Mon Feb 8, 1999
NR 99-2 Drill Results - Uchcumachay, Peru
Barrick Gold Corporation, Queenstake's joint venture partner on the Uchcumachay property, has advised the Company of drill results on their initial program described in news Release 98-9 (November 26, 1998).
Barrick completed 9 reverse circulation holes ranging from 128 to 300 meters for a total of 2,121 meters drilled. Holes were sited to intersect gold targets defined by geochemistry, alteration, and structure along a + 2 km long high sulfidation epithermal system.
Although strong alteration features were intersected, gold assay results were disappointing in that only a few intervals have greater than 0.1 gram per tonne gold (100 ppb), the highest being 0.232 gram per tonne, as noted on the table.
Hole Azimuth Dip Length Interval Comments
Number (degrees) (meters) From To
UCH-03 90 70 248 No significant
results ("NSR")
UCH-04 110 70 300 Best result,
161 ppb/2 meters
UCH-06 105 70 270 116 120 Best result,
232 ppb/6 meters
UCH-07 300 70 280 182 186 Best result,
110 ppb/4 meters
UCH-10 175 70 171 NSR
UCH-11 220 65 234 NSR
UCH-12 220 70 280 NSR
UCH-14 165 70 210 Best result,
100 ppb/2 meters
UCH-18a 180 70 128 NSR
A full report from Barrick is expected shortly. Queenstake has not yet been advised whether Barrick intends to continue to fund the joint venture at Uchcumachay or whether more holes will be drilled; they have met their first year's requirement to drill 1,000 meters on the property.
/s/ James Mancuso
James Mancuso
President and Chief Executive Officer
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