Wednesday, 25th June 2008 (485 views)

Cabo Drilling Corporation's Pacific division has signed a contract with Seafield Resources.

The contract is for the Cabo Drilling Corporation to drill 3,000 metres at the Elora Gold Project in the Gold Rock Camp, Ontario.

The drilling is to follow up previous exploration by Seafield Resources at the Jubliee Zone. Holes in the earlier drilling showed high-grade visible gold bearing intercepts.

Reports from the zone found 15.3 g/t of gold across 1.3 metres, 14.3 g/t of gold across 5.6 metres and 13.7 g/t of gold across two metres.

At the end of March this year Cabo Drilling Corporation reported a third quarter growth in earnings.

Mr. Versfelt, president and chief executive officer of Cabo Drilling Corporation said: "The growth in revenues can be attributed to record revenues from our international operations and strong growth from our Ontario and Atlantic divisions," according to Fox Business.

 

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