Hello Essam:
Here is news release from Tannihill.
Abitibi Mining Corp. and Sedex Mining Corp. ("Companies") are
pleased to announce encouraging assay results from the December
1996 drill program on their joint ventured Tannahill Project. The
recent program consisted of seven diamond drill holes (T-96-9 to
T-96-15), totaling 1,170 metres. The Tannahill project is situated
approximately 15 kilometres south of Barrick Gold Corporation's
Holt-McDermott Mine, and Battle Mountain Canada Ltd. and Teddy Bear
Valley Mines Limited Holloway Joint Venture (Lightning Zone) Mine.
The purpose of the drill program was to follow up on a recently
discovered gold bearing structure identified by prospecting and
trenching, and intersected in four drill holes (T-96-1, T-96-4,
T-96-6, T-96-8) from previous programs. The best assay result from
the December 1996 drill program was from hole T-96-15 which
intersected 7.02 gm/t (0.205 oz/ton over 12 feet) Au over 3.70
metres Table 1. To date, widely spaced drilling has focused on
evaluating the structure above the 100 metre vertical level and
along a strike length of 250 metres (820 ft.).
Only three holes have tested the zone below the 100 metre level
(T-96-11, T-96-12, T-96-14). The structure remains open along
strike in both directions and open in the down dip direction.
Table 1
From To Width Assays
DDH# metres metres metres ft. gm/t oz/t Remarks
------------------------------------------------------------------
T-96-1 5.70 8.50 2.80 9.20 3.20 0.093 Previous program
------------------------------------------------------------------
T-96-4 90.20 91.30 1.30 4.30 0.34 0.010 Previous program
------------------------------------------------------------------
T-96-6 29.00 32.00 3.00 9.80 2.80 0.082 Previous program
------------------------------------------------------------------
T-96-8 56.50 67.50 11.00 36.10 1.77 0.052 Previous program
------------------------------------------------------------------
T-96-9 94.00 99.00 5.00 16.40 5.16 0.150 December 1996
program
------------------------------------------------------------------
T-96-10 81.00 83.00 2.00 6.60 0.67 0.020 December 1996
program
------------------------------------------------------------------
T-96-11 118.00 123.00 5.00 16.40 4.80 0.140 December 1996
program
------------------------------------------------------------------
T-96-12 172.00 177.00 5.00 16.40 1.77 0.052 December 1996
program
------------------------------------------------------------------
T-96-13 55.00 56.00 1.00 3.30 1.51 0.044 December 1996
program
------------------------------------------------------------------
T-96-14 no faulted off December 1996
zone program
------------------------------------------------------------------
T-96-15 98.80 102.50 3.70 12.10 7.02 0.205 December 1996
program
------------------------------------------------------------------
(T96-2, T96-3, T96-5, drilled elsewhere on the property).
A diamond drill rig is currently being mobilized to the project and
drilling is anticipated to commence by Monday, January 13, 1997.
The focus of the program will be to continue testing this favorable
gold bearing structure at shallow depths (above 100 metre vertical
level), in order to evaluate the open pit potential. One deep hole
(below 300 metre vertical level), will test the down dip extent of
the structure. In addition to the above mentioned drilling, strong
IP geophysical anomalies similar to those associated with the gold
bearing structure and situated 600 metres (2,000 R.) along strike
to the structure will be drill tested.
The Companies are encouraged by the fact that the Tannahill project
contains similar alteration assemblages to other deposits in take
area which have developed into economically viable ore bodies
below the 200 metre (605 ft.) level.
On behalf of the Board of Directors,
ABITIBI MINING CORP.
SEDEX MINING CORP.
(signed)
Victor G. Coulthard
Director
Well, we know that gold is there, it's encouraging that they are mobilizing a drill rig so promptly.
What do you think, and do you expect the stock to see a dollar based on this release?
Thanks in advance
CGreen |
