Did anybody notice this August 4 press release?
1999-08-04
Peruvian Gold Limited Announces CSAMT Survey Completed at the Silvertip
Property, Drilling to Commence in Mid-August, 1999
VANCOUVER, BRITISH COLUMBIA--David Henstridge, President, is
pleased to announce that the first phase of the 1999 exploration
program on the Silvertip property has been completed. Silvertip
is located about 85 kilometres south-west of Watson Lake, Yukon,
accessible by a 25 kilometre road from the Alaska Highway.
The Silvertip deposit (formerly Midway) is 100 percent owned by
Silvertip Mining Corporation, a wholly-owned subsidiary of
Imperial Metals Corporation (IMC). Previous drill programs
defined a resource of 2.57 million tonnes grading 325 g/t (9.5
oz/st) silver, 8.80 percent zinc, 6.4 percent lead and 0.63 g/t
(0.02 oz/st) gold. At the end of the 1998 exploration program, a
deep CSAMT geophysical anomaly, immediately to the south of, and
below the known mineralization, remained to be drill tested.
During July 1999, IMC, the operators of the project, completed a
5.65 line-km CSAMT survey over the area of the geophysical
anomaly, and the survey confirmed the previous findings. In
addition, two other anomalies were found, one about 200 metres
south of the previously known target, another about 400 metres
southeast from it. Interpretation of the geophysical anomalies
reveal that horizontally, each target is roughly equi-dimensional,
ranging in approximate size between 10 and 100 metres across. The
data is being compiled and integrated with the known subsurface
geology prior to selecting drilling targets. A minimum 2,000
metre diamond drill program will commence about mid-August to test
these targets.
Peruvian has the right to earn a 60 percent interest in the
property by spending $5 million over three field season with a
minimum commitment of $450,000 in 1999. IMC retains the right to
buy back a 20 percent interest by spending $2 million within 18
months on completion of Peruvian's earn-in.
On Behalf of the Board
David Henstridge, President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Peruvian Gold Limited
David Henstridge
President
(604) 681-0110 or toll-free 1-888-215 5111
(604) 682-2236 (FAX)
E-mail: pvo@intergate.bc.ca
Website: www.peruviangold.com
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy of this release and the
information contained herein.
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