Ballad News Release
October 20, 1997 Standard and Poors Listed
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OPTION TO ACQUIRE THE SANTA CRUZ DE MAYO PROPERTY LOCATED 700 METRES FROM THE PIERINA DEPOSIT IN NORTHERN PERU
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Ballad is pleased to announce it has entered into agreements with two
Peruvian groups providing for the option to acquire the Santa Cruz de Mayo concession, a 100 hectare gold mining property area situated approximately 700 metres northwest of the Pierina gold deposit near Huaraz in northern Peru.
Recent exploration consisting of mapping and sampling on the Sanata Cruz de Mayo concession has shown that 75% of the property is covered by alluvial soils. Mapping of the limited outcrop has shown that the concession is underlain by Cretaceous sediments and Tertiary Calipuy volcanics that have in turn been intruded by Tertiary dacite porphyries. Several areas of argilic alteration were mapped within the sediments and volcanics, and in one location, the dacite porphyry exhibits advanced argilic alteration.
Several east-west trending faults were mapped and both the dacite porphyry and the argilic alteration are aligned and found in close association with the fault zones.
Old workings within the east-west trending quartz veins were discovered in the northern area of the concession, and asample of the dump material assayed 968 ppb gold, 111.2 ppm silver and 1.2% zinc in addition to being highly anomalous in arsenic, antimony, mercury and cadmium.
To date, a total of 65 rock samples have been collected and 52 of these samples were anomalous in gold, silver, lead and zinc. Arsenic, antimony, cadmium and mercury values were also weak to highly anomalous.
These initial results indicate that one or more epithermal systems are
present on the concession. Further work is necessary to explore the areas covered by the alluvial soils to determine the overall extent of the system(s) and to define the most likely targets for economic grade
mineralization to occur. As a result, a surface program of soil sampling and pitting will commence soon and plans for follow-up geophysics and trenching are underway pending results from the soil survey.
The acquisition requires payments totalling US$270,000 payable by February 1998 to the Peruvian vendors. Upon completion of the payments, Ballad will hold a 100% interest in the Santa Cruz de Mayo property. A finder's fee is payable in cash in connection with the acquisition. The acquisition is subject to acceptance for filing by the Vancouver Stock Exchange.
BALLAD ENTERPRISES LTD.
per: "Anthony J. Beruschi"
Anthony J. Beruschi, President
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this News Release.
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Ballad Enterprises Ltd. VSE - BDC
Suite 501 - 905 West Pender Street 604-682-7159
Vancouver, BC, V6C 1L6 N.America : 1-888-880-2288
Roger Kelly, Investor Relations www.canvest.com/ballad/
Gold Exploration in South America ballad@express.ca
Questions ? Investors? E-mail us.
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