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FOR FURTHER INFORMATION PLEASE CONTACT:
PANGEA
Jean-Charles Potvin
President
(416) 350-3781 ext. 227
or
Claude Britt
VP Exploration
(416) 350-3781 ext. 225
or
Bill Cavalluzzo
Manager, Investor Relations
(416) 350-3781 ext. 230
(416) 350-3782 (FAX)
bcavalluzzo@pangeagoldfields.com
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY
AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION
CONTAINED
HEREIN.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: PANGEA GOLDFIELDS INC.
TSE SYMBOL: PGD
OCTOBER 20, 1999
Pangea Reports High Grade Gold Intercepts At Depth At
Golden Ridge
TORONTO, CANADA--
-Drilling confirms potential to expand resource-
-Drill program increased to 20,000 meters-
Pangea Goldfields Inc today released the results from the initial
6,200 meters of a 10,000-meter diamond drill program undertaken by
joint venture partner, Barrick Gold Corporation at the Golden
Ridge project in Tanzania. The project, located 18 miles southeast
of Barrick's 8.8-million ounce Bulyanhulu project, currently hosts
a gold resource of 1.6 million ounces in the top 100 meters from
surface.
Drill results to date, which include 13.46 grams/tonne gold over
10.9 meters in hole GR99-45 and 10.11 grams/tonne gold over 12.4
meters in hole GR99-46, confirm the potential to expand the
current resource of 1.6 million ounces. The program was designed
to add to this gold resource by extending mineralization below 100
meters in the Main Zone and by assessing untested targets.
Barrick has increased the size of the program to approximately
20,000 meters and will continue drilling with four rigs. This
portion of the program is expected to be completed by yearend. In
addition, Barrick is also planning to drill several targets in the
Siga Hills area in the year 2000.
The 174 square kilometer property lies within the Kahama
greenstone belt and is underlain by folded and thrusted felsic
volcanics, pyroclastics and banded iron formations (BIFs). The
BIFs host the mineralization, with best drill results occuring
when the BIF is in contact with a quartz feldspar porphyry.
The Golden Ridge project is a 50/50 joint venture between Pangea
Goldfields and Barrick Gold with Barrick providing the funding and
acting as the operator. Barrick has the right to increase its
interest to 65% by completing a feasibility study and by arranging
project financing by September 2000.
Pangea drilling programs are also underway in Tanzania at the
Tulawaka project and at the recently acquired Imwero project in
the Geita camp. As well, drilling is scheduled to commence this
month on the Kakindu project located nothheast of Tulawaka.
The attached table summarizes the drilling completed to date in
this program.
Access previous PANGEA press releases on our Website:
www.pangeagoldfields.com
/T/
------------------------------------------------------------------------
HOLE # SECTION V. DEPTH FROM TO ASSAY STRUCTURE
RESULTS
(m) (m) (m) Au g/t / m
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-45 5540N 80 100.80 121.40 8.30 / 20.60 Main Zone
incl. 103.80 114.70 13.46 / 10.90
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-46 5540N 130 164.30 184.00 6.74 / 19.70 m Main Zone
incl. 165.30 177.70 10.11 / 12.40 m
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-47 Main Zone not
intersected
- fault gap
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-48 3700N 139.40 139.90 6.95 / 0.50 m Flat vein
160 186.70 190.00 2.55 / 3.30 m Main Zone
168 197.10 199.50 3.37 / 2.40 m Main Zone
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-49 5600N 130 170.00 186.50 3.56 / 16.5 m Main Zone
incl. 180.00 186.50 5.14 / 6.50 m
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-50 5650N 180 203.35 221.46 0.75 / 18.11 m
Main Zone
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-51 5700N 390 399.20 400.70 11.10 / 1.50m Main Zone
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-52 5350N 140 196.40 201.70 4.26 / 5.30 m Main Zone
incl. 201.10 201.70 18.75 / 0.60 m
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-53 5725N 80 74.10 75.25 19.95 / 1.15 m SI+ Zone
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-54 5715N 143 189.50 193.70 5.38 / 4.20m Main Zone
148 197.95 203.75 4.07/ 5.80 m Main Zone
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-55 5775N 155 170.00 172.00 4.15 / 2.0 m Main Zone
(hole abandoned at beginning of Zone)
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-56 5800N Hole lost
in fault
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-57 3600N 170 191.00 192.60 4.49 / 1.60 m Main Zone
180 201.00 203.90 2.60 / 2.90 m Main Zone
190 207.40 208.45 2.34 / 1.05 m Main Zone
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-58 5400N 165 195.18 195.68 5.75 / 0.50 m
175 207.64 213.10 3.56 / 5.46 m Main Zone
incl. 207.64 209.20 9.35 / 1.56 m
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-59 5280N 115.10 116.10 5.35 / 1.00 m x-cutting
vein
245 269.15 274.20 2.90 / 5.05 m Main Zone
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-60 5280N 245 220.80 222.00 2.14 / 1.20 m Main Zone
------------------------------------------------------------------------
------------------------------------------------------------------------
GR99-61 TO GR99-71 assays pending
------------------------------------------------------------------------
------------------------------------------------------------------------ |
