Just recieved this via e-mail. know everyone is anxious about the drilling results:
Mirandor Exploration Inc MIQ
Shares issued 19,409,536 Dec 1 close $0.05
Thu 2 Dec 99 News Release
Mr. Gilles Laverdiere reports
Exploration Mirandor has received the final report concerning the 1999 exploration program on the Railroad project in the Carlin trend of Nevada. Only 22 reverse circulation drill holes and one core hole were completed by
Kinross in 1999. As well, only 910 soil and rock samples were collected for geochem exploration work as compared with 3,449 in 1998. According to Kinross, the project was reduced in scope due to unfavourable gold economics.
Results from the program are as follows:
HOLE AREA DISTANCE FROM TO AU
(feet) (feet) ounce/ton
K99-1 EHR 25 375 400 0.0562
K99-1 EHR 10 445 455 0.0413
K99-2 EHR 10 305 315 0.0293
K99-2 EHR 15 375 390 0.0549
K98-2 EHR 10 650 660 0.0145
K99-3 EHR 20 740 760 0.0178
K98-4 EHR 5 320 325 0.0654
K98-4 EHR 15 800 815 0.0153
K99-5 EHR 20 715 735 0.0158
K99-6 EHR 15 145 160 0.0163
K99-6 EHR 30 320 350 0.0332
K99-6 EHR 40 420 460 0.0237
K99-6 EHR 75 510 585 0.0206
K99-7 BMF 5 585 590 0.0168
K99-7 BMF 30 595 625 0.0245
K99-9 BMF 15 5 20 0.0619
K99-16 BMF 20 335 355 0.0199
K98-17 BMF 55 565 620 0.0211
K99-17 BMF 30 635 665 0.0156
K98-17 BMF 15 705 720 0.0166
K98-17 BMF 15 725 740 0.0204
K99-17 BMF 10 755 765 0.0183
K99-19 BMF 10 610 320 0.0255
The drilling results demonstrate the continuity of gold mineralization and alteration at the Elliot High Ranch area, and low-grade mineralization in the BMF area (Bald Mountain fault). However at BMF, the indicated depth to
possible mineralization is greater then 1,000 feet, generally deeper than drilling to date. At the LT area, only one core hole was carried out to a depth of 925 feet.
A second hole was abandoned at a depth of 88 feet and not reattempted. More holes were planned here, but the program was discontinued due to the unfavourable gold price.
The 1999 program was disappointing in that less then half of the planned field season was completed. Kinross had indicated to Mirandor that it wished to substantially reduce its exploration commitment to the Railroad
project, citing unfavourable gold economics. Mirandor was willing to make certain adjustments but not to the extent requested.
Exploration Mirandor is now reviewing the results and planning a new exploration program. The Railroad project, consisting of some 55 square miles, is centred on the
southern end of the Carlin trend, and lies at the intersection of the NW-SE Carlin trend and the N-S Pinon anticline structure. It is located within a Carlin erosional window exposing at surface favourable lower plate sedimentary rocks.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
