NEWS>>>>>>>>Wednesday June 11 1:03 PM EDT
Company Press Release
Source: Northern Orion Explorations Ltd.
Northern Orion Explorations Ltd. Announces Significant
Intercepts on the Margin of Agua Rica Deposit
VANCOUVER, June 11 /CNW-PRN/ - Northern Orion Explorations Ltd.
NNO - TSE, VSE
Northern Orion is pleased to report that it has received assays for holes
AR-118 to AR-122 from the Agua Rica project in Argentina. The 1997 drilling
program at Agua Rica includes in-fill and step-out drilling of the Mi Vida,
Quebrada Minas and Trampeadero mineralized areas, as well as exploration
drilling of other targets identified on the 5,000 hectare property.
Highlights from these drill holes are summarized below and complete
results are attached.
Hole Area Hole Type Intercept Copper Copper Gold Silver Molybdenum
(feet) Eq.(%)(x) (%) (g/t) (g/t) (%) AR-118 Mi Vida Step Out 1,169(xx) 0.72 0.45 0.17 1.8
0.041 AR-119 Mi Vida In-fill 375(xx) 1.59 1.22 0.53 2.1 0.015 AR-120 Trampeadero In-fill
826(xx) 1.34 0.92 0.23 3.4 0.069 AR-122 Mi Vida Step Out 636 1.19 0.71 0.28 5.8 0.070
(x) Copper equivalent grades are based on in situ values at the following
metal prices: copper (at) $1/lb, gold (at) $385/oz, silver (at) $5/oz, and
molybdenum (at) $4/lb. Actual payable values received will depend on the
recoveries which may vary for different metals and the prevailing metal
prices.
(xx) Hole ends in mineralization
Results from the step out holes indicate that the mineralization extends
beyond the currently drilled area, while results from the in-fill holes
further confirm the presence of a high grade mineralization in the Mi Vida and
Trampeadero areas.
Study Results Anticipated
It is anticipated that estimates of mineral resources based on results
from drill holes AR-1 to AR-103 will be released by the end of June, 1997 and
the results of an Initial Feasibility Study in late August, 1997. This study
will incorporate estimates of mineable reserves, mine scheduling, capital and
operating costs and an assessment of environmental impact for a mine at Agua
Rica.
The Agua Rica deposit is large porphyry copper-gold-silver-molybdenum
deposit located in Catamarca province, northwest Argentina, and is a joint
venture between Northern Orion (30%) and BHP Copper (70%). The joint venture
is currently undertaking a US$45 million work program designed to bring the
project to completion of a final feasibility study.
Northern Orion Explorations Ltd. (NNO-TSE, VSE) is a mining company
targeting the development of gold and copper deposits in Latin America and is
54% owned by Miramar Mining Corporation (MAE-TSE, VSE; MAENF-Nasdaq).
AGUA RICA
Assay Summaries, Holes AR-118 to AR-122
(all holes top to bottom)
Hole From To m Feet CuEq(x)% Cu % Au g/t Ag g/t Mo %
AR-118 2 140 139 454 0.12 0.04 0.07 1.02 0.008
60 degrs N 140 200 60 197 0.37 0.19 0.18 1.03 0.018
Step Out 200 556 356 1,169 0.72 0.45 0.17 1.81 0.041
AR-119 2 86 84 276 0.33 0.02 0.46 1.53 0.010
60 degrs S 86 200 114 375 1.59 1.22 0.53 2.13 0.015
Fill-In
AR-120 4 138 134 440 0.34 0.02 0.20 1.79 0.049
70 degrs S 138 390 252 826 1.34 0.92 0.23 3.39 0.069
Fill-In
AR-121 8 316 308 1,010 0.10 0.02 0.06 1.12 0.010
60 degrs N 316 540 224 735 0.38 0.14 0.10 1.03 0.045
Step Out
AR-122 4 82 78 256 0.61 0.06 0.48 2.14 0.067
60 degrs S 82 276 194 636 1.19 0.71 0.28 5.77 0.070
Step Out 276 375 99 326 0.64 0.33 0.17 3.19 0.046
*T
(x) The copper equivalent grades are based on in situ values at the following metal prices: copper
(at) 1/lb, gold (at) $385/oz, silver (at) $5/oz and Moly (at) $4/lb. Actual payable values received
will depend on the recoveries which may vary for different metals.
No Stock Exchange has approved or disapproved the information contained herein. |
