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The latest new release, anyone own this???
<h2>Madison Enterprises Corp - News Release
</h2><h2>Papua New Guinea; drilling at Mt Kare project very slow</h2><p>
<tr><td>Shares issued 6209925<td align=right>1997-03-07 close $5.2</td></tr>
<tr><td>Friday Mar 7 1997<td align=right>News Release</td></tr>
s Nell Dragovan reports
The Mt Kare property is contiguous to the Porgera Mine property, which is one of the largest
producing gold mines in the world (average annual production of one million ounces gold per
year over the last six years), and where current reserves and resources including past production
total in excess of 24 million ounces of gold. The various styles of mineralization identified at
both Porgera and Mt Kare are very similar in
geologic setting, age, mineralization and structural controls. THe company's geologic
interpretation of Mt Kare indicates the potential existence of a gold deposit of similar scope and
style to that found
at Porgera.
The progress of the company's drilling program, although much slower than initially anticipated,
has just now accelerated with the commencement of drilling by Falcon Drilling of Prince George,
BC, in late February. To date, the company has completed seven holes, totalling 1,100 metres,
testing two sites in areas where limited prior drilling and significant past (1987-1990) and
present alluvial/colluvial gold panning activity have taken place. Field descriptions indicate that
all holes completed display good continuity and predictability and have successfully intersected
favourably altered and mineralized stratigraphy generally near the depths anticipated by
Madison. In addition to the sulphide mineralization, each hole has intersected at least one
occurrence of visible gold, With some holes containing multiple occurrences.
Concurrent with the diamond drilling, the company has started a detailed geologic and structural
mapping, surface trenching and auger geochemical sampling program over the area of primary
interest. This work, in conjunction with drilling data, is enhancing the company's understanding
of both large-scale and small-scale controls on the mineralization. One highlight from the
company's geologic mapping is the confirmation of the field location of CRA's roscoellite trench
(where the average
from eleven CRA grab samples returned 182 g/t gold and 1,170 g/t silver) and the confirmation
that two previous drill holes completed by CRA (planned to test the CRA roscoellite trench) had
limited chance of intersecting this mineralization, as the drill holes were oriented parallel to the
quartz-roscoellite trend. Field evaluation of scattered exposure here has identified an area of
quartz-roscoellite in excess of 50 by 150 metres in extent. Sample results from this quartz-
roscoellite outcropping returned up to 58.1 g/t gold and 1900 g/t silver. The company is presently
preparing drill pads to appropriately test the quartz-roscoellite-gold mineralization in this area
and its continuity.
The following listing outlines some of the new surface grab and chip channel sample results
obtained from five of the ten mineralized zones identified to date within the large 1.1km by
1.6km gold geochemical anomaly where the company's present drilling is focused.
Zone Sample Type Au Ag
No. (g/t) (g/t)
----- ------- ----- ----- -----
Red 173958 Grab 2.4 56
Red 173959 0.5m* 6.3 11
Green 173043 Grab 10.4 11
Green 173050 1.3m* 4.9 17
Yellow 173998 3.0m* 3.7 49
Yellow 173996 3.0m* 13.0 32
Zone Sample Type Au Ag
No. (g/t) (g/t)
----- ------- ----- ----- -----
Purple 173014 2.5m* 3.4 42
Purple 173009 Grab 13.5 120
Roscoe. 173987 Grab 38.9 270
Roscoe. 173982 Grab 58.1 670
Roscoe. 173055 1.5m* 2.7 1000
Roscoe. 173061 1.5m* 5.4 1900
*Chip channel sample
In addition, the company's regional auger-soil sampling program has extended (by some 2.5km
to the northeast) the 1.6km multi-element geochemical anomaly at Mt Kare, where drilling and
trenching is currently underway. Included within this extended trend is a distinct gold
geochemical anomaly, measuring a minimum of 300 by 1300 metres, containing peak auger
soil values of 60.0 g/t and 210.0 g/t gold. This anomaly is 2.0 kms to the northeast of present
drilling. In addition, preliminary interpretation of the Aerodat airborne magnetic and radiometric
survey has outlined favourable targets for follow-up evaluation. Compilation of the various types
of available information (geological, geochemical, geophysical, structural) suggests a very
strong
correlation between old and new drilling information, surface geochemical trends, magnetic
anomalies, intrusives, regional structure, as well as former and current colluvial mining activity
(where in excess of one million ounces of gold was produced over a 2-1/2 year period from 1988
to 1990) all localized within the one by six km area of primary interest.
Due to the slow drilling progress between November and late February, and the six week delay
in the arrival of the Canadian drill rigs, the company is not able to provide results for a
representative grouping of holes from various target zones, as was originally expected at this
time. The company is confident that drilling production will improve greatly in the future, with
drilling results available for upcoming batch releases at regular intervals - approximately six
weeks to two months. The first drilling results, representing four target zones, should be
available for mid-April.
<tr><td colspan=2>(c) Copyright 1997 Canjex Publishing Ltd. canada-
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