Check out WAYBURN RESOURCES (WYB - ALBERTA)
This company is also doing work in Papua New Guinea. They are currently producing 3,000 oz gold and silver per year. Work to start in May on Edie Creek to increase proven reserves of 200,000
Papua New Guinea is the new "hot mining" area.
This is a recent press release. Most of these results are BETTER than Madison.
Ioma exploration progress
Wayburn Resources Inc WYB
- Alberta Stock Exchange
Shares issued: 10.4 Million
Apr 14 close $1.10
Tue 15 Apr 97
News Release
Mr Frank Underhill reports:
Work is progressing on the Ioma project, a 1,150 sq km licence in the
proximity of the Tolukuma mine in Papua New Guinea. Over $2 million has
been spent by Esso Minerals/City Resources in recent years on this site.
A base camp has been established, and a mapping and reconnaissance sampling
program is continuing.
The principal gold bearing host appears to be a
silicified, quartz veined stockworked breccia. A total of 58 samples were
submitted for assay with 12 showing values greater than 1 g/t Au. Nine of
the 58 assayed between 3.74 g/t and 47.60 g/t Au. These samples represent
surface chip samples from outcrops in the Gira North prospect.
Fifty gram samples were fire assayed and finished by atomic absorption.
These results were taken from a 20 x 10 metre outcrop composed of quartz
veined basalt:
Au Cu Pb Zn
Sample No. (g/t) ppm ppm ppm
---------- ----- ----- ----- -----
1035 4.25 332 6,280 6,910
1036 47.60 202 2,154 3,650
1037 15.05 207 2,135 3,630
1038 7.44 248 830 1,280
The correlation of gold with high Cu/Pb/Zn indicates more than an alluvial
concentration or surface enrichment. It usually relates to, and is part of,
a larger scale gold bearing system.
This exciting new area extends beyond that which was investigated by
Esso/City, and opens up a new mineralized zone. Assuming a NNW trend, a 4km
strike length is indicated along which gold in outcrop and in wire form
from stream sediments has been found to date.
Follow-up work on this, and two other sites which showed gold values of
between 0.43 g/t and 12.42 g/t, is continuing with the objective of
defining targets for drilling later in the year.
For further information on Wayburn, visit the company's web site at:
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