Christopher: Their news release of this evening appears below. The news is not good. Hopefully, the fall will bring better news.
Erika assay results
Almaden Resources Corporation AMH
Shares issued 9,472,617 Jul 8 close $1.36
Wed 9 Jul 97 News Release
Mr Duane Poliquin reports
The company has now received assays from its Erika project, Guerrero,
Mexico. The company had required that the analytical company hold all
results until all assays were completed. Eight holes were drilled on seven
separate targets chosen with induced polarization resistivity, geology and
geochemistry. Several holes contain anomalous values in gold and/or very
anomalous values in pathfnder elements. The best gold intersection was 5m
of 0.5 g/t gold. Several other targets on the property have not been tested
and further work will be considered later. The company's focus will now
shift to the Caballo Blanco gold, silver, copper and Yago gold properties.
At Caballo Blanco, an induced polarization survey to better define drill
targets is under way over areas of strong gold, silver copper soil
anomalies and high grade values in rock float and subcrop. A new area of
mineralized vein float has been found recently during mapping and samples
are out for assay. Further line cutting and soil surveys will start shortly
to extend coverage beyond a large area where high copper and gold values in
soils extend to the edge of the previous grid. The best sample of float
from this area returned values of 2186 ppb gold (2.2 g/t), 21.3 ppm silver
and 4736 ppm copper (0.47%). Drill permits and approval of exploration
plans by the local land owners have all been received.
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