DW: News Release, great interceptions:
NEW HIGH GRADE GOLD ZONE ENCOUNTERED AT LA LIBERTAD
TORONTO, June 9 /CNW/ - Exploration drilling at Greenstone's 100% owned
La Libertad project in Nicaragua has identified a new high-grade gold zone
named Santa Elena. The first nine drill holes into this new zone had a weighed
average (uncut) intercept of 16 metres at 15.4 grams of gold per tonne. The
last of these nine holes, SE98-9, intersected 16.5 metres at 91.4 grams of
gold per tonne, including 4.5 metres at 315.9 grams of gold per tonne.
Santa Elena is situated immediately northeast of Crimea, and is currently
outside of Greenstone's contemplated ''super-pit'' area. Santa Elena was
identified initially by ground geophysics which are being used to identify
''blind targets'' between the north and south legs of the super pit, as well
as additional strike extensions and offsets of drilled off structures. The
initial nine holes into Santa Elena have confirmed at least 250 metres of
strike length to date, and the structure is open to the northeast and at
depth.
Results of Santa Elena drilling are as follows:
<<
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SANTA ELENA ZONE
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Drill Hole No. Intercept Interval Average Grade
(metres) (metres) Grams Au per tonne
------------------------------------------------------------
SE98-1 64.5 - 70.5 6.0 2.2
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97.5 - 114.0 16.5 8.4
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Incl. 100.5 - 105.0 4.5 18.6
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SE98-2 45.0 - 48.0 3.0 17.9
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102.0 - 117.0 15.0 2.4
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SE98-3 58.5 - 64.5 6.0 7.2
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SE98-4 55.5 - 67.5 12.0 4.1
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Incl. 58.5 - 61.5 3.0 10.1
------------------------------------------------------------
SE98-5 27.0 - 33.0 6.0 1.0
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49.5 - 55.5 6.0 1.4
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111.0 - 114.0 3.0 21.8
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136.5 - 139.5 3.0 4.5
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181.5 - 190.5 9.0 1.2
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SE98-6 27.0 - 30.0 3.0 4.1
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234.0 - 240.0 6.0 1.5
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SE98-7 15.0 - 18.0 3.0 1.8
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63.0 - 66.0 3.0 3.6
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73.5 - 88.5 15.0 11.1
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Incl. 81.0 - 84.0 3.0 49.0
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SE98-8 130.5 - 133.5 3.0 10.1
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205.5 - 208.5 3.0 10.3
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SE98-9 69.0 - 75.0 6.0 1.3
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279.0 - 295.5 16.5 91.4
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Incl. 280.5 - 285.0 4.5 315.9
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9 hole average 16.0 15.4
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>>
The Santa Elena drill results have changed the exploration strategy for
the balance of 1998. To date, 1998 exploration activities have been primarily
focused on reserve definition drilling within the super-pit area. Drilling
activities have now been completed on the north leg encompassing Mojon SW,
Mojon, Zopilote, Babilonia and Crimea and the south leg comprised of
Esmeralda, Populares, Victoria and Santa Maria. Results of the most recent
drilling within these areas are attached. The next phase of drilling was to
determine the density of mineralized structures situated between these legs in
hopes of incorporating all zones into one open pit. Based on the Santa Elena
results, exploration priorities will now focus on extending the Santa Elena
zone which could support a stand-alone milling operation consistent with the
higher grade material.
Greenstone President Rudi Fronk said that one of the most gratifying
aspects of the current program is the success of ground geophysics in
identifying new prospects. ''The La Libertad concessions have more targets
than we can follow-up. We now have evidence that geophysical tools can help us
prioritize the highest potential ones for drilling. Several interesting new
targets have been located south and west of Santa Maria which are now being
followed up.''
Greenstone owns and operates the Santa Rosa gold mine in Panama, the
Cerro Mojon and Bonanza gold mines in Nicaragua and is currently constructing
the San Andres gold mine in Honduras. Greenstone's common shares are listed on
The Toronto Stock Exchange (GRE) and The Nasdaq Stock Market (GRERF).
<<
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MOJON SOUTHWEST
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Drill Hole No. Intercept Interval Average Grade
(metres) (metres) Grams Au per tonne
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PCR-423 0 - 3.0 3.0 1.4
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84.0 - 93.0 9.0 1.3
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PCR-428 169.5 - 175.5 6.0 13.1
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PCR-429 43.5 - 55.5 12.0 1.0
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PCR-448 109.5 - 124.5 15.0 1.0
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PCR-451 49.5 - 52.5 3.0 6.3
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PCR-456 118.9 - 121.9 3.0 1.3
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131.1 - 134.1 3.0 1.0
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PCR-462 78.0 - 84.0 6.0 6.0
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123.0 - 144.0 21.0 1.4
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PCR-467 129.0 - 138.0 9.0 1.0
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PCR-524 18.0 - 24.0 6.0 1.0
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PCR-537 94.5 - 97.5 3.0 1.4
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103.5 - 106.5 3.0 1.0
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PCR-542 58.5 - 67.9 9.0 1.5
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PCR-564 1.5 - 7.5 6.0 1.1
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78.0 - 87.0 9.0 1.3
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PCR-644 21.0 - 36.0 15.0 1.5
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PCR-648 9.0 - 39.0 30.0 4.7
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Incl. 9.0 - 16.5 7.5 13.4
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PCR-651 15.0 - 39.0 24.0 1.8
------------------------------------------------------------
52.5 - 55.5 3.0 1.1
------------------------------------------------------------
PCR-657 16.5 - 31.5 15.0 1.7
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42.0 - 54.0 12.0 1.5
------------------------------------------------------------
PCR-658 16.5 - 57.0 40.5 3.9
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PCR-659 12.0 - 54.0 42.0 1.3
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PCR-661 6.0 - 12.0 6.0 7.7
------------------------------------------------------------
PCR-663 85.5 - 100.5 15.0 1.1
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PCR-665 6.0 - 12.0 6.0 4.5
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39.0 - 45.0 6.0 1.1
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PCR-668 0 - 12.0 12.0 1.3
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58.5 - 64.5 6.0 1.0
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SOUTH LEG OF ''SUPER PIT''
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Esmeralda Zone
------------------------------------------------------------
Drill Hole No. Intercept Interval Average Grade
(metres) (metres) Grams Au per tonne
-------------------------------------------------------------
PCR-461 35.1 - 47.2 12.2 3.5
-------------------------------------------------------------
PCR-464 25.5 - 34.5 9.0 1.4
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PCR-469 29.0 - 35.1 6.1 1.5
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39.6 - 42.7 3.1 1.0
-------------------------------------------------------------
PCR-470 18.3 - 21.3 3.0 2.4
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PCR-471 1.5 - 7.6 6.1 1.3
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PCR-489 32.0 - 35.1 3.1 4.3
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PCR-492 0 - 6.1 6.1 2.0
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33.5 - 51.8 18.3 5.1
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Incl. 36.6 - 41.1 4.5 11.6
-------------------------------------------------------------
PCR-497 83.8 - 93.0 9.1 1.0
-------------------------------------------------------------
PCR-498 38.1 - 47.2 9.1 1.4
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PCR-499 0 - 9.1 9.1 3.3
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76.2 - 85.3 9.1 1.2
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PCR-501 47.2 - 56.4 9.1 4.6
-------------------------------------------------------------
PCR-512 103.6 - 106.7 3.1 3.4
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PCR-518 84.0 - 87.0 3.0 2.0
-------------------------------------------------------------
PCR-523 55.5 - 58.5 3.0 1.7
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PCR-531 49.5 - 73.5 24.0 1.1
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PCR-538 39.6 - 42.7 3.1 1.5
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PCR-557 90.0 - 96.0 6.0 1.1
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PCR-628 22.5 - 31.5 9.0 2.1
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82.5 - 85.5 3.0 1.0
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PCR-630 15.0 - 30.0 15.0 1.2
-------------------------------------------------------------
PCR-631 0 - 3.0 3.0 1.7
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12.0 - 15.0 3.0 2.9
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18.0 - 24.0 6.0 2.0
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PCR-632 24.0 - 30.0 6.0 1.7
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PCR-633 18.0 - 33.0 15.0 1.3
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PCR-634 0 - 3.0 3.0 2.8
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19.5 - 34.5 15.0 1.0
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PCR-636 10.5 - 19.5 9.0 2.3
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PCR-637 0 - 3.0 3.0 1.2
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30.0 - 33.0 3.0 1.2
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34.5 - 37.5 3.0 1.2
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PCR-640 0 - 3.0 3.0 1.2
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7.5 - 22.5 15.0 2.3
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Victoria / Populares Zone
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PCR-534 0 - 3.0 3.0 2.7
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21.3 - 27.4 6.1 2.3
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PCR-559 13.5 - 19.5 6.0 1.4
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PCR-584 19.8 - 38.1 18.3 1.8
-------------------------------------------------------------
PCR-586 78.0 - 81.0 3.0 1.4
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PCR-604 0 - 3.0 3.0 2.7
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PCR-622 103.5 - 106.5 3.0 3.0
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Santa Maria Zone
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PCR-610 64.5 - 67.5 3.0 1.3
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81.0 - 84.0 3.0 5.8
-------------------------------------------------------------
PCR-612 72.0 - 78.0 6.0 12.9
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Incl. 73.5 - 75.5 3.0 20.0
-------------------------------------------------------------
93.0 - 99.0 6.0 1.3
-------------------------------------------------------------
109.5 - 136.5 27.0 1.3
-------------------------------------------------------------
PCR-627 25.5 - 40.5 15.0 1.7
-------------------------------------------------------------
150.0 - 180.0 30.0 2.2
-------------------------------------------------------------
PCR-660 94.5 - 103.5 9.0 2.0
-------------------------------------------------------------
PCR-662 63.0 - 72.0 9.0 8.7
-------------------------------------------------------------
Incl. 67.5 - 70.5 3.0 23.8
-------------------------------------------------------------
PCR-664 43.5 - 52.5 9.0 16.3
-------------------------------------------------------------
PCR-666 57.0 - 63.0 6.0 31.7
-------------------------------------------------------------
PCR-667 34.5 - 43.5 9.0 3.9
-------------------------------------------------------------
34.5 - 37.5 3.0 10.0
-------------------------------------------------------------
PCR-672 6.0 - 12.0 6.0 3.2
-------------------------------------------------------------
PCR-673 73.5 - 88.5 15.0 9.5
-------------------------------------------------------------
Incl. 81.0 - 84.0 3.0 41.9
-------------------------------------------------------------
PCR-674 96.0 - 126.0 30.0 1.6
-------------------------------------------------------------
>>
-0- 06/09/98
For further information: Greenstone Resources Ltd., 26 Wellington St. East, Ste. 910, Toronto, Ontario, Canada, M5E 1S2, Telephone: (416) 862-7300, Facsimile: (416) 862-7604, greenstone.ca; E-Mail: tita@greenstone.ca |
