NEWS RELEASE
( BW)(MT-O.T.-MINING) Update of the O.T. Mining Corporation's Ruby Mine Property Exploration Program
Business Editors
BUTTE, Mont.--(BUSINESS WIRE)--Nov. 5, 2001--A reverse circulation drill program has begun on The O.T. Mining Corporation's ("O.T.") Ruby Mine property, located in Jefferson County, Montana.
The Ruby Mine property is located 14 miles north of The Butte Mining camp, once known as "The Richest Hill On Earth", which since its inception in the 1860's has produced in excess of 1.5 billion tons of base and precious metals ore and 20 miles southwest of The Montana Tunnels mine which has produced in excess of 500,000,000 tons of base and precious metals ore since the 1860's.
Between 1885 and 1912 the Ruby Mine was a "Bonanza Ore Shoot" producer of high grade, low tonnage gold and silver which according to available net smelter records produced an average of 2.44 ounces of gold and 38.66 ounces of silver per ton.
O.T. has established a drilling program which presently targets 4 locations contained within its contiguous claim area. This area has recently been expanded from 7 square miles to 8 square miles. Ongoing compilation of the DIGHEM electromagnetic and magnetometer surveys, conducted in March, along with ongoing MMI (Mobile Metal Ions) soil surveys, plus geologic mapping prompted O.T. to stake this extra ground which contains additional drill targets.
In addition to The Ruby Mine and its environs, the helicopter borne geophysical surveys identified a 5 square mile magnetic low and 3 anomalies within the boundary of the 8 square mile property. The original Ruby claims where the "Bonanza Ore Shoots" are located is currently being assessed with a reverse circulation information drill program.
Adjoining the original Ruby claims, and to the west, is a newly discovered anomaly covering 200 acres now called The Ruby West. MMI survey results within this 200 acre site, have delineated a high contrast gold and silver anomaly. Included on this site is also a northwest trending 800' by 50' to 100' strike of moderate to high contrast copper, zinc and cadmium responses.
Permits have been filed with the Federal Agencies governing Federal Mineral Claims for drill sites on the 3 other anomalous targets.
MMI survey results to date have identified the following:
-- 1. On the 390 acre West anomaly, MMI results have indicated a "Core" of high gold and silver responses which will be drill tested.
-- 2. Within The Kit Carson's 915 acre aeromagnetic low, the MMI survey has outlined a northwest trending 1000' by 100' high contrast gold anomaly with attendant anomalous silver, zinc, cadmium and nickel responses. In addition, multiple and single gold responses have been outlined.
-- 3. On the April Vein system, which covers approximately 240 acres, the MMI survey identified 60 acres of gold and silver responses.
While it is recognized that only by drilling will the answers to the ore potential of the Ruby property be forthcoming, preliminary interpretation of results thus far indicates the probability of ore forming events having taken place such as were responsible for the deposition of many world class orebodies.
The Exploration Program and research continues through ongoing evaluation:
-- 1) The geophysical surveys are being interpreted by Condor
Geophysics of Denver, Colorado to further define anomalies
contained within the 5 square mile magnetic low signature,
-- 2) Additional areas are being evaluated by MMI soil surveys,
and
-- 3) Further geological mapping of the 8 square mile property is
in progress.
Results of the preliminary drill holes are pending.
Disclaimer: This news release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact, included herein 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.
OTMN in the Pink Sheets
CONTACT: The O.T. Mining Corporation
James W. Hess, 514/935-2445
FAX, 514/935-8161
info@otmining.com
www.otmining.com |
