Argentina Gold Announces Complete Results for Hole V97-55 at Veladero
Project
VANCOUVER, BRITISH COLUMBIA--Argentina Gold Corp. (the "Company")
is pleased to announce complete results for Hole V97-55 drilled at
the Filo Federico target within the Veladero Project. Assay
results from surface down to 168 metres average 2.7 grams per
tonne gold with mineralization open at depth. Drilling of the
hole could not be continued due to weather conditions.
As previously announced, Hole V97-55 averaged 2.0 grams per tonne
gold from 0 to 90 metres. Complete assay results from 90 down to
168 metres are as follows:
/T/
Interval Gold
(metres) (g/t)
-------- -----
90 - 92 1.69
92 - 94 1.70
94 - 96 0.96
96 - 98 1.52
98 -100 1.11
100 -102 1.33
102 -104 0.67
104 -106 0.32
106 -108 0.64
108 -110 0.24
110 -112 0.61
112 -114 0.99
114 -116 1.40
116 -118 1.75
118 -120 2.05
120 -122 2.28
122 -124 2.33
124 -126 1.67
126 -128 4.11
128 -130 1.89
130 -132 39.00
132 -134 8.47
134 -136 2.35
136 -138 4.90
138 -140 2.65
140 -142 1.27
142 -144 1.45
144 -146 1.77
146 -148 1.19
148 -150 0.85
150 -152 1.52
152 -154 3.37
154 -156 4.66
156 -158 5.05
158 -160 4.03
160 -162 3.55
162 -164 3.85
164 -166 1.23
166 -168 2.47
/T/
VELADERO PROJECT REVIEW
The Company is very pleased with the results of the 1996/1997
exploration program. Several different targets were interpreted
and tested using geological, geochemical and geophysical
systematic surveys. The largest target area, known as Cerro
Pelado, was the focus of the season's drilling program with 17
drill holes completed. A large area (2.8 by 3.4 kilometres) of
geochemical and CSAMT geophysical anomalies were outlined within
Cerro Pelado and detailed geochemical and geological work defined
the NW, Filo Federico and SE target zones. Argentina Gold is the
operator of the project with Barrick Gold Corporation holding a 40
percent interest.
A total of 2,430 metres were drilled (including re-drilling of
several holes). Extremely hard and fractured silicified rock
created some geotechnical problems during the drilling. Weather
conditions have now halted the exploration program until September
when at such time the Company intends to initiate an extensive
drilling campaign. A minimum of 20,000 metres is being considered
at this time given the size and potential of the known targets.
A summary follows of the significant economic gold interceptions
encountered in the majority of the 17 holes.
/T/
Hole Total Interval Gold Notes
Depth
(metres) (metres) (g/t)
-------------------------------------------------------------
V97-38b 28 14 1.69
V97-39 250 74 0.91 including 10 m of 2.8 g/t Au
V97-40 118 26 4.07 including 4 m of 10.3 g/t Au
V97-41 235 26 1.17
V97-42 195 63 0.86 including 16 m of 1.59 g/t Au
V97-43 240 54 0.20
30 0.26
84 0.20
V97-44 207 52 3.13 including 10 m of 10.0 g/t Au
8 0.89
V97-45 134 24.5 1.86 including 14 m of 2.5 g/t Au
14 0.50 including 4 m of 1.2 g/t Au
V97-46 104 48.7 0.90 including 6 m of 1.82 g/t Au
V97-47 156 48 0.25
V97-48 135 38 0.77 including 20 m of 1.29 g/t Au
V97-49 173 66 0.44 including 40 m of 0.62 g/t Au
and 23 g/t Ag
V97-50 61 24 0.41 including 8 m of 0.68 g/t Au
V97-51 54 54 0.23 including 6 m of 0.45 g/t Au
and 53 g/t Ag
V97-52 159 40 0.71 including 14 m of 0.93 g/t Au
V97-53 12 no recovery of samples
V97-55 168 168 2.70 including 4 m of 39.7 g/t and
54 m of 4.1 g/t Au
/T/
The drilling results indicate the large potential of the Cerro
Pelado targets. The results obtained at Hole V97-55 are
particularly interesting. V97-55 was drilled at the western
portion of the Filo Federico target. The geometry of the
gold-bearing structures here appears to be sub-vertical and,
locally, of very high-grade. Given the size and intensity of the
mineralization at this target, the Company hopes to prove up large
volumes of rock amenable to open pit mining methods during next
season's drilling program.
The attached maps show a comparison with nearby alteration zones
where known orebodies occur and the scale of the small area tested
with drilling in relation to the large portion of the geochemical-
geophysical targets that remain to be drilled.
DEL CARMEN PROJECT REVIEW
At the Del Carmen project, which is operated by Barrick Gold
Corporation (60 percent interest), 5 reverse circulation drill
holes were completed before the end of the season. A total of
1,700 metres were drilled at the southern part of the Valle del
Cura region. Results are pending.
RIO FRIO PROJECT REVIEW
WMC Limited is the operator of the Rio Frio joint venture holding
a 60 percent interest. The season concluded with a drilling
program at the Guanaco Zonzo target near the eastern border of
Veladero. A total of 708 metres were drilled in 4 holes. Results
are pending.
ON BEHALF OF THE BOARD
J. Patricio Jones, President
I repost the results and let's get a second opinion, I think the stock should be much higher than $1.65. |
