Minera Andes Inc -
Minera Andes discovers high-grade gold/silver
Minera Andes Inc MAI
Shares issued 20,390,113 2000-06-06 close $0.16
Wednesday Jun 7 2000
Mr. Allen Ambrose reports
A new area of high-grade gold/silver mineralization discovered by Minera Andes in southern Argentina has the potential to more than double the known size of the company's Huevos Verdes high-grade gold/silver vein system. This discovery indicates the Huevos Verdes vein now extends at least three miles (five kilometers).
The newly identified high-grade zones in the Pluma West target are located about 1.9 miles (3 kilometres) northwest of the Huevos Verdes vein, where two earlier exploration drilling programs in 2000 have identified three high-grade zones of gold/silver mineralization. The zones are open at depth and along their strike. The Huevos Verdes vein has a known length of 1.5 miles (2.4 km).
Exploration results, including the sampling from the Pluma West high-grade zone, increase the likelihood that the high-grade gold/silver mineralization known to exist at the Huevos Verdes vein and mineralization discovered at Pluma West are part of the same system. As is the case at Huevos Verdes, the high-grade gold/silver mineralization is hosted by quartz veins. Both exploration targets lie on the same regional structural trend 1.9 miles (three km) apart. The area between the targets is masked by a thin cover of post mineral basalt. In addition, both targets contain the upper levels of a hydrothermal system. High-grade gold/silver has been drilled at depth on the system at Huevos Verdes and may also exist at the same levels at Pluma West.
The Pluma West sampling included 300 rock chip channel samples collected from several exposed quartz veins. The samples indicate excellent potential for the discovery of more high-grade gold/silver mineralization at depth and along strike, and identified a number of drill-ready targets.
The Pluma West sampling defines two strong gold/silver veins with values up to 0.40 ounce per ton (13.58 grams per tonne) gold and 14.1 ounces per ton (483.5 grams/tonne) silver and 0.36 ounce per ton (12.20 g/t) gold and 11.1 ounces per ton (382.2 g/t) silver over a 3.3 foot (1 m) and 6.6 foot (2 meters) width. Of the samples taken, 85 per cent contained greater than 0.03 ounce per ton (1 g/t) gold and/or 1.46 ounces per ton (50 g/t) silver on the best two exposed quartz veins labeled A and B on the attached map. Sampling of the veins was taken over a vertical range of 200 feet (61 meters). The mineralized areas A and B on the map are approximately 500 feet (150 meters) and 820 feet (250 m) in length, respectively. The veins are open to the north and south, where they are covered, and at depth. In addition, other veins remain to be sampled.
One of ten targets identified on the 217,000 acre (88,000 hectare) land package owned 100 per cent by Minera Andes, the Pluma West area is located in the Rio Pinturas valley. Erosion of the canyon has revealed good vertical and lateral exposures of veins not evident elsewhere on the property. This exposure assisted in the discovery of gold/silver mineralization. Sampling at Pluma West also indicates that the known exposures are at a high level in the mineralized system, characterized by the precious metals, anomalous arsenic and mercury, low base-metal values and replacement vein textures. Excellent potential exists for further discovery of high-grade gold/silver at depth and along strike.
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