Bob: Not sure if you have access to recent news, if not, here's some
on LMR... Price has been moving lately, maybe, more news expected to
come?? What if gold is hits $450/oz... then share valuations double?
Is this assumption reasonable??
Mark
Laminco Resources - Continued Drilling Extends Mineralization at Golfo de Oro - California
Zone Larger than Projected - New District Under Evaluation
VANCOUVER, British Columbia--(BUSINESS WIRE)--May 7, 1996-- Laminco Resources Inc. (TSE:LMR) (12g
Exemption 82-3450) reports new drilling results that significantly extend the mineralization at the Golfo de Oro and California
Zones on the San Antonio Project in Eastern Sonora Mexico. New drilling based on a revised geological interpretation of the
host breccia bodies is locating ore grade material in zones deeper than earlier drill holes penetrated.
Core and reverse circulation drill holes in recent weeks along the south and west margins of Golfo continue to expand the
mineralization without defining the limits of the zone. (see attached table 1 and general location map) Significantly, the target
breccia host has been located south of the high angle fault that had once been considered the southern limit of the zone. (see
attached cross section) Three holes to date have penetrated the South Golfo Extension in the upthrown block. Two holes west
of the California Zone and at the "Double A" area show that deeper, flat lying breccias do exist and are mineralized. The
California hole, (R96-164), was drilled to test proposed N-S feeder zones and contained an inhole intercept of 490 feet,
averaging .05 ounces per ton. Three separate sections totaling 60 feet averaged .1 ounces per ton or higher. New information
indicates that this is the same breccia that contains the Golfo de Oro gold zones and that the California area may connect with
the Golfo extension to the north.
Connecting the California and Golfo zones would expand the geologic reserve by several million tons. At the average grade
reported from Golfo de Oro, this area alone could contain an additional 250,000 ounces. With the possibility that the flat lying
breccias underlie much of the area between California and Golfo de Oro and perhaps eastward along the Realito structure, all
the known mineralized areas are open to expansion at depth. Laminco believes the Realito and California trends can develop a
multi-million ounce gold resource, and successful drilling continues in this area to bring this goal to fruition.
Regional exploration on Laminco's Sonora, Mexico properties continues to produce new targets with economic potential. In
the area north of the La Barranca mining district, about 5 miles southwest of San Antonio, geologic reconnaissance and
sampling have disclosed significant gold-copper anomalies in an area called El Sapo. (see attached regional Map) Rock and
roadcut sampling has encountered gold values up to 10 grams (.29 opt) and copper values ranging up to three percent.
Evaluation of this data has defined several targets, and drill pad construction is nearing completion for an initial reverse
circulation drilling program scheduled to begin in May.
Please refer to our March 25, 1996 news release.
Results of ongoing drilling and regional exploration will be announced periodically over the next few weeks. Laminco has
cheduled drilling on its Mexican properties through the summer.
TABLE 1
THE FOLLOWING FOUR HOLES WERE DRILLED IN THE SOUTH GOLFO DE
ORO AREA
Hole Bearing Inclination Total Mineralized
No. degrees Depth Zone
------- ------- ----------- ------ ----------------
C-96-28 N20W -75 867 403.5 to 416.7
C-96-29 N19W -70 953.2 510.8 to 517.0
749.8 to 778.3
C-96-30 vertical 1000 633.6 to 639.4
681.2 to 695
C-96-35 N23W -69 1116 669.25 to 736.78
includes:
704.28 to 724.78
Hole Mineralized Interval Grade
No. Zone (feet) Oz/ton
------- --------------- -------- ------
C-96-28 403.5 to 416.7 13.1 0.088 extends zone
C-96-29 510.8 to 517.0 6.2 0.208 extends zone
749.8 to 778.3 28.5 0.104
C-96-30 633.6 to 639.4 5.8 0.08 extends zone
681.2 to 695 13.8 0.052
C-96-35 669.25 to 736.78 67.53 0.157 extends zone
includes:
704.28 to 724.78 20.5 0.233
THE FOLLOWING IS THE FIRST HOLE IN S GOLFO EXT.
Hole Bearing Inclination Total Mineralized
No. degrees Depth Zone
------- ------- ----------- ------ ----------------
R-96-166 S20E -70 695 495 to 695
Hole Mineralized Interval Grade
No. Zone (feet) Oz/ton
------- --------------- -------- ------
R-96-166 495 to 695 anomalous first hole in
495 to TD S Golfo Ext.
THE FOLLOWING HOLES ARE IN THE WEST GOLFO DE ORO AREA
Hole Bearing Inclination Total Mineralized
No. degrees Depth Zone
------- ------- ----------- ------ ----------------
R-96-162 e -60 575 85 to 145
includes:
95 to 120
R-96-165 vertical 360 115 to 130
295 to 325
R-96-168 S70W -60 560 35 to 45
150 to 220
includes
150 to 175
Hole Mineralized Interval Grade
No. Zone (feet) Oz/ton
------- --------------- -------- ------
R-96-162 85 to 145 60 0.044 extends zone
includes:
95 to 120 25 0.11
R-96-165 115 to 130 15 0.04 extends zone
295 to 325 30 0.04
R-96-168 35 to 45 10 0.06 extends zone
150 to 220 70 0.05
includes:
150 to 175 25 0.1
THE FOLLOWING HOLE IS IN THE DOUBLE A AREA
Hole Bearing Inclination Total Mineralized
No. degrees Depth Zone
------- ------- ----------- ------ ----------------
R-96-163 N20W -70 475 245 to 260
Hole Mineralized Interval Grade
No. Zone (feet) Oz/ton
------- --------------- -------- ------
R-96-163 245 to 260 15 0.078 free gold
THE FOLLOWING HOLE IS IN THE WEST CALIFORNIA AREA
Hole Bearing Inclination Total Mineralized
No. degrees Depth Zone
------- ------- ----------- ------ ----------------
R-96-164 S86W -70 745 170 to 660
includes:
175 to 190
325 to 350
430 to 450
Hole Mineralized Interval Grade
No. Zone (feet) Oz/ton
------- --------------- -------- ------
R-96-164 170 to 660 490 0.05 tests N-S feeder
includes:
175 to 190 15 0.1
325 to 350 25 0.11
430 to 450 20 0.2
NOTE: Location maps available from the Company at the phone number listed above.
CONTACT: Laminco Resources Inc.
Edwin G. Morrow, 604/684-6508; Fax: 604/682-6508 |
