Latitude Minerals White Pine drilling results
Latitude Minerals Corp
LTU
Shares issued 2,901,842
1999-12-03 close $0.3
Monday Dec 6 1999
Mr. John Carden reports
Latitude Minerals has discovered some of the highest-grade and thickest drill
intercepts encountered by any exploration program to date from its recently
completed phase I Pan drilling, White Pine county, Nevada. Pan is a large,
sediment-hosted, epithermal gold system located at the southern end of the Battle
Mountain-Eureka Gold trend in eastern Nevada. The mineralized system is in
excess of 3.5 miles long and is currently defined by two oxide deposits, North and
South Pan. Furthermore, results from this drilling program suggest that substantial
potential exists for the discovery of yet a third deposit at its newly identified
Middle Pan area.
Of the 7,288 feet drilled in 17 holes, 14 contain significant intercepts (0.010 of an
ounce per ton Au cutoff), including 80 feet at 0.044, 125 feet at 0.047, 128 feet
at 0.070, 450 feet at 0.022, 150 feet at 0.047, and 260 feet at 0.021. These
intercepts are significant because: 1) they indicate the presence of silicified
structures and cross-structures hosting feeder mineralization (hole lost in 53 feet at
0.106), which have only begun to be explored; 2) full delineation of the
feeder-structures will increase the overall grade of the deposit; 3) they indicate the
presence of higher grade mineralization in the favourable near-surface basal Pilot
shale (50 feet at 0.067); 4) all mineralized intervals are oxide in nature; and 5)
discovery hole 416 at Middle Pan confirms that ore-grade material exists on and
near the surface and is open for 2,000 feet along strike.
Mineralization at both North and South Pan is intimately associated with late silica
flooding. As a result, Latitude is now planning a detailed geophysical survey in
conjunction with detailed geological/structural mapping to identify and target
silicified cross-structures and silicified zones which are key to locating
higher-grade portions of the deposit.
Results of the phase I drilling are successful and warrant a follow-up phase II
drilling program that will be implemented as soon as possible.
North Pan
Drill results at Red Hill suggest the presence of a mineralized feeder-structure in
angle holes 406 and 415, both unfortunately lost in broken and silicified material.
Hole 415 contains 53 feet at 0.106 of an ounce per ton Au at the bottom of the
hole, with the highest five feet interval assaying 0.171 of an ounce per ton Au.
Hole 406 was lost in rock assaying 0.092 of an ounce per ton Au. Previous
drilling in this area is dominated by shallow vertical holes which had little chance of
intercepting the vertical feeder structures and favourable lower Pilot shale where
higher grades usually exist. Management is planning several deep holes in the Red
Hill area to determine if bonanza-grade mineralization can be discovered in the
deep roots to the mineralizing structure. At least seven areas, similar to Red Hill,
are present on the Pilot Ridge area of North Pan where prior shallow vertical
holes only partially tested the potential (74 previous holes bottom in gold
mineralization). At least 30 holes are planned for the Pilot Ridge area of North
Pan to find feeder faults similar to that encountered at Red Hill.
Gap
Shallow oxide gold mineralization encountered in the Gap area of North Pan
occurs as a thick zone (150 feet or more) with low-grade 0.020 to 0.025 of an
ounce per ton material having a low intrinsic strip. Drilling performed in this area
extends mineralization at least 100 feet west and south of previously encountered
ore-grade intercepts. Mineralization is completely open to the south and west and
more drilling is warranted to explore for vertical feeder structures. At least 14 to
18 holes are warranted as step outs along strike to the south for 1,000 feet in the
Gap area. If this second phase of drilling is successful, it could add a substantial
number of ounces to the deposit.
South Pan
The north-striking nature of the deposit geometry at South Pan was previously
thought to be related to the north-trending Pan fault structural zone. Although thick
intervals of oxide mineralization occur along this north-trending zone (for example
LPR-409 450 feet at 0.022 of an ounce per ton Au, LPR-413 260 feet at 0.021
of an ounce per ton Au, AP-114 180 feet at 0.043, EP-87 230 feet at 0.031,
SP-193 150 feet at 0.037), Latitude drilling has demonstrated that silicified
cross-faults are more highly mineralized than the north-striking Pan fault. By
example, hole 412 is the only hole at South Pan which was drilled in a southerly
direction, designed to cut a cross-fault. It contains 80 feet at 0.062 of an ounce
per ton Au, which is approximately two to three times the average grade of
vertical holes previously drilled in the area. Approximately 24 southerly-directed
angle holes are planned to test six northeast-trending cross-faults as targets for
higher-grade mineralization, which cumulatively could increase the overall grade of
South Pan.
Middle Pan
Hole 416 represents a discovery hole at Middle Pan. It intercepted a shallow
japeroid, which is open for 2,000 feet along strike. Outcrops of mineralized rock
in excess of 0.100 of an ounce per ton Au occur near the collar of this hole. Hole
416 contains 50 feet at 0.031 (zero to 50 feet), with no stripping. The steepness
of the Middle Pan terrain and size of the rig precluded Latitude from completing as
many holes as planned. The next phase of drilling will comprise offsets and
extensions of the discovery hole using a rig more compact than the Ingersoll-Rand
T-4. Currently, two mineralized zones have been recognized at Middle Pan, an
eastern and a western zone. The eastern zone, that was tested by hole 403,
contains only weakly anomalous rock and will not be pursued during the phase II
drilling.
Mineralized drill hole assays from Pan project, White Pine
county, Nevada
Inter-
Hole Area cept Grade Interval
ft opt Au ft
LPR-401 Red Hill 80 0.044 95-175
Includes 30 0.082 125-155
LPR-406 Red Hill 125 0.047 100-125
Includes 50 0.067 175-225
LPR-415 Red Hill 128 0.070 105-232
Includes 53 0.106 180-232
LPR-407 Gap 150 0.020 15-165
LPR-408 Gap 155 0.022 50-205
Includes 90 0.025 95-185
LPR-404 South Pan 110 0.010 415-525
LPR-409 South Pan 450 0.022 0-450
Includes 65 0.031 130-195
Includes 80 0.038 260-340
LPR-410 South Pan 30 0.024 115-145
80 0.023 275-355
LPR-411 South Pan 25 0.025 0- 25
85 0.025 60-145
25 0.046 270-295
LPR-412 South Pan 150 0.047 15-165
Includes 80 0.062 60-140
LPR-413 South Pan 260 0.021 140-400
Includes 120 0.030 280-400
LPR-414 South Pan 45 0.041 140-185
LPR-416 Middle
Pan 50 0.031 0- 50
(note: Western zone discovery hole,
no drilling along zone for 2,000 feet)
LPR-403 Middle
Pan 15 0.017 60- 75
Note: Not all intercepts are reported
in this table.
Note: Holes 406 and 415 were lost in 10 feet at 0.098 and 53 feet at 0.106 of an
ounce per ton Au, respectively.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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