News Release
High grade gold zone discovered at Mineiro
Crystallex International Corporation KRY
Shares issued 16,575,759 Apr 4 close $3.60
Mon 7 Apr 97 News Release
Also Delpet Resources Ltd (DPT)
Mr A. Richard Marshall reports
Positive results have been received from the initial surface program carried out at the Mineiro property in Amapa State, Brazil. The 9600 hectare Mineiro property is a 65%-35% joint venture between Crystallex and Delpet.
Gold mineralization at Mineiro, which was discovered by BP Minerals in the mid-1980s, occurs along a 14km long shear zone which cuts across metatuffs and quartzites of a greenstone belt sequence of the Guyana Shield. BP's work, which included over 6000m of shallow diamond drilling, was concentrated along a 1km segment of the shear zone known as Seta target.
BP's drilling at this locality defined 2.52 million tonnes averaging 3.61 g/t Au to an average vertical depth of 50m.
The initial exploration program, which began in late February, focused on the western extension of the Seta target in a locality known as Mandiocal.
At Mandiocal, local miners had excavated a 300m long pit in sheared and saprolitized metatuffs and subsequently sunk one shallow shaft to intersect mineralization in the hard rock. Systematic chip samples collected by Crystallex geologists along the exposed mineralized zone at the Mandiocal shaft returned values of 123 g/t Au over 0.9m and 81.50 g/t Au over 0.70m.
In addition, grab samples from broken ore returned values as high as 270 g/t Au. Sampling of the wall rocks on either side of the higher grade mineralized zone assayed 1.96 g/t Au over 0.30m and 15.23 g/t Au over 0.40m. All samples were analysed by fire assay/AA finish at the Nomos lab in Rio de Janeiro, reputedly the best assay lab in Brazil. The mineralized zone consists of quartz veinlets and centimetre scale pyrite bands, flanked by intensely sheared, hydrothermally altered and pyritized metatuffs.
Visible gold is commonly found in fractures within the mineralized zone.
Based upon the initial sampling, the target at Mandiocal appears to be a 1.0 to 2.0 metre wide zone with average grades in the 1.0 to 2.0 oz/ton gold range.
As a result of the initial evaluation program, future drilling at the Mineiro property will focus on both lower grade open pittable targets as well as high grade shear hosted deposits. A drill contractor has already been engaged and the initial 2,000m drill program is expected to commence before the end of April.
The final closing of the joint venture transaction between Crystallex (65%) and Delpet (35%) occurred April 4 1997. |
