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Here's the latest SXG new release and is very confusing
Samex Mining Corp.
SXG VSE
April 25, 1997
Walter South Update; Senior Board Listing
SAMEX MINING CORP. ("SXG-V;SMXMF-L")
- Walter South Update; Senior Board Listing
Jeffrey P. Dahl, Vice Chairman, Samex Mining Corp., reports on further exploration results from the 100%-owned Walter project in southwestern Bolivia. The exploration program at Walter is aimed at defining mineable reserves within multiple centers of mineralization along a 13 km strike length of a regional trend of deep-seated faults which host igneous intrusions and hydrothermal mineral deposits.
Five diamond drill holes totalling 2,380 meters have been completed in the Walter South area. The objective of the six hole drill program is to test the down-dip continuity of gold- and silver-bearing veins and intrusions identified on surface and in underground workings, and to determine if additional veins and mineralized intrusions are present. To date, the drill program has demonstrated the vertical extent of several veins to depths up to 260 meters below surface. The veins remain open-ended down-dip. Important new veins were intersected along with numerous smaller veins. Significant vein intersections are as follows:
//ST
Hole Vein Interval True Gold Silver Zinc
No. (meters) Thickness (g/t) (g/t) (%)
(meters)
97-1* 223.70-224.70 0.60 4.60 343.4 3.05
97-3 74.00- 76.02 1.30 1.67 227.6 23.08
108.65-109.35 0.50 4.42 20.4 0.19
226.80-226.95 0.09 5.50 166.9 0.26
97-4 121.50-122.00 0.30 3.25 212.8 anomalous
257.70-258.20 0.30 5.23 20.5 0.70
97-5 88.00- 88.10 0.07 5.00 4.8 0.34
219.37-219 0.12 5.00 1.0 0.06
* Potosi - reported previously in news release #1-97
//ET
The significance of the drill intersections is that they demonstrate the continuity of the veins. Since the veins typically fluctuate in width and grade both laterally and vertically, these drill intercepts are not necessarily representative of the veins throughout their length. The sixth and final hole of the program will test the down-dip extension of the Pupusani vein and related altered intrusion at approximately 80 meters below their exposure in underground workings. An updated resource estimate for Walter South will be produced upon completion of the drill program.
Drifting along 104 meters at the Potosi Level was carried out northward along the Potosi Vein to gain further understanding as to the vein width and grade consistency along strike. Analytical results for samples collected across the vein structure at two-meter intervals over the first 84 meters of the new drift indicate that approximately 52% of the drifted vein strike length is comprised of coherent segments with grade and width characteristics that could be mined via stoping at current metal prices. Probable reserves (mineable) for this vein (diluted to 0.8 meter width) have an average unit value of approximately US$157/tonne. The following table gives analytical results for probable reserve blocks in Potosi North:
//ST
probable width length Au Ag Cu Pb Zn Bi re- value
reserves m. m. g/t g/t % % % ppm serves $US/
diluted metric metric
tons ton
mineable* 0.8 20.0 2.655 61.4 0.29 0.15 5.22 381 5600 $108.69
mineable* 0.8 32.0 2.944 446.5 1.30 0.81 8.72 3302 8448 $163.52
mineable* 0.8 30.0 3.607 68.1 0.29 0.14 0.65 n/a 8460 $66.41
mineable* 0.8 20.0 2.420 387.1 0.29 0.10 0.20 803 4520 $104.73
mineable* 0.8 34.0 5.083 448.6 1.40 0.31 1.18 4686 9588 $216.35
mineable* 0.8 22.0 4.183 11.8 0.53 0.08 0.35 1042 5000 $74.55
mineable* 0.8 14.0 4.103 36.0 1.23 0.47 2.07 3300 4200 $129.66
*Undiluted analytical results reported previously in news release
#17-96
//ET
A 90 meter cross-cut was driven westward from the Litoral drift. The Pupusani vein was intersected over a 0.20 meter true width with a grade of 4.48 g/t gold, 5.2 g/t silver, 0.45% zinc and 0.29% copper. A second vein with a true width of 0.53 meters and a grade of 2.49 g/t gold, 35.4 g/t silver and 0.10% copper was also intersected.
The Company has completed a road to Walter Central to facilitate further geological and geochemical work and drilling. A large dacite pluton at Walter Central which is similar in composition and texture to the Pupusani intrusion at Walter South hosts several polymetallic veins and sulfide-bearing tourmalinized zones. Chip samples across a 1.1 meter wide section of the Potosi vein at Walter Central returned 5.3 to 6.7 g/t gold and 150 to 200 g/t silver. A 1.2 meter wide sample from within a mineralized pipe-like zone returned 1.58 g/t gold and 13.8 g/t silver.
Reconnaissance work is also being planned for veins and intrusions along the trend to Walter North. Several small outcrops of dacitic intrusions are present between Walter Central and Walter North, where a dacite dyke is present in the area of polymetallic veins. A chip sample from a 0.2 meter-wide vein yielded 4.0 g/t gold and 460 g/t silver.
In consideration the overall development of the Walter Project, the Company is currently seeking a joint venture partner with expertise in underground mining to facilitate an accelerated exploration program.
Management is also pleased to inform its shareholders that as of March 24, 1997, the Company has been granted a Senior Board Listing by the Vancouver Stock Exchange and designated an "Advanced Company".
TEL: (604) 688-6080 Jeffrey P. Dahl, Vice Chairman FAX: (604) 688-6090
______________________________________
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