Posie preliminary assay results
Goldminco Mining Corporation GMO
Shares issued 13,138,736 Jun 16 close $0.56
Tue 17 Jun 97 News Release
Mr Peter Tambanis reports
The preliminary assay results from the first diamond hole drilled at Posie
in the current program suggest that the gold mineralization is restricted
to rich but narrow quartz veins, and that the wall rock is not mineralized,
except close to the surface.
The assays that have been returned to date gave best intersections as
below:
Drill hole PDH4 (vertical, total depth 73.2 metres), collar at UTM 742149E,
8296716N.
Metres Gold g/t
0.6-4.4 (3.8 metres) 7.03
43.2-44.2 12.00
42.2-45.2 (3 metres) 5.99
Six holes have been drilled at Posie for a total of 366 metres. The assay
results from the remaining five holes have not yet been received from the
laboratory.
North Posie is about to be drilled, starting immediately. One further hole
is planned for Posie, and then the Alaska prospect will be drilled.
Assays returned to date from the 21 excavator trenches dug gave best
results as follows:
Posie
Trench FT1 (southeast end, point zero, at UTM 742188E, 8296736N, bearing
265 degrees true, length 147 metres, cut to test the gap between Pot 1 and
Pot 2).
Metres Gold g/t
32-48 (14 metres) 3.5
50-52 1.5
56-58 2.08
74-76 1.12
North Posie
Trench NPT1 (northeast end, point zero, at UTM 742090E, 8297095N, bearing
227 degrees true, length 224 metres, cut to test the southern edge of the
North Posie soil anomaly).
Metres Gold g/t
138-140 2.83
150-154 7.43
156-164 2.56
166-170 3.10
Trench ST1 (south end, point zero, at UTM 7420292E, 7297030N, bearing 316
degrees true, length 220 metres, cut to test the northeast section of North
Posie parallel to the strike of the main mineralization.
This trench reported the following results:
Metres Gold g/t
142-144 9.50
176-178 5.15
218-220 4.96
Trench NPT10 (northeast end, point zero, at UTM 741794E, 8297363N, bearing
232 degrees true, length 70 metres, cut to test the south end of an anomaly
north of North Posie.
Assays above one gram gold per tonne were:
Metres Gold g/t
10-12 7.92
14-16 1.20
26-34 1.82
Trenches NPT4, 6, 7, 8, 17 and 21 returned no significant assays. Only 20
metres of trench NPT7, of this set, tested the North Posie soil anomaly.
The rest were exploratory trenches to the northwest of North Posie. The
balance of the trench results are awaited.
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