Columbia River Resources Inc. - Ayaco Drill Results
VANCOUVER, British Columbia, May 29th, 2001 (BUSINESS WIRE) -- Columbia River
Resources Inc. is pleased to report additional reverse circulation drill results
from its Ayaco Gold Project located in the Republic of Ghana, West Africa.
SUMMARY
The 306.99 square kilometre Tanoso Reconnaissance Licence is 80% owned by
Columbia River Resources Inc. and is located in the Brong Ahafo and Ashanti
Regions of Ghana, 380 kilometres northwest of the capital, Accra. The licence
lies directly on-strike, 3 Km northeast of deposits held by Normandy Mining Ltd.
and Moydow Mines International Ltd., which host an estimated gold resource of
over 8.2 million ounces and represents West Africa's largest undeveloped gold
project. Production facility construction on this resource is to begin by mid
2001. The Columbia River Resources holding is the only part of the 140 Km trend
not controlled by Normandy.
The gold is hosted by Birimian metasediments and granites and is structurally
controlled by major northeast-southwest trending shears. This same geology
projects from the south to the northeast onto the Tanoso licence.
The Phase II Exploration Program was designed to further define and test the
area of gold mineralization identified in Phase I. Phase II included soil
sampling, regional and detailed silt sampling, pitting, geological mapping and
rock sampling, ground magnetic surveying gradient array IP surveying, real
section IP surveying, trenching and 1,572m of RC drilling, at a cost of US$
253,500 for a total expenditure to date of US$ 431,300.
The 5000m program was interrupted by the requirements under new environmental
legislation which requirements have now been satisfied. The remaining 3500m of
drilling is scheduled for completion at the end of the rainy season.
Phase II trench results for Area I include:
---------------------------------------------------------------
Location Maximum value
Trench (Line) Interval (m) Assay (g/t) (g/t over 1.0m)
===============================================================
5 12900E 34 0.66 25.91
incl. 15 1.11
---------------------------------------------------------------
6 13000E 21 1.08 10.68
incl. 11 1.88
---------------------------------------------------------------
7 13100E 5 0.87 2.97
---------------------------------------------------------------
8/3 13400E 27 0.36 3.66
---------------------------------------------------------------
Drill results for Area I over a strike length of 800 metres and
to a vertical depth of 75 metres include:
---------------------------------------------------------------
Maximum
value
(g/t
Drill Location From To Width Assay over
hole (Line) (m) (m) (m) (g/t) 2.0m)
---------------------------------------------------------------
AYRC-02 12800E 6 34 28 0.43 1.18
incl. 24 32 8 0.62
---------------------------------------------------------------
AYRC-03 12900E 27 55 28 0.88 6.38
incl. 31 55 24 0.99
---------------------------------------------------------------
AYRC-04 13000E 23 38 15 0.96 1.99
incl. 31 38 7 1.31
---------------------------------------------------------------
AYRC-09 13300E 50 76 26 0.21 0.58
---------------------------------------------------------------
AYRC-10 13400E 22 64 42 0.29 1.14
incl. 42 52 10 0.47
---------------------------------------------------------------
AYRC-14 13600E 0 12 12 0.56 1.50
incl. 0 6 6 0.83
---------------------------------------------------------------
AYRC-15 12900E 86 92 6 0.54 3.22
and 100 108 8 1.11
---------------------------------------------------------------
Additional values include:
-------------------------------------------
Location Maximum value
Drillhole (Line) (g/t over 2.0m)
-------------------------------------------
AYRC-05 13000E 1.04
-------------------------------------------
AYRC-06 13100E 1.13
-------------------------------------------
AYRC-13 13500E 3.42
-------------------------------------------
Drilling and trenching indicate continuous and open
mineralization over a strike of 800 metres in Area I. Wide zones
of gold mineralization are hosted in tourmalinised and pyritic
quartz-sericite schists and high-grade quartz veins.
A new discovery in Area I south is exposed in two trenches as
follows:
---------------------------------------------------------------
Maximum value
Location Interval (g/t
Trench (Line) (m) Assay (g/t) over 1.0m)
---------------------------------------------------------------
10 11600E 22 2.25 15.71
and 12 0.60
---------------------------------------------------------------
11 12100E 32 0.32 1.08
incl. 7.5 0.69
---------------------------------------------------------------
Trenching, geological/geochemical and geophysical surveys indicate continuous
and open mineralization over a strike of 500 metres in Area I South.
A Phase III work program of consisting of continued trenching and RC drilling in
Area I, geological mapping, soil sampling, and silt sampling in Area II, and
investigations into the new gold potential of Area IV is recommended at an
estimated cost of US$ 225,000.
Columbia River Resources Inc. is a Mineral Exploration & Development Company
with project emphasis in Western Africa.
ON BEHALF OF COLUMBIA RIVER RESOURCES INC.
Robert Ferguson,
President
For further information contact:
Robert Ferguson
Columbia River Resources Inc.
Suite 304 - 856 Homer Street
Vancouver, British Columbia V6B 2W5
Tel: (604) 688-1163
Fax: (604) 688-6375
Website: www.columbiariver1.com
CONTACT: Columbia River Resources Inc.
Robert Ferguson, 604/688-1163
URL: www.columbiariver1.com
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KEYWORD: INTERNATIONAL CANADA AFRICA/MIDDLE EAST
INDUSTRY KEYWORD: MINING/METALS
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