FINLAYSON LAKE, Yukon TRUE NORTH GEMS has brokered a private placement with Canaccord Capital to fund its 2003 exploration program at the Regal Ridge emerald project. The placement raised $2.04 million toward the $2.1-million program.
Canada's first emerald discovery was made only five years ago, in August 1998, by geologist William Wengzynowski of Expatriate Resources. It took him only a couple hours to collect a kilogram of emerald and green beryl from the surface. Last November the property was bought from Expatriate by True North, which now owns 100%.
True North bulk sampled the deposit last year. This year's program calls for 1,250 metres of diamond drilling and continued surface trenching. The surface portion is aimed at expanding known emerald-bearing zones and exploring two new areas. Underground work will also be conducted in the form of installing portals and up to 300 metres of lateral development to test three zones.
More information about Regal Ridge and True North's other projects is available at www.truenorthgems.com.