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News Release for ARGOSY MINING CORP
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ARGOSY MINING CORP.
VSE SYMBOL: AGO
OCTOBER 29, 1996
Argosy Mining - Phase II Drilling Commences at Kremnica
Gold Project
VANCOUVER, BRITISH COLUMBIA--Argosy is pleased to announce the
receipt of high grade assays on the Kremnica property, Slovakia,
and the commencement of the Phase II diamond drilling program.
Phase I drilling at Kremnica totalled 3,632 metres (11,900 feet)
in 29 drill holes. Assays are now complete for 16 holes, and
partial results are available for an additional eight holes. The
results continue to confirm and expand the known deposit.
The most encouraging results to date are for the holes completed
below the known Sturec deposit. These holes, drilled on 100-metre
centres, have discovered that the deposit continues at depth and
that the grade of the deposit actually increases with depth. The
grade of the overlying deposit averages 1.45 g/t gold and 10.84
g/t silver at a cutoff grade of 0.5 g/t gold. The significant
intercepts in the four holes, calculated at the same cutoff grade,
together with their depth relationship to the known ore above are
described in the following table:
/T/
Depth
Below
Mineralized Interval Gold Silver Previous
Drill Hole From To Length g/t g/t Data
(m) (m) (m)
AS-3.1A 80.0 123.1 43.1 2.51 11.6 37 m
AS-5 158.0 191.2 33.2 4.19 30.6 90 m
AS-6.1A 100.8 125.0 24.2 4.60 32.9 40 m
AS-7 121.3 160.0+ 38.7 3.95 n/a 47 m
/T/
Mine workings were intersected in each of the drill holes, giving
rise to intercepts consisting of a combination of in-place ore and
stope fill. Drilling has not yet been initiated below these
intercepts where the deposit is open to depth.
High-grade mineralization, similar to that mined in the past at
Kremnica, was encountered in each of the above intervals. The
interval in AS-3.1A contains an uncut 1.3 metre long interval
assaying 8.58 g/t gold. The AS-5 interval contains an uncut 1.0
metre interval assaying 67.0 g/t gold. Hole AS-6.1A contains an
interval 1.1 metres long assaying 73.3 g/t gold and AS-7 contains
a 4.3 metre interval in vein material that assays 11.5 g/t gold.
Silver assays and assays for the final part of hole AS-7 are not
yet available.
An additional high grade intercept was encountered 100 metres
north of AS-7 where a 54.5 metre interval of hole AS-5.1.1.A
assays 4.27 g/t gold (silver pending), starting 1.5 metres from
surface.
Phase II drilling is underway at Kremnica. Argosy plans to drill
an additional 20 holes to test the 600 metre (1,500 foot) southern
projection of the Sturec deposit and two targets within the 650 x
300 metre (2,100 x 1,000 foot) Katarina area.
Historically, the Kremnica deposit produced an estimated 1.48
million ounces of gold and 6.7 million ounces of silver. Argosy
controls 11.8 square kilometres within the heart of the Kremnica
district through a joint venture with a Slovak company and has
applied for an exploration license on an additional 16.3 square
kilometres of adjacent land.
Mr. Steven C. Potter, Argosy's head of operations in Slovakia,
stated: "The latest drill intersections represent an exciting
development for the project as the newly discovered high grade
will lift the grade of the entire deposit and drive the economics
of a deeper open pit."
ON BEHALF OF THE BOARD
Yale R. Simpson, President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Argosy Mining Corp.
Yale R. Simpson
President
(604) 689-5529
(604) 689-5079 (FAX)
1-800-851-7423
The Vancouver Stock Exchange has neither approved nor disapproved
the contents of this News Release.
INDUSTRY: PCS
SUBJECT: DRM |
