To All,
Even though I've been cautioned against Ambrex, in fairness, here's today's release.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: AMBREX MINING CORPORATION
CANADIAN DEALING NETWORK SYMBOL: AMBX
OCTOBER 1, 1996
Ambrex: Drilling Confirms Discovery of Volcanogenic
Massive Sulphide Deposit at Ambrex's Aripuana Project,
Brazil
TORONTO, ONTARIO--Ambrex Mining Corporation announced today that
two deep drill holes have confirmed the discovery of a rich
massive sulphide deposit containing zinc, lead, copper, silver and
gold on its 49 percent-owned Aripuana property in the state of
Mato Grosso, Brazil. Geological consultants on-site at Aripuana
have confirmed the probability that the discovery is a large
volcanogenic massive sulphide (VMS) measuring over 700 meters in
length and still open along strike and at depth. Drilling and
trenching to date display high-grade zinc with values of gold,
copper, lead and molybdenum.
The current drilling program has intersected thick massive
sulphides in five of the eight holes. The latest two drill hole
results are as follows:
/T/
______________________________________________________________
Hole Depth Thickness Grade
Number (meters) (meters)
from to Zinc Lead Copper Silver Gold
(in percent.) g/t g/t
______________________________________________________________
DDH 07 177.10 183.5 6.4 5.5 0.8 0.38 10 0.31
includes 2.9 11.1 1.0 0.47 13 0.33
DDH 08 129.7 144.2 14.5 10.0 1.3 0.08 36.4 0.20
includes 8.7 13.3 2.0 0.11 51.5 0.31
______________________________________________________________
/T/
As a point of reference, the Bathurst camp in New Brunswick,
according to published geological reports, includes 29 VMS
deposits averaging 8.7 million tonnes and grading an average 5.43
percent zinc, 2.17 percent lead and 0.56 percent copper with
byproduct silver and gold. The biggest deposit in the camp is
Brunswick Mining and Smelting's Brunswick No. 12 Mine with a
reserve of 74.9 million tonnes grading approximately 8.82 percent
zinc and 3.55 percent lead.
President Bill Fisher said he was extremely pleased with the
results and particularly encouraged by the interpretation of the
geological potential noted in a consultant's recent report.
"Results of the work Ambrex has conducted to date strongly suggest
that Ambrex is exploring part of a significant, polymetallic
volcanogenic massive sulphide deposit which may be very large,"
said consultant Steve Enns. "The sulphide intersections in widely
spaced holes (Nos. 6,7,8) indicate a large strike dimension (more
than 700 meters) of significant stratiform (and stringer-type)
mineralization. This by itself is very impressive."
Hole No. 6, which also intercepted mineralization, was drilled 300
meters west of No. 7. Hole No. 8 was collared 350 meters to the
east of No. 7, confirming a total strike length of at least 650
meters. (Another mineralized hole, No. 5, was collared nearly
midway between Nos. 7 and 8.) Surface geochemical sampling and
mapping indicate the total trend on Ambrex ground is 3.1
kilometers long.
The core in Holes 7 and 8 intersected the upper part of the VMS
deposit, where lead and zinc values were predicted to be highest.
Weathered outcrops of both the zinc/lead and gold/copper phases of
the VMS deposit occur on the property surface, suggesting
continuity from surface to be more than 180 meters in depth.
As previously reported, the lower section of the VMS body yielded
the following results:
/T/
________________________________________________________
Hole Number Thickness Gold Copper
(meters) (grams/ton) (percent)
________________________________________________________
DDH 05 2.5 3.6 or 0.12 oz./t 1.0
DDH 06 7.0 2.6 or 0.08 oz./t 1.3
________________________________________________________
/T/
The original Expedito's Pit (6 meters grading 11.8 grams gold per
ton, 1.45 percent copper and 277 grams molybdenum) has been
interpreted to be the VMS feeder zone, which has been sheared and
altered. This confirms that the complete system is a polymetallic,
highly mineralized body. VMS bodies rarely occur singly, and
Ambrex geological staff are interpreting the 3-kilometer strike
length for extensions of the original discovery and other VMS
lenses. Diamond drilling continues.
The structure that Ambrex is exploring completely traverses its
property and passes onto ground both on the west and the southeast
held by Anglo American Corp.'s Brazilian subsidiary, which is in
the third year of a drilling program.
Ambrex is an exploration and development company specializing in
mineral exploration in Brazil. The Company's shares trade on the
Canadian Dealing Network (CDN) under the symbol AMBX.
(This release and a map of the Aripuana area are available on the
Internet at: cdn-news.com).
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Ambrex Mining Corporation
William Fisher
President
(416) 865-9300
or
Hume, Kieran Inc.
Jon Kieran
Investor Relations
(416) 868-1079
Take care,
Larry |
