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July 2, 1997
S D N #23-97
A B B #18-97
PROJECT "SULLIVAN II" UPDATE
Abitibi and Sedex Mining Corp. wish to announce that their extensive summer
exploration program is well underway on several properties situated near the
Sullivan Orebody, Kimberley, British Columbia. The purpose of this
multi-million dollar program is to find another world class base metal
deposit similar in size to Sullivan's 160 million ton ore body which grades
approximately 6% Zinc, 6% Lead and 67 g/ton Silver with a present worth of
over $20 billion.
Moyie Group (Sedex Mining Corp.)
Kennecott Canada Inc., has begun its summer exploration program on two
recently optioned properties within the Moyie Group of properties located
approximately 35 km south of the Sullivan. After an extensive $500,000
program of mapping, geochemical sampling, gravity and airborne magnetic
surveys last year, Kennecott formally gave notice to Sedex on December 17,
1996 that they wished to enter into an option on the Irishman Creek and
Lewis Creek properties. Kennecott can earn a 50% interest by incurring
$2,000,000 in exploration on each property.
Kennecott has informed the Company that it has almost completed its
follow-up program of mapping, sampling and in-fill gravity to determine the
best targets for drilling. Several holes have been permitted with drilling
anticipated to begin within a few weeks.
Lew Vent (Sedex Mining Corp.)
Abutting the Lewis Creek option to the north-west is the Lew vent which has
been optioned from Cominco last year. Cominco drilled one 246 m hole in
1985 intersecting 215 m of fragmental rock and exited into altered middle
Aldridge rocks. The fragmentals were tourmalinized and bleached with a
biotite-sericite alteration similar to the footwall rocks of the Sullivan.
Cominco concluded that the heat source and altering fluids were to the East.
In follow-up work, Sedex has located stratiform mineralization grading
greater than 10% combined lead and zinc to the East of the Cominco hole. An
age-date completed by Kennecott confirmed that this mineralization is the
same date as the Sullivan mine. Sedex plans to commence drilling an 800 m
hole on July 2, 1997 intercepting the Sullivan horizon at 600-800 m depths.
Abitibi Mining Corp.
Abitibi has begun its $500,000 mapping, geophysical and gravity program on
its properties including the Pyramid Peak area which is north of the Moyie
Group and approximately 15 km west-southwest of the Sullivan along the same
mineralized horizon. In 1897 high grade Lead-Zinc-Silver veins were mined
in this area by Rio Tinto Mining Co.
Within the Pyramid Peak group is a separate group of claims (Clair-West)
that were optioned from Cominco last year. This property has a strong Zinc
anomaly in soils, a large magnetic anomaly, and a 2 km long UTEM anomaly.
This anomaly will be drill tested in August - September.
The above projects only involve a portion of the more than twenty properties
owned by both companies throughout the belt. Management anticipates that it
will take a minimum of three years of active exploration to explore and
drill the properties.
On behalf of the Board of Directors,
SEDEX MINING CORP.
ABITIBI MINING CORP.
"Richard W. Hughes"
President |
