CC:
Some news out by IMR today. Are you still as enthusiastic about their upcoming drill program? At least the price has started to recover recently. Can't help feel this one could be just as exciting as PFG is becoming.
-------------------------------------------------------
IMA Exploration Inc. is pleased to announce the results of the first phase of
exploration on its Valle del Cura properties in northwestern Argentina and the
commencement of the Phase II program. The Phase I program identified a number
of high priority targets with altered and mineralized bedrock and anomalous
geochemical indicators in rock, soils and stream sediments.
Five targets have been identified that share similar geological features to the
deposits on the neighboring Pascua and Veladero, containing reserves and
resources of 20.7 million ounces gold - 525 million ounces silver, and 6
million ounces gold - 72 million ounces silver, respectively, such as: zones of
silicified breccias, abundant quartz veining, clay-altered volcanics, and the
intersection of northeast, northwest, and northsouth trending faults.
Accompanying Map:
(http://www.imaexploration.com/s/Image.asp?i=maps/Pascbw-jan262000.gif)
The Phase II program will focus on these target areas with detailed prospecting
and geological mapping, grid soil and rock sampling and ground geophysical
surveys, with the primary objective of defining drill targets. Barrick Gold
Corporation is financing IMA's ongoing exploration program in the Valle del
Cura region of Argentina.
Rio de Las Taguas
This property adjoins Barrick's Pascua property in Argentina to the east and is
approximately 5 km north of Veladero. Three targets for detailed exploration
have been identified.
The Ridge Zone is a northeast-trending zone of strongly clay-altered volcanics
anomalous in both gold and arsenic. The zone is exposed for approximately 300m
along strike over a width of 20m, and extends under talus cover in all
directions.
The Central Breccia Zone is an area of 400m by 300m in the southern part of the
property, mainly overburden covered, of silicification, quartz veining and
brecciation. Samples collected to date are variably anomalous in precious
metals and indicator elements and the geology suggests a large hydrothermal
system was active here.
The third target, the Valley Shear, is an area of total overburden cover but
with structural target, at the intersection of northeast, northwest and
northsouth trending faults.
For the Phase II program, all three areas will be gridded for Induced
Polarization ("IP") and ground magnetics surveys, while the Ridge Zone and
Central Breccia targets will see detailed prospecting, geological mapping and
geochemical sampling programs.
Potrerillos
Two target areas for follow-up have been identified on the Potrerillos
property, 4 km due east of Homestake's Veladero property.
In the central part of the property, grab samples from the north-trending
Panorama Zone are strongly enriched in gold (to 0.63g/t), silver (to 276g/t)
and arsenic. It is a zone of quartz veining and silicification, which extends
approximately 1km along strike and is open to the north.
On the western side of the property the Fabiana Extension, which adjoins
Homestake's Fabiana target zone, consisting of a large area (800m by 300m) of
altered volcanic rocks hosting abundant quartz veining and brecciation with
samples strongly anomalous in arsenic, and anomalous in gold and other
indicator elements. Plans for both target areas include IP and ground magnetics
surveys, detailed mapping, prospecting and soil sampling.
Other work on Potrerillos will involve completion of the Phase I reconnaissance
exploration program in the northeastern part of the property and evaluation of a
regionally extensive silica sinter horizon in the central and southern part of
the property. Sinters such as this are indicative of hydrothermal activity at
depth and are associated with many known epithermal gold-silver deposits.
Field crews are being mobilized to commence the Phase II program. In addition,
Phase I sampling and mapping of the Gollete and Ortiguita properties will
commence shortly.
IMA is a 6-year veteran of mineral exploration in Argentina with an extensive
contact base in the country's mining industry. The Company continues to seek
new exploration opportunities to add to its strategic land position, which has
already attracted the interest of several major mining companies as potential
joint-venture partners. IMA is well financed and pleased to have the support of
Barrick on our ongoing exploration programs in Argentina.
ON BEHALF OF THE BOARD
Dr. Gerald G. Carlson, Chairman |
