakly anomalous gold values.