News Release
Drilling Results And Exploration Update On Bolivian Concessions.
Vancouver, April 29, 1997: The company is pleased to announce the following developments:
RED II
The Company has completed a preliminary diamond drill program with encouraging results. Four holes comprising 475.9 meters were drilled in two sectors of the property with the results as follows:
Koricahua Sector
ú Hole CH-1 is negligible.
ú Hole CH-3A encountered silver values of 12.2 to 44 ppm from 42 meters to 52 meters.
ú Hole CH-3B encountered silver values of 208 ppm from 33 meters to 37 meters and
81 ppm from 37 meters to 39 meters.
Drill results confirm a vein system that will be further explored by underground methods.
Tacahua Sector
ú Hole CH-2 was drilled to 202 meters and the core reveals that disseminated base metals accompanied by gold exists within a brecciated ring fracture area in the dacite porphyry surrounding the central intrusive body. While the entire length of the drill hole was mineralized an enriched section occurs between 77 meters and 110 meters. Gold values varied from .05 ppm to .660 ppm, lead varied up to 6,200 ppm and zinc up to 13,000 ppm . The geology suggests a large tonnage, low grade, polymetallic deposit.
A second phase exploration program of detailed geochemical testing and diamond drilling is planned for the Tacahua sector.
RED V
Since the last report (January 21, 1997) a VLF survey has been commenced and will be completed by mid May 1997. A diamond drill program is planned following evaluation of the VLF survey.
IROCO MINE
Since the last report (April 7, 1997) geological field work has been completed and the Company is developing a diamond drill program to locate the faulted section of the orebody and evaluate the continuity of the orebody below 100 meters.
As previously reported, the mine has a drill indicated reserve of 12.48 MMT with an average grade of 1.3 g/MT equivalent to 520,000 ounces of gold. The ongoing program is designed to identify and define additional gold reserves.
COCHABAMBA DISTRICT
Cotacajes: The Company has negotiated an agreement to evaluate this small gold mine during a 90 day due diligence period and this evaluation is underway.
EXPLORATION EXPENDITURES
The Company expects to expend approximately $US 750,000 on direct exploration costs by August 31, 1997 on its Bolivian properties, including $US 125,000 committed by Anthian Resource Corp. as the first phase of its $US 3,000,000 option on the Llallagua I and II concessions.
ON BEHALF OF THE BOARD OF DIRECTORS
"Charles Bruce"
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Charles Bruce, Geol., P. Eng., P. Geol.
Chairman & CEO
No stock exchange has either approved or disapproved the information contained herein. This is not an offer to buy or sell any securities whatsoever and should not be construed as such. |
