For those who maybe interested, here is the ELD release:
Eldorado Gold/HRC Development - Andes Project,
Argentina - Review 1995/1996 - Exploration Program
1996/1997
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 29, 1996-- Eldorado Gold Corpor
(TSE, VSE:ELD.) HRC DEVELOPMENT CORP (VSE:HDC.) Eldorado Gold Corporation
(TSE, VSE:"ELD") and HRC Development Corporation (VSE:"HDC") are pleased to review results
from the 1995/1996 exploration program carried out at the joint venture's (50-50) Andes Project in
Argentina and announce plans for the 1996/1997 field season.
"The western portion of the Maricunga Gold Belt in Chile contains over 40 million ounces of gold in
the drill indicated category, primarily in gold and gold-copper porphyry systems. The
Eldorado-HRC joint venture owns 100 percent of the eastern portion of the Maricunga Gold Belt in
Argentina. Our exploration efforts over the last three years have been successful in identifying several
multi- million ounce gold targets including two drill discoveries. The recent exploration success at the
Aldebaran-Cerro Casale Deposit (Bema Gold/Arizona Star) in Chile has refocused the exploration
industry on the excellent potential for the discovery of multi- million ounce gold-copper porphyry
deposits in the Maricunga Gold Belt (Chile-Argentina). The joint venture has budgeted
approximately US $8 million for the 1996-1997 exploration season which will include drill programs
on several targets, each of which has the potential to host multi-million ounce gold deposits. We are
enthusiastic and optimistic about the 1996-1997 exploration season which will begin in November,"
commented Richard J. Barclay, Chairman, Eldorado Gold Corporation and President, HRC
Development Corporation.
PENA NEGRA TARGET
The target at Pena Negra is a multi-million ounce porphyry type gold-copper deposit similar to the
world-class (15-30 million ounce) Aldebaran-Cerro Casale (Bema Gold/Arizona Star) and Refugio
(Bema Gold/Amax Gold) Deposits in Chile. A reverse circulation drill program, totaling 3,000 feet,
carried out earlier this year, intercepted significant gold and copper mineralization in several widely
spaced shallow drill holes including 158 feet grading 0.03 oz/ton gold and 0.16 percent copper.
Interpretation of the gold and copper assay results suggests that the mineralization at Pena Negra is
related to the upper levels of a large gold-copper porphyry system. In November, a phase two drill
program will begin with drill holes up to 1,000 feet in depth. In addition, a induced
polarization/resistivity program will commence to extend the open ended anomaly at Pena Negra to
the north and the west.
VICUNITA TARGET
The Vicunita target is located to the northeast of the Pena Negra discovery and is associated with
the same controlling fault structure. Field work carried out during the 1994-1996 field seasons has
outlined a large, high level, argillic-quartz-sericite alteration zone with irregular quartz stockworks
covering an area measuring 1.2 miles by 1.2 miles. Trench and soil sampling has identified irregular,
low grade gold stockwork zones with values of 300 ppb gold over widths of up to 1,000 feet and
strike lengths of up to 5,000 feet. Chip samples of selected veins within these zones have returned
gold grades up to 3.0 oz/ton.
The widespread argillic alteration and silicified stockwork zones may represent a buried gold-copper
porphyry in an area of anomalous stream sediment samples. Rock samples from the area have
returned gold values up to 0.022 oz/ton gold, with anomalous values of copper and zinc. A program
of geophysics, including an induced polarization/resistivity survey, is planned to begin in November-
December with follow up drilling in February, 1997.
NORDIN TARGET
The Nordin Gold Porphyry target is geologically similar to the Refugio (Bema Gold/Amax Gold) and
Aldebaran (Bema Gold/Arizona Star) gold deposits in Chile. Phase one drilling at the Nordin Gold
Porphyry included sixteen reverse circulation drill holes totaling 5,000 feet. The drill holes intersected
an elongate gold bearing stockwork zone with mineralized intervals averaging 0.015-0.045 oz/ton
gold over a width of 650 feet and strike length of 1,000 feet. The mineralization outlined to date is
oxidized and friable to a depth in excess of 400 feet. The zone remains open to the southeast and at
depth. During the phase two drill program, three drill holes were completed to test the southeast
extension of the Nordin Gold Porphyry Target. Weak gold mineralization was intercepted in
hydrothermal quartz breccias at depths of 100-260 feet. A program of follow up drilling and further
induced polarization/resistivity geophysical surveying will begin in December, 1996.
ANOMALY 4
Anomaly 4 covers a large induced polarization/resistivity anomaly and structural trend extending 2.7
miles southeast from the Nordin Gold Porphyry Target. Ten reverse circulation drill holes have
intercepted anomalous gold values over an approximate strike length of 5,000 feet and width of
2,000 feet. Gold mineralization is hosted in a flat lying zone, the top of which is from 210-275 feet
below surface and is associated with quartz stockworks in moderately to intensely altered volcanic
tuffs and flows. The gold mineralization is believed to be associated with "leakage" along bedding
planes from a mineralized porphyry to the east. Follow up drilling will begin in February, 1997, to
trace gold mineralization to the east, along an interpreted strike length of 8,000 feet and width of
2,000 feet.
ANOMALY 7
Anomaly 7 occurs along a northwest trending valley (possibly a regional fault) with intense alteration
along the valley floor and southwest slope. Several large zones of intense argillic-quartz- sericite
alteration are present up to 3,000 feet in width with strong brecciation, silicification, hematite and
gypsum alteration, as well as sinter zones. Circular structures have been mapped in the central zone
indicating possible underlying intrusives. Gold, copper and arsenic values are anomalous throughout
the area. Anomaly 7 holds potential for a high level epithermal El Indio type target or a buried
gold-copper porphyry system. Detailed geological mapping, geochemical sampling and an induced
polarization / resistivity geophysical survey are planned to begin in November-December with follow
up drilling in February, 1997.
ANOMALY 9
Anomaly 9 is a large circular collapsed dome structure with intense argillic alteration over an area of
1.8 miles by 1.8 miles at the intersection of two caldera structures. The anomaly lies on an east-west
trend extending from the Refugio Gold Deposit (Bema Gold/Amax Gold) in Chile. The center of the
dome has a large area of quartz-alunite alteration with weak gold stream sediment bottle roll (BLEG)
anomalies. Detailed geological mapping, geochemical sampling and an induced polarization/resistivity
geophysical survey are planned for the 1996/1997 field season.
ANOMALY 10
Anomaly 10 is located 13 miles east of the Aldebaran Deposit (Bema Gold/Arizona Star) and 1.5
miles east of Bema Gold's new porphyry gold discovery at the Quebrada Property in Chile. Large
color anomalies are oriented along a north-south trend at the intersection of northwest-southeast
cross structures. The target consists of three anomalies, "10A", "10B" and "10C", over an area 3.0
miles by 1.0 miles with the most significant targets being "10A" and "10C". Anomaly "10C", in the
north, is a well exposed dacite porphyry dome with argillic alteration and intense silicification and
breccia zones at the top of the dome. Grab samples from this area have returned values of up to
0.05 oz/ton gold. The southern extension anomaly "10A" is exposed at a higher level with a series of
veins, breccias, and stockworks over a large area. Low grade gold values with associated arsenic
are present in rock and soil samples. Anomaly 10, as a whole, holds the potential for a high level
porphyry system located on a strongly mineralized east-west trend from the Aldebaran Gold Deposit
(Bema Gold/Arizona Star) and Quebrada Property (Bema Gold) in Chile. Detailed geological
mapping, geochemical sampling and an induced polarization/resistivity geophysical survey are
planned for the 1996/1997 field season.
ANOMALY 11
Anomaly 11 is located on an east-west structure across from HRC's Bushido Property in Chile and
several north-south lineaments which pass through anomaly 10 and the Quebrada area. Weak argillic
alteration and gold mineralization have been identified. Geologic mapping and geochemical sampling
are planned for the 1996/1997 field season.
ANOMALY 18
Anomaly 18 is located near the junction of the Blanco and El Potro rivers. The joint venture has
outlined a large area of quartz- sericite alteration with anomalous gold, copper, and molybdenum
values associated with volcanic breccias. This extensive alteration zone may represent another buried
gold-copper porphyry system. Detailed geological mapping, geochemical sampling and an induced
polarization/resistivity geophysical survey are planned for the 1996/1997 field season.
ANOMALY 19
Anomaly 19 is related to a large caldera structure cut by a pervasive north-south fault zone, which is
associated with the Pena Negra gold-copper porphyry to the north. Within the caldera, BLEG
sampling has identified anomalous gold values and stream concentrates containing fine gold. The
presence of subvolcanic domes, extensive silicification and gold mineralization, associated with the
north- south trending structure, may be related to a buried gold-copper porphyry system. Detailed
geological mapping, geochemical sampling and an induced polarization / resistivity geophysical
survey are planned for the 1996/1997 field season.
ANOMALY 21
Anomaly 21 covers a large rhyodacite dome with strong argillic alteration, quartz veining and
silicification. BLEG sampling has outlined an anomalous gold zone over 4 square miles, which may
represent a structurally controlled epithermal gold deposit within the rhyodacite intrusive. Detailed
geological mapping, geochemical sampling and an induced polarization/resistivity geophysical survey
are planned for the 1996/1997 field season.
1996/1997 EXPLORATION PROGRAM
In summary, the 1996/1997 exploration program, budgeted at approximately US $8 million, will be
carried out from November, 1996 to June, 1997. The 1996/1997 exploration activities will include
several reverse circulation drilling programs, induced polarization/resistivity surveys, as well as
geological mapping and stream sampling. Further information and results will be released as they
become available.
Eldorado Gold Corporation's shares trade on the Toronto Stock Exchange ("TSE") and the
Vancouver Stock Exchange ("VSE"), Symbol-ELD. HRC Development Corporation's shares trade
on the VSE, Symbol-HDC.
NOTE: Location map available from the Company at the phone number listed below.
NOTE TO EDITORS: Neither the TSE, nor the VSE have approved or disapproved the form or
content of this release. |
