PAN PHASE II DRILLING YIELDS POSITIVE RESULTS
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SPOKANE, WA, June 27, 2000; Latitude Minerals Corp. (LTU.CDNX) is pleased to announce it has received highly encouraging assay results from its latest Phase II drilling program in the Red Hill-Pilot Ridge area of its Pan gold deposit, White Pine County, Nevada. Pan is a sediment-hosted, epithermal gold system in excess of 3.5 miles long located near the southern end of the Battle Mountain-Eureka gold trend in eastern Nevada. Results from this drilling confirm the presence of higher-grade structures at Pan and have expanded the open-ended, northwest-trending, higher-grade mineralization in the Red Hill target area (found during Latitudeûs Phase I drilling), where Latitudeûs drill results have nearly doubled the grade since Latitude began its work.
Drilling is scheduled to resume after the July 4 holiday to finish the Phase II program. All ten holes drilled to date, in the Red Hill-Pilot Ridge area, contain significant intercepts (0.010 opt Au cutoff), most of which are shallow, generally 230 feet or less, and all of which contain oxide mineralization (Table 1 - available for download from website - latitudeminerals.com). Some of the more significant intercepts include, but are not limited to, 225û @ 0.036, which includes 85û @ 0.061, 240û @ 0.024, which includes 65û @ 0.052, and 130û @ 0.050, which includes 45û @ 0.097. Mineralization at Red Hill is particularly shallow, most intercepts starting at or near surface, and extending fairly continuously to depths of 200-250 feet.
Several observations can be made from the results received. The current low stripping ratio combined with the oxide mineralization and the open-ended, higher-grade, northwest-trending structural zone are all positive indicators as to the future mineability of the Pan. Phase II drill results from Pilot Ridge, not unlike those from Red Hill, also reveal shallow intercepts upwards of 300-feet thick, with higher-grade material encountered along northeast-trending structural zones. One such 65-foot thick interval grading 0.052 opt Au in hole 00 LPR-502 is representative of this latter setting.
The plan is to identify feeders and major structures during the Phase II program. A subsequent Phase III program should bring the North Pan resource to a point where permitting can be initiated. While this permitting is being carried out, exploration will continue on the South and Middle Pan areas where detailed exploration is expected to begin later this year.
Latitude Minerals Corp. is a junior exploration company engaged in exploring and developing a number of advanced-stage gold deposits in the western United States. While the chief focus of Latitude is precious metals, the company is also evaluating a number of opportunities that fall within the corporate view of advancing into PGE and other strategic metals used in high-tech applications.
Additional information can be obtained by contacting Norman Eyolfson in Investor Relations
(416) 762-8995
or by visiting the Companyûs website at latitudeminerals.com.
Latitude Minerals Corporation.
John R. Carden,
President |
