My broker recently introduced me to this company. He told me that this
company has encouraging drill results, but in the current gold mining
environment, may be taken over by a larger player before the end of
this year. Does anybody have any information about United Tex-Sol
Mines beyond the following recent news release:
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July 17, 1997
UNITED TEX-SOL MINES INC. ANNOUNCES DEEPER DRILL
RESULTS INCLUDE 0.86 OZ/TON OVER 5 METRES
CALGARY, ALBERTA--
United Tex-Sol Mines Inc. (The "Corporation") (ASE - UTX.A) is
pleased to announce further encouraging drill results of the on
going drill program being carried out at its Clavos Gold
Project, located in German and Stock Townships, Timmins,
Ontario.
Holes CN-88 and CN-90 were targeted at intersecting the DL Zone
below the 300 metre level (vertical) to test for down dip
mineralization and continuity of the zone. Specifically hole
CN-88 demonstrated 5 metres of 0.86 oz/ton or 26.7 g/ton. The
encouraging results of these holes demonstrates that the DL
zone extends to the 375 metre (1,220 feet) level (vertical) and
is open in all directions.
Assays were performed on split core utilizing a one assay-ton
portion with all results higher than 5 g/t being re-assayed
using pulp-metallic methods.
Significant Assay Results: The following table represents all
assays greater than 1.0 g/ton. All assays are by fire assay
determination.
HOLE COLLAR ZONE ASSAY WIDTH VERTICAL
g/t oz/t meters feet DEPTH
CN-76 1+80E DL 2.50 0.08 1.5 4.9 242m
4+00S
CN-78 2+40E Sed 4.49 0.144 3.0 9.8 115m
4+00S
DL 3.14 0.100 1.5 4.9 172m
DL 2.33 0.075 3.0 9.8 175m
DL 2.19 0.070 3.0 9.8 205m
CN-79 4+50W DL 1.52 0.049 1.5 4.9 247m
3+25S
CN-82 12+30W DL 3.39 0.109 3.0 9.8 90 m
2+00S
CN-85 4+80W, DL 3.44 0.110 4.0 13.12 202m
3+60S
CN-86 4+20W Trace
3+50S values
CN-87 3+90W DL 3.29 0.105 2.0 6.56 227m
3+50S V.G.
CC-88 3+90N DL 5.02 0.161 26 85.3 372m
3+50S
includes 26.70 0.86 5.0 16.4
V.G.
CN-89 4+50W contact 2.78 0.089 1.5 4.9 156m
3+35S
DL 2.12 0.068 2.0 6.56 190m
CN-90 4+50W DL 5.4 0.174 4.0 13.12 290m
3+35S
DL 2.24 0.072 3.0 9.8 297m
These holes currently are not part of the previously announced
Inferred Resource Calculation of 6,131,41 0 tonnes grading 5.20
g/t at a cut-off of 2.7 g/t.
In light of these results, The Board of Directors of United
Tex-Sol Mines Inc., has approved an additional 4 drill holes,
at 50 metre step-outs, targeting the DL Zone below the 300
metre level (vertical) to demonstrate continuity of gold
mineralization.
Upon the completion of drilling United Tex-Sol will evaluate
the results and formulate the 97/98 exploration program.
United Tex-Sol Mines Inc. is a junior exploration and mining
company with mineral exploration properties in Ontario, Canada
and Nevada, USA. The Corporation will continue on a very
aggressive exploration and evaluation program on its Clavos
property located near Timmins, Ontario and its Battle Mountain
property in Nevada, in the coming months.
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED
THE INFORMATION CONTAINED HEREIN
FOR FURTHER INFORMATION CONTACT:
John M. Rucci Eduard H.Ludwig
Chairman & Director President & CEO
United Tex-Sol Mines Inc. United Tex-Sol Mines Inc.
Suite 1540, 734-7th Avenue S.W. 1340 Delnite Road
Calgary, Alberta T2P 3P8 Timmins, Ontario P4N 7C2
Telephone: (403) 263-3922 Telephone: (705) 268-7682
Facsimile: (403) 269-1700 Facsimile: (705) 268-7682
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