Abitibi Release .. Looks Promising !!!!
Hope it lifts the price soon as well.
Cheers ..
Please find below a copy of the Company's latest news release for your
perusal. If you have any questions, please feel free to contact our Investor
Relations Departement, Mr. Bill Basarab or Mr. Andrew Sloan, at (604)
685-2222. Thank you very much.
February 11, 1997
A B B #06-97
S D N #07-97
JOINT NEWS RELEASE
==================
Abitibi Mining Corp and Sedex Mining Corp have recently completed a
successful 1,150 metre drill program on the Tannahill Project.
Approximately 630 metres of drilling were completed on IP geophysical
anomalies along the same trend as the recently discovered Tannahill gold
zone, and approximately 520 metres were completed on the Tannahill gold
zone. The IP anomaly drilling intersected encouraging geology with
significant alteration, which will require further evaluation in the
upcoming summer program. On the main Tannahill gold zone, eight short drill
holes (40-75 metres in length), successfully intersected the gold bearing
structure at the 25 metre and 50 metre vertical levels along a strike length
of 300 metres. The zone was successfully intersected in every hole,
indicating excellent continuity to this structure. The gold bearing
structure consists of pervasive quartz-carbonate-albite alteration with
5-10% disseminated pyrite and variable quartz veining. The gold is hosted
in sections of the pervasive alteration zone which contain greater than 5%
quartz veins. To date, the intersections with the highest grades and
greatest widths occur below the 75 metre level, where drill holes from the
December 1996 program intersected 5.16 gm/t / 5.0 metres in T-96-9, 4.80
gm/t / 5.00 metres in T-96-11, and 7.02 gm/t / 3.7 metres in T-96-15. These
significant intersections occur along a strike length of 100 metres, and
represent the majority of holes below the 75 metre level.
To date only a limited amount of drilling has been completed on this
exciting new gold discovery. Of a total of 3,200 metres of drilling on the
entire property, only 1,900 metres of drilling has gone into the discovery
and testing of this new zone. The exploration team has a very good
understanding of the orientation of the gold bearing structure and the
controls on gold mineralization. The alteration zone shows excellent
continuity along strike and down dip and remains open in these directions.
More significantly the zone shows higher grades and greater widths at depth,
as do the deposits of the area (Barrick Gold Corporation Holt-McDermott
Mine, Battle Mountain Gold and Teddy Bear Valley Holloway Joint Venture). A
5,000 metre drill program will begin in early March 1997, to begin outlining
a new gold deposit for the Harker-Holloway Mining Camp.
On behalf of the Board of Directors,
ABITIBI MINING CORP.
SEDEX MINING CORP.
"Victor G. Coulthard"
Director |
