Why didn't your broker refer you to the newswires. Let me try to be more helpful than he was.
Here ya go. I do not own this stock.
ARMADA GOLD CORPORATION REPORTS MORE HIGH-GRADE
GOLD FOUND IN FINAL DRILLING IN SIBERIA
VANCOUVER, Sept. 26 /CNW/ - Armada Gold Corporation today announced that
more high-grade gold was found in the final stage of the diamond drilling
program that was recently completed on the Taseevskoe gold deposit at Baley,
in southeastern Russia. The latest holes again returned wide, higher grade
intersections, such as 48.0 metres of 4.39 grams per tonne gold (gpt), 28.5
metres at 4.19 gpt and 12.0 metres at 8.91 gpt gold. Significantly, the
drilling found very broad intersections of lower grade mineralization,
including 182 metres at 0.89 gpt gold, 108 metres at 1.04 gpt gold, 84 metres
at 1.87 gpt gold and 130.8 metres at 0.85 gpt gold.
``The goals of our drilling program were to confirm the results of
earlier Russian data and to investigate the potential for low-grade ore in
areas that under our current mine plan are considered to be waste,'' said
Derek Fisher, president of Armada Gold. ``These results confirm the Russian
data and, more importantly, indicate that a significant reduction in the
stripping ratio is likely. We will be incorporating these results into our
feasibility study and will make further announcements as the study nears
completion early next year.''
The latest results are based on assays from samples from 24 diamond-drill
holes and represent the balance of the scheduled 10,000-metre drilling
program. The holes were drilled at various angles using two diamond drilling
rigs operated by Boart Longyear of Canada and one Russian rig. SGS of Geneva
undertook the assaying, using fire assaying techniques in a laboratory in
Chita, Russia.
Mr. Fisher also announced that Balgold Limited, the operating company in
which Armada Gold holds its 85% interest in the Baley gold project, recently
has won a tender for the Andriuskina gold deposit, located 10 kilometres
southeast of the Taseevskoe deposit. Andriuskina is on the edge of a valley in
which it is planned to deposit the tailings from the open pit operation at
Taseevskoe. This deposit has been explored by both adit and shaft. Based on
earlier Russian results it is believed to contain a C(1) + C(2) resource of
approximately 260,000 ounces of gold in 1.03 million tonnes at 7.8 gpt gold.
The C(1) + C(2) Russian resource categories equate approximately to
``proven'' and ``probable'' by Canadian standards and were calculated using a
1 gpt cut-off. The zone averages approximately 20 metres in thickness and is
amenable to both underground and open pit mining.
Acquisition of Andriuskina completes an expansion program and gives
Balgold Limited a total of four satellite deposits in the vicinity of Baley.
The Baley area is increasingly becoming a mining district rather than a single
project. These added projects are expected to provide an immediate source of
high-grade feed and may, with further exploration, develop into large-scale,
stand-alone operations. This would expand the projected cash flow and enable
accelerated payback of the capital invested in the Taseevskoe mill operation.
All four deposits (Sredne Golgotai, Aliinski, Andriuskina and Kaminsky) are
developed, or partially developed, and can be rapidly advanced to production.
Armada Gold is listed on The Alberta Stock Exchange under the symbol
AAU.A.
Following are the drilling results released by Armada Gold Corp. on
September 26, 1996.
INTERVAL - (Metres) GOLD
----------------------------------------------------------------------
HOLE NUMBER FROM TO LENGTH GMS/TONNE
----------------------------------------------------------------------
BF01 28.0 54.0 26.0 0.55
68.0 106.0 38.0 2.93
including 82.0 106.0 24.0 4.24
118.0 124.0 6.0 0.56
----------------------------------------------------------------------
BF02 94.0 102.0 8.0 1.46
----------------------------------------------------------------------
BF4 60.0 74.0 14.0 0.63
88.0 99.0 11.0 1.68
----------------------------------------------------------------------
BF11 32.0 62.0 30.0 0.55
----------------------------------------------------------------------
BF15 54.0 104.0 50.0 0.97
including 66.0 90.0 24.0 1.25
----------------------------------------------------------------------
BF16 132.0 144.0 12.0 0.99(x)
----------------------------------------------------------------------
BF18 178.0 192.0 14.0 0.51
----------------------------------------------------------------------
BF21 74.0 80.0 6.0 1.31
134.0 182.0 48.0 4.39
including 152.8 182.0 29.8 6.33
----------------------------------------------------------------------
BF22 176.0 216.0 40.0 0.74
including 184.0 190.0 6.0 1.79
----------------------------------------------------------------------
BF24a 246.0 262.0 16.0 0.73
----------------------------------------------------------------------
BF25 50.0 232.0 182.0 0.89
including 84.0 90.0 6.0 3.25
194.0 219.2 25.2 2.54
----------------------------------------------------------------------
BF26 3.4 51.1 47.7 0.94(x)
including 34.0 44.0 10.0 1.71
----------------------------------------------------------------------
BF26a 4.2 35.0 30.8 0.55(x)
----------------------------------------------------------------------
BF27 104.0 234.8 130.8 0.85(x)
including 214.0 234.8 20.8 2.28
----------------------------------------------------------------------
BF30 124.0 186.0 62.0 1.05
including 126.0 148.0 22.0 1.72
----------------------------------------------------------------------
BF35 87.5 116.0 28.5 4.19
including 108.2 110.0 1.8 52.84
----------------------------------------------------------------------
BF36a 98.0 112.0 14.0 0.75
162.0 184.0 22.0 0.57
----------------------------------------------------------------------
BF40a 116.0 224.0 108.0 1.04
including 134.0 144.0 10.0 4.09
----------------------------------------------------------------------
BF42 170.0 191.0 21.0 0.53
----------------------------------------------------------------------
BF43 108.0 116.0 8.0 0.88
----------------------------------------------------------------------
BF44 101.0 110.0 9.0 1.20(x)
----------------------------------------------------------------------
BF47 14.0 28.0 14.0 0.86
156.0 164.0 8.0 0.70
----------------------------------------------------------------------
BF49 16.0 92.0 76.0 0.69
including 16.0 24.0 8.0 2.30
134.0 160.0 26.0 2.12
including 146.0 152.0 6.0 6.85
----------------------------------------------------------------------
BF50 132.0 206.0 84.0 1.87
including 134.0 146.0 12.0 8.91
----------------------------------------------------------------------
(x) Difficult drilling; hole stopped before target depth
The Alberta Stock Exchange has neither approved nor disapproved the
contents of this release.
For further information: Nina Tarmohamed, Investor Relations (604) 685-8772; Ross Orr, Investor
Relations (416) 777-0001; Beverly Downing, Assistant Corporate Secretary (604) 685-8772 |
