To: SSP who wrote (47536)
From: CIMA Friday, May 19, 2000 3:16 AM ET
Reply # of 47543
CRVV - Impact date from their most recent press release:
Wednesday May 17, 12:01 pm Eastern Time
Company Press Release
Columbia River Resources Inc. - Ayaco Project - Leach Tests Return 1.96/t Gold Over 11.0 Metres Including 8 Metres of 2.55 g/t Gold
VANCOUVER, B.C.--(BUSINESS WIRE)--May 17, 2000--Columbia River Resources Inc. (OTCBB:CRVV - news) is pleased to announce results from Phase II Trenching at the Ayaco Gold Project located on the northern extension of the Yamfo Gold Belt in Ghana, West Africa.
These latest results have dilineated the continuation of mineralisation 100m along strike from the previously announced trench. This intersection was encountered on line 130+00N where the weighted average of one metre horizontal channel samples over 8m gave 2.19g/t gold from stations 4717 to 4724. The weighted average over 11m from stations 4717 to 4727 gave 1.88g/t gold. These results are based on 50g Fire Assay determinations which include 4.37 g/t gold over 3 metres.
The mineralisation is associated with intensely sheared medium to coarse grained greywacks with quartz veining and pyrite-sericite alteration. The host lithology is similar to that encountered in the mineralized zones at the Yamfo Deposit, on strike and southwest of the Ayaco Project.
Repeat analysis of the mioneralised zones, using 600g composite pulps applying the Leachwell method gave 2.63 g/t gold over 8m with a laboratory repeat of 2.55 g/t gold. Over the 11m intersection, the Leachwell analyses gave 1.96g/t gold with a repeat of 2.05g/t gold. These slightly higher values obtained in the Leachwell tests relate to the greater sample weight analyzed and the coarse nature of the gold.
IP Analysis and Drilling
Recent results of IP profiling along mineralised zone, at 200m line separation, indicated coincidence between a strong chareability and resistivity response. This is linked at surface with the mineralised zone. The geophysical evidence suggests continuity of the mineralised zone for a distance of 2200 metres and persistance to a depth exceeding 200 metres. Final processing of this data is currently being undertaken in Canada.
The Phase II Reverse Circulation Drilling programme of 4000 metres is scheduled to commence at the end of next week. The Company will announce drill results as they become available with the first expected to commence within the next 4 weeks.
On Behalf of Columbia River Resources Inc. Robert Ferguson, President
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Contact:
Columbia River Resources Inc.
Robert Ferguson
Tel: 604/688-1163
Fax: 604/688-6375
www.columbiariver1.com
A brief review of what's going on IMO:
CRVV turned down an offer of $6M from a major for 60% of the property because they are sure the goods are there. The CRVV property borders the Yamfo discovery which has already proven 10M ozs and goes into production this fall. The Yamfo discovery clearly continues onto CRVV's property. Rather than sell out for what they thought was a gift, a strategy to do an initial drill program, show the results and obtain much higher JV $$$ for reinvestment in their Nigerian properties was initiated. Newmont was on the property last week. Anglo, Normandy, Placer Dome and several others are rumored to be in the picture. This is why the impact date for initial drilling results is so important.
CRVV has 10M shares O/S FD. $6M/10M shares = .60/share already offered just for that single property. The shares trade for half that today and the market gives no valuation for the company being the first foreign mining company allowed into Nigeria, the largest country in Africa and full of minerals, since the early fifties. They have their pick of properties and will soon be listed on the Lagos exchange as the only foreign mining company.
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