Wade and All
Here is to-days news release. In any other kind of market these
rleases might help the stock but in this market, blah!!
PANGEA UPDATES EXPLORATION ON BULYANHULU SOUTH, BAKER & NUNGWISA
PROJECTS, TANZANIA TORONTO, April 30 /CNW/ - Pangea Goldfields' joint-venture partner,
Ashanti Goldfields recently provided an update of its work at Bulyanhulu South
and its exploration plan for the balance of this year. As well, Pangea has
been active on the Baker and Nungwisa projects in Tanzania during the last
three months.
Bulyanhulu South
The Bulyanhulu South project is located immediately south of and along
strike to Sutton Resources' five million ounce Bulyanhulu gold deposit. Recent
trenching and test pitting carried out by Ashanti has yielded encouraging
assay results. Gold mineralization has been discovered in saprolite material
with assays up to 9.5 grams/tonne gold over a width of 12 metres. Additional
trenching is in progress to follow-up this gold intersection. Drilling by
Ashanti at the Bulyanhulu South is scheduled for later this year.
Ashanti is also planning a drill program at the Rubondo project in
Tanzania to test strong gold geochemical anomalies delineated during the 1996
exploration program.
Pangea and Ashanti entered into a joint-venture agreement on the above
properties in 1995. Ashanti is the operator of both projects and can earn a
60% interest in Bulyanhulu South and a 75% interest in Rubondo by investing
US$4.0 million and US$3.0 million respectively and completing a bankable
feasibility study by October 2000.
Baker
A 2,300 metre first-phase RC drilling program was completed on Pangea's
100% owned Baker project to test a portion of a prospective shear zone
approximately two kilometres in length. This shear zone hosts the Golden Pride
2.4 million ounce gold deposit of Resolute Samantha and Samax located
approximately 20 kilometres to the west of the Baker project.
Gold values up to 3.5 grams/tonne over 3 metres were intersected in
several locations within the shear zone. Narrow quartz veins, with occasional
visible gold, intersected within the shear zone returned gold assays up to 34
grams/tonne over 1 metre. Another four kilometre long section of the shear
zone remains to be drill tested. The second phase of drilling will test an
area where the shear zone transects the banded iron formation.
Nungwisa
A 2,137 metre first-phase RC drilling program was recently completed on
the Nungwisa project which focused on an area of past and current artisanal
activity. Several wide zones of anomalous gold values varying from 0.5
gram/tonne to 1.2 grams/tonne over widths of 10 to 15 metres were intersected.
Drilling is scheduled to resume in the second half of 1997 targeting untested
geochemical and IP anomalies.
Pangea is a well funded gold exploration company with no debt and
approximately $22 million in cash (fully diluted $31 million). Pangea has
approximately 20.1 million shares outstanding (fully diluted 22.7 million
shares). Exploration efforts are underway in Peru, Canada, Tanzania and Mali.
-30-
For further information: please contact Pangea at (416) 350-3781
Comments please !!
John |
