Ron and All: NEWS RELEASE: Yamana Resources builds gold results near Cerro Vanguardia deposit: Santa Cruz, Vanguardia, Argentina
Business Wire - June 17, 1997 08:51
SPOKANE, Wash.--(BUSINESS WIRE)--June 17, 1997--Yamana Resources Inc.(TSE YRI.) Yamana Resources Inc. announces that the last drill hole of the 1996-97 field season on its Estrella property penetrated and bottomed in a thick section of strong mineralization - hole 17
assays 100 meters (m) of 0.55 g/t Au, including 6 m of 2.17 g/t Au (see attached drill plan and cross-sections).
Drilling at Estrella, which lies immediately adjacent to and west of the Cerro Vanguardia mine development with its announced mining reserve of 2.9 million ounces of gold (within a resource of
3.8 million ounces of gold) and 33 million ounces of silver, continues to indicate potential for a large-tonnage deposit within this emerging epithermal gold district (see release April 3, 1997).
Cuttings from reverse-circulation hole 17 show many tiny quartz veins in silicified crystal-tuff similar to that found in previously drilled holes 16 and 8, consecutively 650 meters and 1,100 meters further west. This east-west structural zone, greater than 3 kilometers in length, is the plumbing for a very large and strong hydrothermal alteration system, and is believed to be the direct strike continuation of a big fracture zone hosting a major gold-vein swarm at Cerro Vanguardia.
Mel Klohn, Yamana's manager of the Santa Cruz project, said, "This really looks like a lead into a bulk-tonnage-style target, with mineralization spread over a large area, the limits of which are
currently unknown. The magnitude of the hole 17 intercept indicates there is potential to develop some good grade within this area."
The 17 reverse-circulation holes have been drilled at Estrella since mid-February, penetrating 2,497 meters. Only 20 percent of the 30-square-kilometer property has received detailed exploration, with geologic mapping, surface sampling and drilling expected to resume in the third quarter of this year.
Estrella is one of 17 Yamana properties at the 1,053-square-kilometer Santa Cruz, Vanguardia project. The 1996-97 exploration season at Santa Cruz has included 103 drill holes completed for 16,092 meters. Winterizing of Yamana's drill and Bema exploration camp is under way.
The Santa Cruz, Vanguardia program, with a team of nine geologists and twenty-five support staff, is operated during the exploration stage by Yamana and funded by Rio Algom Limited. Rio Algom may earn a 50-percent interest in Yamana's Santa Cruz properties by spending US$20 million on exploration by August 31, 2001. Yamana and Rio Algom anticipate completing their joint assessment of the season's results shortly.
Yamana Resources is a Canadian exploration company holding interests in 12 projects encompassing more than 90 properties covering over 36,000 square kilometers (8.9 million acres) in Argentina, Chile, Paraguay, Papua New Guinea, Indonesia and Washington state.
CAUTIONARY STATEMENT
This News Release includes certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Yamana, are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from Yamana's expectations are disclosed under the heading "Risk Factors" and elsewhere in Yamana's documents filed from
time to time with The Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities. All subsequent written and oral forward-looking statements attributable to Yamana or persons acting on its behalf are expressly qualified in their entirety by this notice.
There is a map available by contacting the company at the number above or by accessing CCN's Internet Website at cdn-news.com.
CONTACT: Yamana Resources Inc.
Greg W. Taylor, 509/838-6615
509/838-0714 (FAX)
yamana.com |
