NEWS: APRIL 8, 1997
Argentina Gold Corp. Drilling Program Update
VANCOUVER, BRITISH COLUMBIA--ARGENTINA GOLD CORP. (the "Company")
is pleased to report on its drilling program currently being
conducted in the Valle del Cura volcanic region of the Argentine
El Indio Gold Belt. The Company is actively exploring for gold
with its joint venture partners Barrick Gold Corporation and WMC
Limited.
BARRICK GOLD CORPORATION JOINT VENTURE
At the Veladero project a 4,000 to 5,000 metre reverse circulation
drilling program started on March 22, 1997. The program has been
directed to test geochemical and geophysical anomalies at the NW
target and the Federico Ridge target. Up to date, a difficult
rock condition (strongly fractured and faulted) produced a very
slow drilling advance. Generally, the targeted depth for each
hole is 150 to 250 metres and some holes were aborted due to
collapse. Presently, the company is drilling on a topographically
higher section where better rock conditions are expected. Five
holes have been drilled so far and partial, preliminary results
are as follows:
HOLE DEPTH RESULTS
-------------------------------------------------------------
V97-38b 28 metres (aborted) Initial 14 metres @ 1.69 grams
per tonne Au
V97-39 250 metres Initial 94 metres @ 0.91 grams
per tonne Au (including 10
metres @ 2.8 grams per tonne Au)
V97-40 116 metres (aborted) Initial 20 metres @ 2.9 grams
per tonne
V91-41 235 metres Partial results from initial
78 metres indicate 12 metres @
1.75 grams per tonne - further
results pending
V97-42 192 metres (aborted) No results available
Barrick Gold Corporation re-activated the Del Carmen project in
mid- January with the objective of re-analyzing the alteration
model and to produce a new program of reverse circulation
drilling. A new approach to the geological model was finalized in
early March and a 3,000 to 5,000 metre drilling program is being
scheduled. A drill rig should be on the property by the middle of
April.
WMC LIMITED JOINT VENTURE
WMC Limited is presently focusing on the Fabiana, Guanaco Zonzo
and Regalito prospects. These prospects are located within the
Rio Frio claim block very near to the eastern boundary of Veladero
along the Taguas river region. WMC Limited intends to commence a
2,000 to 3,000 metre drilling program on these properties by the
third week of April. Targets comprise silicification zones with
similar styles to those at Veladero North which show alteration
and geochemical schemes related to high sulfidation
mineralization.
WMC Limited senior staff and consultants are compiling and
reviewing geological information obtained at the Poposa and Rio
Frio projects in order to decide on further drilling and/or other
geochemical work at these areas. The Poposa project produced some
interesting drill hole intersections at the Upper Poposa canyon
(20 metres of 1.29 g/t Au, 6 metres of 1.0 g/t Au, 4 metres of
0.85 g/t Au and 8 metres of 0.85 g/t Au) which are geologically
linked to the possibility of a gold/copper porphyry system at
depth. Intense geophysical surveys are being finished at the Rio
Frio project as well as regional alteration mapping in order to
identify hidden targets below an extensive colluvium cover.
ON BEHALF OF THE BOARD
J. Patricio Jones, President |
