Company Press Release
Columbia River Resources
Inc. - Ayaco Option Exercised
VANCOUVER, B.C.--(BUSINESS WIRE)--Dec.
13, 1999--Columbia River Resources Inc. (OTCBB:
CRVV - news) is pleased to announce that as of today
the Ayaco (Ghana) Ltd., Tanoso Reconnaissance option has been exercised. By issuing 500,000
shares upon signing and by issuing an additional 500,000 shares in one year, Columbia River
Resources Inc. will earn a 100% interest in the property subject to a 10% carried interest to the
Republic of Ghana and an additional 10% net profits interest to Ayaco Ghana Ltd.
Regional studies within the Tanoso Licence have defined a plus 100ppb gold-in-soil anomaly 2.8
km long and up to 300 metres wide. Additional infill geochemistry along 100m spaced lines with
soil sampling at 25m has confirmed and enhanced further these results. The depth continuity of
the anomaly was verified through the excavation of ten 2 metre square pits into saprolite, which
vary from 1.2 to 4.3 metres deep. These pits verify a very deep weathering profile and that the
gold is associated with quartz veining with pit wall samples returning up to 8.0 g/t. Trenching is
underway to further establish the controls on mineralization.
A ground magnetic survey was completed over the detailed grid and a very close spatial
relationship is observed between magnetic boundaries and the limits of the soil anomaly. These
boundaries appear to be structurally controlled and parallel the Yamfo trend which controls
mineralization immediately southwest of Ayaco. Cross-structures are also interpreted from the
magnetic survey and these compliment a detailed lineament analysis of air photos. The Company
is planning a reverse circulation drilling programme on this target in early 2000.
In addition to the first priority target, detailed structural interpretation demonstrates the
persistence of faulting into granite gneisses a further 15km northeast into the property. This is
tentatively interpreted as feathering of the major Yamfo structure and is coincident with highly
anomalous BLEG (Bulk Leach Extractable Gold) stream geochemistry up to 120ppb gold.
Nigerian Review
Crews have returned from the field in Nigeria where a number of areas containing pegmatite
bodies and swarms have been visited during regional reconnaissance studies. This includes 25
mining sites and over 35 pegmatite occurrences. In these areas, there are a number of sites,
which show considerable promise for significant occurrences of tantalum and related rare earth
mineralization. Thick (up to 50 metres) pegmatite bodies, some up to 300 metres in length, have
been discovered in central Nigeria at Angwan Mallan. The presence of another mined pegmatite
body to the northwest of Angwan Mallan allows the strike length of the pegmatite swarm to be
extended for a distance of up to 5 kilometres. Sites in the Tattara area also show considerable
promise.
Currently, aritisanal mining activities at Tattara, yield 50 kilograms of tantalite/week. In the
Kassada area, in addition to previously known pegmatite bodies, several new pegmatite bodies
have been visited. Some are strongly mineralized in tantalite, yielding results of >400 ppm
Ta2O5, >2000 ppm Sn and 0.4 to 0.5 wt% rubidium. Other promising sites include those
located in the areas of Nassarrawa, Garaku, Wamba and Nikke. At many of the sites in these
areas, both thin and thick pegmatite bodies, with abundant tantalite, occur in close spatial
association with each other. Of particular interest is the Kontagora site in Wamba where the
pegmatite swarm is up to several hundreds of metres in length.
At all sites, the pegmatites are predominantly albitic, with abundant fine- and coarse-grained
tantalite. Minerals occurring in association with the tantalite include; spodumene, beryl,
tourmaline, lepidolite and muscovite. Potential exists for rare metal mineralization (lithium,
rubidium and cesium) at many of the pegmatite occurrences visited. All sites represent very
attractive targets for future detailed exploration, and have the potential to become sites of world
class deposits of tantalum and other rare metals. Further assay results are pending.
For further information on the Yamfo Gold Trend please visit www.moydow.com or
www.normandy.com
ON BEHALF OF COLUMBIA RIVER RESOURCES INC.
Robert Ferguson, President |
