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 Mon Dec 23, 1996
Report Nov-Dec 1996: Kenrich Mining Corp - 1997 Bottom-Fish 100
    Publisher: Kaiser Research Online
    Author: Copyright 1997 John A Kaiser

 Kenrich Mining Corp (KRC-V)

Iss: 22,100,000
Dil: 25,500,000
WC: $500,000
Tel: (800) 322-3311
Story Type: Eskay Creek Exploration
Buy Range: $0.50-$0.75

In 1989 KenTrociuk bought control of Ambergate Exploration and took Kenrich public. Both companies ended up in the Eskay Creek area of northwestern British Columbia where they have spent $7.3 million, of which $3.8 million has been spent on the 83,000 acre Corey block south of Homestake's Eskay creek deposit. In Aug/94 the two companies merged on a 1:1 basis. Getting full title was apparently an ugly story that involves the Supreme Court and two bankrupt juniors, Catear and Big Horn. But the job got done, unlike on much of the ground surrounding Eskay Creek which remains in litigation. One of the key people who worked on Eskay Creek, Jerry Blackwell, joined Kenrich in 1994 to supervise exploration of the Corey project. In March 1996 John Kowalchuk took over as exploration head and has shown himself to be no less enthusiastic than Blackwell. Although work has revealed several mineralized zones such as the TV and Cumberland, these are at best regarded as signposts to something bigger and better. One new showing in 1996 that caught my eye is the HSOV, located in a valley that can be worked all year provided the fog and cloud lets the crews in. HSOV is a massive sulphide system created by black smokers. Although the smoker showings are barren, downstream geochem has yielded polymetallic values which suggest Kenrich's elephant hunt may be closing in on the quarry. Management, which has shown itself adept at promotion and fundraising, still controls about 5 million shares, and currently has the backing of European funds linked to Kjeld Thygesan. Kenrich is good for a seasonal double, and better if it finally gets the discovery hole it needs.

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