(Full text of press release from Canadian Corporate News)
JUNE 20, 1997
Yamana Resources Finds Bonanza Silver In Santa Cruz,
Vanguardia, Argentina
SPOKANE, WASHINGTON--Yamana Resources Inc. announces that
ongoing reconnaissance exploration in the western region of
the Vanguardia epithermal gold district has lead to four new
discoveries of precious metal systems, some containing
bonanza-grade silver. Rock-chip sample results assayed as high
as 109 oz/t Ag (3,400 g/t). As a result of these finds, Yamana
has claimed four new properties which lie west and northwest
of the Cerro Vanguardia gold mine development, with an
announced resource of 3.8 million ounces of gold and 45
million ounces of silver (see attached map).
The expanded property portfolio brings Yamana's holdings
in the district to 17 cateos (exclusive prospecting rights)
covering 1,054 square kilometers.
"Lejano," the northern-most cateo, covers the best of
the sample results, where 27 rock-chip samples have been
collected, each over a minimum area of 15 square meters. Of
these, 55 percent grade in excess of 30 g/t Ag, with 33
percent greater than 100 g/t Ag, and 15 percent greater than
1,000 g/t Ag. The best sample assayed 3,400 g/t Ag.
Gold and silver mineralization occurs in strongly
hydrothermally altered, Jurassic-age rhyolitic volcanic rocks
exposed in two prominent hills, each
more than 1 kilometer long and 300 meters wide. It is often associated with
sheeted to stockwork quartz veining. About 80 percent of this
60-square-kilometer cateo remains to be examined.
The southern-most cateo, "Bacon," located approximately 200 kilometers
south of Lejano, encompasses 44 square kilometers adjacent to the Manantiel
Espejo gold-silver vein deposit in which Triton Mining Corporation holds a
purchase option from Barrick Gold Corporation. Triton has announced a
global resource of 1.1 million ounces of gold equivalent (Au + Ag). One
structural zone on Bacon consists of many small, sheeted quartz veins
cutting silicified rhyolitic tuff beds. This zone continues along strike
more than 3 kilometers over a variable width of up to 30 meters, and lies
on the same regional structural corridor hosting the Manantiel Espejo
deposit. Preliminary sampling has yielded assays up to 0.5 g/t Au and 730
g/t Ag.
Two more cateos,"Bola" and "Vista," are situated between Lejano and Bacon
and together make up an additional 141 square kilometers covering a similar
Jurassic-age volcanic setting. Large crater-like structures (calderas) are
seen on LandSat images. Both properties exhibit big zones of sheeted and
stockwork quartz-vein complexes several kilometers in strike length. Both
also transgress calderas and contain anomalous gold and silver
concentrations. With less than 10 percent exploration coverage, limited
sampling revealed in excess of 0.2 g/t Au in both areas, accompanied by up
12 g/t Ag.
Geological mapping and further systematic geochemical sampling of these
encouraging, silver-rich prospects will be undertaken in the third quarter
of this year, following the winter shutdown, with the objective of
defining more drill targets for testing in the following quarters.
The Santa Cruz, Vanguardia program is operated during the exploration stage
by Yamana and funded by Rio Algom Limited, who may earn a 50-percent
interest by spending US$20 million on exploration by August 31, 2001.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Yamana Resources Inc.
Greg W. Taylor
Vice President Corporate Development
(509) 838-6615
(509) 838-0714 (FAX)
yamana.com |
