To all :The RICHEST GOLD MINE IN CANADA AT RED LAKE ONTARIO ?WHY GO
TO INDONESIA & SIMILAR INHOSPITABLE PLACES WHEN WE HAVE THE BEST ORE
IN OUR OWN BACK YARD !!!
Goldcorp have released more results from Red Lake which re-emphasise
just how rich this mine really is :
GOLDCORP
TORONTO, Dec. 18 /CNW/ - Goldcorp Inc. (TSE/ME: G.A., G.B.; NYSE: GG.A,
GG.B) (update No. 10).
High Grade Zones continue to provide impressive values.
Suggests Red Lake Mine's annual gold production in 1998 could exceed
150,000 ounces.
Continuing Exploration Drilling Highlights
------------------------------------------
Recent uncut assay results for 44 drill holes have reinforced our belief
that: one, the grade of our high grade zones should be well above 1.0 ounce
per ton; two, that a new high grade zone is developing to the east and
continuing to depth; and three, encouraging structures are being encountered
in the upper levels of the mine.
In Area A (Existing High Grade Zones)
-------------------------------------
The results of five drill holes in the continuing delineation (closer
spaced) drilling program from 34 level emphasize the very high grade nature of
the zones. These five holes returned 59 assay values of greater than 1.0 ounce
per ton (opt) or 34.29 grams per tonne (gpt). The highest assay value was
101.6 opt or (3,483 gpt). Three of these holes (34-175, 34-176, 34-240)
occurred close to the two significant values of hole 161 with 69.3 opt (2,374
gpt) and hole 171 with 131 opt (4,505 gpt), reported on November 8, 1996.
In Area B (FW4 High Grade Zone Extending to the East and to Depth)
------------------------------------------------------------------
Two drill holes; 34-244 and 34-246, have shown that the new high grade
zone labelled FW4 extends down to 38 level (5,560 feet below surface). These
intercepts are significant because: one, it illustrates that the envelope
containing the high grade zones, as presently known, extends 1,200 feet
vertically; two, the structures remain open to depth; and three, further
drilling and development is required to the east. A third drill hole, 34-245,
stopped short of the structure due to drilling problems and will be redrilled.
In Area C (1,100 Feet West of the High Grade Zones)
---------------------------------------------------
One drill hole, 34-235, intercepted an unknown low grade sulphide zone,
located at the 36 level horizon some 1,325 feet into the hanging wall. It
assayed 0.15 opt (5.14 gpt) over 7.6 feet (2.3m). The implications of this new
zone can only be determined by further drilling. Two other holes drilled
between 31 and 33 levels did not have significant values.
In the Upper Levels (Preliminary, Widely Spaced Drilling)
---------------------------------------------------------
Exploration targets are currently being pursued above 30 Level in areas
that have been previously mined over the mine's 48 year life. Of the 34 widely
spaced diamond drill holes from eight levels, (levels 11, 13, 15, 16, 17, 21,
26 & 28) 17 have intersected zones of varying widths adjacent to and within
400 feet of previously mined areas. The best assay values encountered were on
13 level: 0.36 opt (12.3 gpt) over 21.3 feet (6.5 m); and on 17 level: 0.28
opt (9.6 gpt) over 19.9 feet (6.1 m) which included a section of 0.73 opt
(25.0 gpt) over 5.6 feet (1.7 m).
The 1996 exploration program has continued to demonstrate the continuity
and high grade nature of the zones. The implications for future gold
production are significant. In February 1996, a 1998 annual production target
of 150,000 ounces was based on an estimated head grade of 1.0 opt (34.29 gpt)
from the high grade ore. Based on 1996 exploration success, targeted
production in ounces should exceed this level. Although initial results of
follow-up drilling further to the west have been disappointing, the drilling
is now too sparse and widely spaced to be considered conclusive. The
preliminary drilling in the upper levels is encouraging and suggests the upper
4,400 feet of the mine to surface contains good exploration potential.
The exploration activities at the mine will pause over the holiday season
and resume in early January 1997.
Goldcorp Inc. is a well-capitalized, intermediate sized, North American
based gold producer operating two producing gold mines and two industrial
mineral operations.
Seasons Greetings.
Update 10
---------
EXPLORATION DRILLING RESULTS (December 18, 1996)
----------------------------
AVERAGES FOR ASSAY INTERVALS
----------------------------
-------------------------------------------------------------------------
Level - Dip Assay Gold Assay Gold Assay Zone
Hole Interval ---------- ----------
No. (in feet) Length Ounces Length Grams
(in per (in per
feet) Ton metres) Tonne
(uncut) (uncut)
-------------------------------------------------------------------------
AREA A - DELINEATION DRILLING
-------------------------------
-------------------------------------------------------------------------
34 - 175 +07 116.0 - 124.2 8.2 2.64 2.50 90.51 HW5
deg
167.3 - 173.7 6.4 0.35 1.95 12.00 HW
194.2 - 208.5 14.3 0.23 4.36 7.89 HW
369.5 - 373.6 4.1 2.22 1.25 76.11 Qtz
Carb
-------------------------------------------------------------------------
34 - 176 +14 138.6 - 143.6 5.0 7.09 1.52 243.09 HW5
deg
250.7 - 265.1 14.4 1.99 4.39 68.23 HW
396.3 - 402.9 6.6 1.03 2.01 35.31 Qtz
Carb
443.5 - 453.2 9.7 6.21 2.96 212.91 FW
536.0 - 539.9 3.9 0.68 1.19 23.31 FW3
-------------------------------------------------------------------------
34 - 185 -19 assays pending
deg
-------------------------------------------------------------------------
34 - 188 -72 89.0 - 97.6 8.6 6.42 2.62 220.11 HW5
deg
108.3 - 112.3 4.0 1.21 1.22 41.49 HW4
169.1 - 178.2 9.1 25.91 2.77 888.34 HW
234.2 - 236.4 2.2 0.88 0.67 30.17 HW
243.2 - 247.3 4.1 3.29 1.25 112.80 HW
-------------------------------------------------------------------------
34 - 240 +15 121.2 - 128.3 7.1 2.10 2.16 72.00 HW5
deg
225.6 - 227.9 2.3 2.32 0.70 79.54 HW
395.0 - 459.6 64.6 3.68 19.69 126.17 Qtz
Carb
+FW
542.4 - 546.6 4.2 4.28 1.28 146.74 FW2
-------------------------------------------------------------------------
34 - 248 -40 384.1 - 389.0 4.9 0.28 1.49 9.60 FW
deg
-------------------------------------------------------------------------
AREA B - EASTWARD EXTENSION
-----------------------------
-------------------------------------------------------------------------
34 - 244 -40 364.7 - 371.3 6.6 0.03 2.01 1.03 Qtz
deg Carb
622.4 - 629.0 6.6 1.93 2.01 66.17 FW3
772.3 - 781.5 9.2 0.14 2.80 4.80 FW4
-------------------------------------------------------------------------
34 - 245 -26 hole lost before FW zones, no significant assays
deg
-------------------------------------------------------------------------
34 - 246 -40 778.0 - 792.5 14.5 1.49 4.42 51.09 FW4
deg
833.0 - 837.6 4.6 0.19 1.40 6.51 FW
852.0 - 857.3 5.3 0.32 1.62 10.97 FW
-------------------------------------------------------------------------
AREA C
------
-------------------------------------------------------------------------
34 - 211 +21 no significant assays
deg
-------------------------------------------------------------------------
34 - 235 -30 1317.0 - 1324.6 7.6 0.15 2.32 5.14 FW
deg
-------------------------------------------------------------------------
34 - 236 +08 34.5 - 35.5 1.0 1.18 0.30 40.46 SUL-
deg PHIDE
-------------------------------------------------------------------------
34 - 237 +21 assays pending
deg
-------------------------------------------------------------------------
Legend: FW Footwall Zone 1 Ounce per ton equals 34.2857 grams
per tonne
Qtz Quartz 1 Foot equals 0.3048 metres
Carb Carbonate Zone
HW Hanging Wall Zone
-------------------------------------------------------------------------
-------------------------------------------------------------------------
For further information: Robert R. McEwen, President and Chief Executive Officer, (416)
865-0326
13:22e 18-DEC- |
