Samex Mining Corp - News Release
Santa Isabel drilling results
Samex Mining Corp
SXG
Shares issued 18659481
1997-05-20 close $1
Wednesday May 21 1997
News Release
Mr Jeffrey Dahl reports
Samex has completed an additional three holes of core drilling totalling 1,014.3m
at the Santa Isabel porphyry project in southwestern Bolivia. The holes
(DDH-SI-97-13, -14, and -15) tested IP-defined chargeability anomalies within
the southeast half of the Mercedes structural block. The anomaly tested by hole
SI-97-13 corresponds to a NW-striking altered zone with scattered prospect
pits. Drill holes SI-97-14 and -15 tested a pair of anomalies over the eastern
projection of the Mercedes zone. Results show that all of these targets are steeply
dipping zones of sericite-pyrite or clay alteration which cross-cut propylitically
altered porphyry intrusion. Below supergene effects, the altered zones contain
abundant sulphide mineralization as stockwork veinlets and fine-grained
disseminations. Pyrite and sphalerite are the dominant sulphide minerals and occur
with variable minor amounts of galena and arsenopyrite.
Analytical results show that over their entire width the zones average anomalous
amounts of zinc (0.12% to 1.80%), lead (0.05% to 0.99%), silver (8.4 g/t to 18.4
g/t), and arsenic (2,572 ppm). High grade amounts of zinc are present over
narrow widths in both DDH-SI-97-14 and -15. Gold is consistently present in
detectable (>5 to 90 ppb) to anomalous (110 to 667 ppb) amounts. Weakly to
highly anomalous amounts of copper range between 128 ppm to 0.54% over
narrow widths in DDH-SI-97-13 and -15.
From-To Width Zn Pb Ag
(m) (m) % % g/t
DDH-SI-97-13
92.00-143.75 51.75 0.12 0.05 8.4
DDH-SI-97-14
318.07-422.00 103.93 0.81 0.22 14.8
DDH-SI-97-15
276.75-316.00 39.25 1.80 0.99 18.4
Overall, the drilling results indicate that in the southeastern part of the Mercedes
block, mineralized and altered zones are structurally controlled and mark where
hydrothermal fluids breached up through a broad area of propylitically altered
porphyry. These relationships are typical of areas distal (either laterally or well
above) to a core zone of copper-gold mineralization.
A more promising, large target of altered and mineralized porphyry with
associated significant chargeability response in the Mercedes block northeast of
DDH-SI-97-13 remains to be drill tested (proposed hole A). This target was
previously inaccessible, but construction of access roads and drill pads from which
to conduct drill tests has recently been completed.
Deep core drilling will be required to investigate the untested central parts of the
large breccia pipe discovered by previous drilling and IP surveys, as well as its
south margin where copper-gold sulphide mineralization in potassically altered
porphyry was intersected by two holes (DDH-SI-97-9 and -10). The presence of
the immense, strongly mineralized, arsenic and base metal (zinc, lead, silver) halo
which surrounds the 1100 metre long by 700 metre wide breccia pipe lends
credence to the possibility that bodies of gold-bearing, high-grade, enargite-rich
(copper) sulphide mineralization may exist within and/or along its margins. A
detailed electrical sounding geophysical survey will be conducted to help define
drill targets within the breccia pipe zone. Samex will be seeking additional
financing and/or a joint venture partner to facilitate further drilling at Santa Isabel.
The company has fulfilled and exceeded the US$1.14 million joint venture work
commitment and has completed a US$180,300 property payment due in April of
this year under the COMIBOL joint venture agreement. There are no further
payments due under the joint venture agreement until April 1999.
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