Terrific drill results: Looks like the early stages of a multi million ounce project.
Madison Enterprises Corp - News Release
Mt Kare drill results
Madison Enterprises Corp
MNP
Shares issued 6209925
1997-04-17 close $4.05
Thursday Apr 17 1997
News Release
Ms Nell Dragovan reports
The company has received assay results for 10 diamond drill holes, totalling
1,663.5m, from its Mt Kare property in Papua New Guinea. To date, four widely
spaced sites at the Mt Kare main zone have been drilled by the company. In the
area of the main zone, more than 1 million ounces of gold were recovered
between 1988 and 1990 from colluvial and alluvial gold mining activities. The
following table outlines significant results received from the company's drilling:
Hole No.
--------
Hole
Length Interval Length Au Ag
(m) (m) (m) (g/t) (g/t)
----- ----------- ------ -------- -----
M-1
235.8 0-25.5 25.5 0.92 17.1
73.5-79.5 6.0 1.36 41.9
213.0-219.0 6.0 1.04 1.2
M-2
275.0 0-24.0 24.0 0.58 14.1
M-3
133.5 1.5-21.0 19.5 1.01 10.3
64.5-91.5 27.0 3.32 5.1
M-4
193.7 0-15.0 15.0 0.62 16.0
M-5
58.8 6.0-13.5 7.5 1.15 45.6
27.0-58.8 31.8 308.40 129.0
incl. 49.5-54.0 4.5 2,140.98 677.0
M-6
100.0 43.5-82.5 39.0 9.64 67.6
incl. 67.5-82.5 15.0 23.34 145.1
M-7
100.6 46.5-87.0 40.5 4.37 88.6
incl. 75.0-85.5 10.5 9.65 152.3
M-8
130.7 results pending
M-9
137.0 1.5-7.5 6.0 1.63 10.6
24.0-48.0 24.0 2.78 19.6
M-10
142.0 0-6.6 6.6 1.18 2.8
117.0-126.0 9.0 1.78 2.0
M-11
155.8 32.6-106.5 73.9 1.80 47.7
incl. 97.5-106.5 9.0 7.46 19.5
The company's initial four holes at site A were targeted to evaluate a series of
interpreted northeasterly trending zones intersected in CRA holes 11, 13 and 25.
The company's results from these holes suggest that the drill pad is directly on top
of one of these trends, with all holes located here displaying gold and silver
mineralization immediately from surface to up to 25.5m in depth. Hole M-3
intersected a separate mineralized zone between 64.5 and 91.5 metres, which will
require further evaluation.
Exploration work indicates that, in addition to the northeasterly trending zones of
mineralization, a broad north-south brecciated, altered and mineralized zone
occurs between CRA holes 20 and 25. Associated with the eastern margin of this
intrusive complex are a series of quartz-roscoelite showings believed to be similar
to the bonanza ore zones found at the nearby Porgera deposit. Madison holes
M-5, M-9, M-11 and M-12 were drilled to test the altered intrusive body, as well
as the associated quartz-roscoelite mineralization. The very high grade interval
returned from hole M-5 (2,140.98 g/t Au and 677.0 g/t Ag over 4.5m) suggests
the potential for quartz-roscoelite bonanza grades in this area, which will be the
focus of follow-up drilling. Hole M-5 was lost in mineralization at 58.8m.
Drill holes M-6 and M-7 (site B) confirm the high grade intersection returned in
CRA drill hole MK-15. Targeted to twin the CRA hole, hole M-6 (-58 degree
dip) intersected the centre of the mineralized zone 5m above MK-15. Drill hole
M-7 intersected the centre of the same zone, 50m to the northeast. The zone
remains open in both directions. Both drill holes returned good intervals of higher
grade mineralization: 23.34 g/t Au and 145.1 g/t Ag over 15m in hole M-6, and
9.65 g/t Au and 152.3 g/t Ag over 10.5m in hole M-7.
At site D, a large northeasterly trending intrusive body has been intersected by
both holes M-8 (assays pending) and M-10, however, it appears that this drill pad
may have been located too close to the mineralized margin to provide a complete
sectional test of this area as hole M-10 collars in mineralization. Additional drilling
will be done in this area to provide a complete evaluation of the altered,
mineralized, brecciated contact zone of this intrusive.
The company uses TSL Laboratories, an independent analytical lab based in
Saskatoon, to provide on-site sample handling, preparation and supervision, as
well as assaying of all core samples at its lab in Canada. In-house rechecks and
standards are routinely included, and 10% of all samples are forwarded to Min-En
Laboratories in Vancouver for independent rechecks. A review of the
independent rechecks has shown extremely good correlation at all levels of gold
and silver, including
The company's regional auger-soil sampling program has extended the 1.6km long
multi-element geochemical anomaly at the Mt Kare main zone for another 2.6km
to the northeast and has resulted in the discovery of two new distinct gold
geochemical anomalies. The new northeast zone, measuring at least 300 by 1,300
metres contains peak auger soil values of 60.0 g/t and 210.0 g/t Au, 2.0km to the
northeast of present drilling. The north zone, 800m to the north of present drilling,
has to date only been partially delineated by auger sampling. It extends over a
minimum area of 200 by 300 metres and contains peak auger soil values of 35.0
g/t and 49.0 g/t Au.
Interpretation of a recently completed Aerodat airborne magnetic and radiometric
survey indicates an oval feature up to 6km across corresponding to an area of
shallowly emplaced mafic intrusives. This unique suite of alkalic mafic intrusives
has close genetic links to the mineralization at Mt Kare and on the adjoining
Porgera mine property. A compilation of all geological, geochemical, geophysical
and structural data has shown a strong correlation between old and new drilling
information, surface geochemical trends, magnetic anomalies, intrusives, regional
structure as well as former and current colluvial mining activity on the north and
west side of the magnetic feature.
The Mt Kare property is contiguous to the Porgera mine property (50% owned
by Placer Dome Inc), with an average annual production of 1 million ounces of
gold per year over the last six years, and where current reserves and resources,
including past production, total over 24 million ounces of gold. The company's
geologic model and exploration target at Mt Kare is the discovery and delineation
of a Porgera-style gold deposit. At Mt Kare, the drilling program is planned to
continue through to 1998 on a regular grid pattern on the main zone and its
extensions, and other targets such as the northeast and north zones as they are
developed during the exploration.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
