Patrician Goldmines seems to be a great repeat K-'bottomfish' to play
Ghana.
I was surprised there wasn't a group already started. Less than 10mil
share OS, I believe. The stock is at a year low so it surely doesn't
have much downside!
Check out their website at:
goldcorner.com
Here's their quote and chart courtesy of magnanimous Stockwatch:
chart.canada-stockwatch.com
Has anybody seen this PXX news release that came out today (after
close)? I'll post it and watch for your comments. (I'm a shareholder)
I read it as "keep your eye on me" - here it is:
------------
GOASO RESULTS ENCOURAGING
ORLEANS, Ontario, March 31 /CNW/ - Patrician Gold Mines Ltd.
(``Patrician'') has recently completed an 18 hole auger drilling programme on
a 2km long gold soil anomaly on its Goaso property in southwestern Ghana.
Results are encouraging for this stage of exploration. Two section lines of
nine holes each were completed at either end of the anomaly. Hole spacing was
50m apart and the average hole depth was 12m. Higher assay values and the
amount of quartz found in the laterite are directly proportional to the
strength of the gold in soils from the surface sampling programme. Several
holes were abandoned prematurely as they could not penetrate quartz veins at
depth. In one section, a 200m long quartz train is traceable through the
lateritic profile on the down slope side of the indicated source of the
mineralization. Anomalous gold value in quartz-bearing laterite is suspected
to be originating from a narrow vein, lode gold style of mineralization.
Hole spacing is still too broad to accurately pin point the source of the
mineralization. As the augering system is not designed for penetrating quartz
veins in saprolite, the true indication of actual grade potential has not been
established. Anomalous gold values received to date range from 0.86 to 0.27
g/t gold. Gold values are higher as the suspected source of the
mineralization is approached.
Auger drilling starts again this week which will entail pin pointing the
source of the indicated quartz vein mineralization by tighter auger hole
spacing, plus test the remainder of the soil anomaly at 100 to 200m line
intervals. Additional geological and mineralization information will be
gleaned from surface trenching.
HOMASI
A soil sampling programme to complete sampling on a 100 x 50m grid
interval will be finished in May.
PRIVATE PLACEMENT
Subject to regulatory approval, Patrician has completed a $150,000
private placement of 465,750 units at $0.32 per unit. Each unit consists of
one common share and one common share purchase warrant. The warrant exercise
price is $0.32 and the expiry date is 30 June 1998. The placement was with
China Clipper Gold Mines Ltd., which will own, after this placement, 843,750
common shares and 843,750 warrants for a 12.5% ownership (fully diluted) in
Patrician. The proceeds will be used to complete the auger bit drilling
programme on Goaso, and the sampling programme on Homasi.
The Alberta stock Exchange has neither approved nor disapproved of the
information contained herein.
-0- 03/31/97
For further information: Robin B. Dow, HBA, MBA, FCSI, President, Orleans, ON,
Phone: (613) 834-7708, Fax: (613) 834-7827, or Mike Schuss, V.P. Special
Projects, Vancouver, B.C., Phone: (604) 608-6988
--------------------------------------------------------------------------
Release sent courtesy of Canada NewsWire Portfolio Email. |
