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Gold/Mining/Energy : Goldminco Consolidated Mining Corp. GMC (was GMO)
GMO 0.01210.0%Jan 21 4:00 PM EST
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To: Don Turner who wrote (310)3/27/1997 9:12:00 AM
From: floj   of 588
 
Latest News Release:
Three substantial prospects, Posie, North Posie and Alaska, all along Alice's Fault, at the Alice River goldfield in north Queensland, Australia, have been well defined on surface, and are about to be drilled. Two further gold targets are about to be surface sampled. Goldminco is preparing to re-enter its exploration areas at Alice River after severe flooding, the worst in 40 years, contributed to official closure of the access roads into the area. The company has hired plant to carry out the necessary earth works, including road repairs. Providing the present weather holds, repairs to access will be completed within three weeks and the two diamond drills will then start work. Goldminco has also appointed an additional geologist to assist with the increased exploration program. One of the magnetic targets modeled by the company's consulting geophysicist lies north of the Alaska prospect on Alice's Fault. It is of some interest as it appears to be a sub-surface dyke-like body, 530m in width at its top. The only two stream sediment samples taken by Cyprus downstream in its catchment reported 460ppb and 380 ppb gold, which are high values for this field. Another magnetic target, further north on Alice's fault may be the source of two further high stream sediment gold assays from two separate creeks of 490 ppb and 240 ppb. A geochemical stream and soil sampling program to fully test these and the rest of Alice's Fault will begin as soon as Goldminco secures access.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
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