Hey there KA.....another press release. Still haven't bought this stock but do keep track.
ASE SYMBOL: MAI
OTC Bulletin Board SYMBOL: MNEAF
FEBRUARY 12, 1998
Surface Results Indicate Gold Mineralization at Minera
Andes' Chubut Province Prospects; Arroyo Verde
Exploration Underway
SPOKANE, WASHINGTON--Additional surface sampling and mapping has
been completed on five Minera Andes Inc. gold exploration
properties in the western, Precordilleran region of Chubut
Province, Argentina.
When results are available, in approximately one month, Minera
Andes may plan a second-phase program of geophysical testing,
surveying, road construction and trenching, with the possibility
of drill testing, to occur in late second quarter, 1998.
Separately, Minera Andes' field crews are evaluating the Arroyo
Verde gold/silver property in extreme northeast Chubut Province,
with drilling forecast for the second quarter, 1998.
CHUBUT PROVINCE
Chubut Province has the potential to host precious and base metals
in Jurassic to Cretaceous volcanic and sedimentary rocks at the
eastern edge of the Andean cordillera. Although Minera Andes'
focus is on volcanic and sediment-hosted epithermal gold, these
rocks are also prospective for volcanogenic massive sulfides,
porphyry systems, and mesothermal gold.
Initial work by Minera Andes on the western Chubut properties
indicates mineralized epithermal and porphyry or
intrusive-related systems. Minera Andes has made application for
mineral rights on 30,460 hectares. The properties include Leon
(4,200 hectares); Leleque (10,000 hectares); Willimanco (3,760
hectares); El Valle (2,500 hectares); and La Maria (10,000
hectares).
In the initial exploration, Minera Andes' field teams located a
north-northeast trending zone of illitic alteration and
mineralization about 1.5 kilometers wide and three kilometers long
on the western Chubut properties. Numerous northwest and northeast
trending veins, some up to five meters wide and more than 500
meters long, have also been located in tufaceous host rocks on a
low hill within the zone of alteration. The zone is open to the
west and south under Quaternary alluvium in valleys, and
open-ended to the north and east under Quaternary alluvium and
post mineral Tertiary basalt.
Results from the 40-sample reconnaissance program on this property
show gold values ranging from below detection limit to 7.9 g/t.
Several high values, above 3 g/t gold, are from outcrops and float
from multi-stage epithermal quartz veins. Some of the samples with
low gold values show strongly anomalous pathfinder elements such
as mercury (in the low 2,000 to 13,000 ppb range) that may
indicate higher levels in the gold system.
ARROYO VERDE JOINT VENTURE
Minera Andes' geologists are exploring the 9,410-hectare Arroyo
Verde gold/silver property in extreme northeast Chubut Province.
Under terms of a joint venture with Pegasus Gold International,
Minera Andes, as operator, is earning an 80 percent interest in
the prospect by spending $1.3 million over four years, including
$200,000 in exploration work during the first year.
Detailed surface work and geological evaluation is underway at
Arroyo Verde. In addition, geophysics, including three resistivity
test lines, has been completed. Minera Andes plans drilling at
Arroyo Verde during the quarter if preliminary results warrant.
Pegasus drilled 25 widely-spaced, shallow reverse-circulation
holes totaling 2,486 meters. Two near-surface zones of gold-silver
mineralization were discovered, generally trending east-west. The
zones, named the Principal Vein, and Northwest Stockwork, are
currently estimated by Minera Andes to contain a drill-indicated
inferred resource of about two million tonnes grading 1 g/t gold
and 25 g/t silver. In addition, Pegasus hole RCH-13, located about
200 meters south of the Principal Vein, intersected five meters
grading 1.9 g/t gold and 17 g/t silver, indicating the possibility
of a southern mineralized zone under colluvial cover.
Minera Andes is exploring the area around the immediate discovery
with the goal of increasing the size and quality of the
mineralized body and determining if additional deposits are
present on the property.
Minera Andes is a mining exploration corporation that controls
approximately 25 properties on about 700,000 acres of mineral
exploration land throughout Argentina. Most of the properties are
located in the Andean cordillera and primarily contain gold,
copper and silver exploration targets. To date, the Corporation
has reviewed more than 200 properties in Argentina, and is
currently staffed with 10 geologists. Selected opportunities in
other countries are under review.
Although Minera Andes believes many of its mineral prospects have
promising potential, its properties are in the early stages of
exploration. None have yet been shown to contain proven or
probable mineral reserves. There can be no assurance that such
reserves will be identified on any property or, that if
identified, any mineralization may be economically extracted.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Minera Andes Incorporated
Arthur C. Johnson
director of investor and public relations
(509) 921-7322
minandes@thefuture.net
minandes.com
or
Minera Andes Incorporated
Allen V. Ambrose
president
(509) 921-7322
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED
THE INFORMATION CONTAINED HEREIN.
INDUSTRY: PCS
SUBJECT: MEX |
