*** Secret Basin Drill Results ***
Miranda Industries Inc. (VSE:MAD)
Issued & Outstanding: 8,244,300 Shares
Toll-Free: (800) 822-4111
Phone: (604) 689-1659
Fax: (604) 689-1722
Web: senategroup.com
Symbol: MAD.V
Form 20F: 0-27760
November 11, 1997Secret Basin Drill Results
Miranda Industries Inc. wishes to announce that it has completed the first
phase of drilling at the Secret Basin project in Nevada. The Secret Basin
property is a volcanic hosted, epithermal vein/stockwork system which
occurs within and on the flanks of a collapsed caldera. The property is
located in the southern Toiyabe Mountains approximately 38 miles (60 kms)
north of Tonopah, Nevada.
Nine reverse circulation drill holes were completed for a total of 4600
feet (1400 meters). Drill results have been received from all nine holes.
Eight out of the nine drill holes intersected thick zones of silicified
volcanic rock that contain zones of strong quartz stockwork veining,
quartz veins, and brecciation. Narrow intercepts of anomalous gold and
silver values occur within the silicified and stockwork zones. The best
drill hole intercept is from hole SB97-4 located on the northern zone in
which 10 feet (3 meters) of 0.02 ounces gold/ton occurred within a 35 foot
(10 meters) vein which contained greater than 100 ppb gold over the entire
thickness.
Drill hole depths ranged from 325 to 740 feet (100 to 225 meters). The
primary targets for this first phase of drilling were the quartz
vein/quartz stockwork/silicified zones that occur in two areas of the
property, the southern zone and the northern zone. The southern zone
strikes N70W over an approximate length of 2,000 feet (610 meters) and the
northern zone strikes approximately N55W over a length of 1000 feet (305
meters). Both vein structures dip 40-50 degrees north. Drill holes were
located based on geology and anomalous rock and soil geochemistry.
With the exception of some isolated samples, the rock chip and soil
geochemistry are most anomalous along the northern vein/stockwork zone
which drill hole SB97-4 tested. Geologically, the northern zone is down
dip from the southern zone. Miranda feels that the more widespread
anomalous assays from the northern zone justifies continued testing of
this vein structure.
Miranda found the results to be of sufficient geological merit to stake
additional claims. Miranda now has a 100% interest in 80 claims, which
covers an area of approximately 1600 acres.
In other news, work continues at the Leticia project, Guerrero, Mexico,
where Pacific Rim Mining Corp. is drilling 18 reverse circulation holes.
Pacific Rim Mining Corp. can earn a 51% interest in the Leticia by
producing a positive bankable feasibility study.
Miranda is still waiting for exploration results on the La Rastra project
from Prospectores Minerales Mexico, S.A. de C.V., a wholly-owned Mexican
subsidiary of Eldorado Corporation Ltd.
For more information, please visit the Miranda web site at
senategroup.com. To receive express news releases via
e-mail, please visit "Request Info" at the website or call our office at
800-822-4111.
ON BEHALF OF THE BOARD
"Dennis L. Higgs"
Dennis L. Higgs, B.Comm.
President
The Vancouver Stock Exchange neither agrees nor disagrees with the
information contained herein. |
