Las Flechas drilling results
Oro Belle Resources Corporation ORS
Shares issued 15,766,686 May 6 close $0.75
Wed 7 May 97 News Release
See IMA Resource Corporation (IRU) News Release
Mr Joseph Grosso reports
Further to news in Stockwatch, April 18 1997, IMA Resource has received
drilling results for the recently completed Las Flechas drilling program.
The project is in northwestern Argentina and is held through a 50% interest
in Minas Argentinas SA (MASA). Oro Belle Resources Corp owns the other 50%
of MASA.
At Las Flechas, drilling consisted of 16 core holes totalling 1,791 metres
in the vicinity of two previously identified anomalous gold zones. Holes 2,
3, 4 and 7 each included near-surface intervals of over 7m grading 0.5 gpt
gold together with silver grades from 21.5 gpt to over 200 gpt.
Higher-grade intervals of gold and silver in these holes include 1.3m of
2.559 gpt gold and 171.0 gpt silver in hole 4, 1.45m of 2.389 gpt gold and
97.6 gpt silver in hole 4, 1.60m of 2.048 gpt gold in hole 7, 1.15m of
1.479 gpt gold and 68.8 gpt silver in hole 3, 1.35m of 1.046 gpt gold and
40.9 gpt silver in hole 3, and 2.55m of 1.231 gpt gold and +200 gpt silver
in hole 2. Anomalous gold (+100 ppb) was encountered in 14 of the holes,
and 11 of the holes contain significant base metal values with intervals
grading up to 6% zinc, 1% lead and 0.4% copper. Selected gold and silver
assays for holes 2, 3, 4, 5, 7, 10, 15 and 16 are included in the table
below.
Initial analysis of the high levels and zonation of base metals along with
the distribution of gold values suggests that the drilling encountered the
edge of a potentially large, high sulphidation epithermal gold-bearing
system. Two previously identified areas of alteration and geochemical
anomalies, the central zone and the south zone, were the subjects of the
drilling, as depicted in the attached map. Holes drilled on the western
edge of the central zone tended to show elevated values of zinc, consistent
with a zone of base metal-enriched low sulphidation mineralization
corresponding to the periphery of a possible gold-copper bearing high
sulphidation system.
Holes further east in the central zone form a half circle and show
decreasing values of zinc and lead, while hosting higher values of copper
plus gold and silver. This suggests the possible occurrence of high
sulfidation mineralization to the east of the base metal zone where there
is potential to encounter a large epithermal gold deposit of economic
grade. In the central zone, the new target area appears to be associated
with a topographic high that hosts a large alteration anomaly north and
east of the current drilling. MASA is encouraged by the type and extent of
mineralization discovered, and its apparent zonation, which will provide
valuable guidance for further exploration efforts. During the coming
months, MASA will conduct further work to design a follow-up drilling
program to determine the possible existence and extent of a higher-grade
gold zone closer to where MASA believes the centre of the system may lie.
MASA is also conducting work on the four zones not yet drilled, to identify
possible drilling targets. The Magote zone, 15km northwest of the present
drilling, contains an alteration zone with geochemical anomalies covering
12 sq km and may host multiple targets.
Sample preparation and assaying for the past two years on these projects
have been carried out by Bondar Clegg, which has a preparation facility in
Mendoza, Argentina. Bondar Clegg uses fire assay for determining gold at
its La Serena, Chile facility and ICP and other analyses for assay of other
metals in its Vancouver laboratory.
IMA Resource holds a 100% interest in Inversiones Mineras Argentinas SA and
a 50% interest in Minas Argentinas SA (MASA). The other 50% of MASA is held
by Oro Belle Resources Corp, a company controlled by Viceroy Resource Corp.
Viceroy provides MASA with exploration management and technical expertise.
Drilling Results
Las Flechas
From - To Interval Au Ag
Hole No. (m) (m) (gpt) (gpt)
------- ----------- ----- ----- -----
LF-97-2 80.60-88.95 8.35 0.559 74.8
incl. 80.60-83.15 2.55 1.231 +200.0
LF97-3 8.20-15.50 7.30 0.661 28.4
incl. 8.70-9.85 1.15 1.479 68.8
incl. 10.75-12.10 1.35 1.046 40.9
LF97-4 4.35-12.05 7.70 0.726 46.3
incl. 6.20-7.50 1.30 2.559 171.0
LF97-4 17.80-26.50 8.70 0.642 21.5
incl. 20.75-22.20 1.45 2.389 97.6
LF97-4 48.15-53.80 5.65 0.645 4.9
incl. 49.15-50.55 1.40 1.041 6.6
LF97-5 108.15-109.30 1.15 0.510 11.5
LF97-7 0.00-8.62 8.62 0.614 0.0
incl. 3.20-4.80 1.60 2.048 0.0
LF97-10 3.20-4.65 1.45 0.707 0.0
LF97-10 68.80-70.35 1.55 0.514 0.0
LF97-10 144.70-146.35 1.65 0.567 0.0
LF97-15 60.66-62.20 1.54 0.721 15.7 |
