The O.T. Mining Corporation Announces Preliminary Drill Results
MONTREAL, Dec 5, 2001 (BUSINESS WIRE) -- Prior to the onset of winter conditions
OTMN was able to drill 6 shallow holes, using reverse circulation on the
original Ruby Mine site. This site was chosen because, as patented ground, the
permit applications were more quickly processed.
The deepest hole was 800 feet and the most shallow was 200 feet. Four holes gave
indications of gold and two of gold and silver. Definitive values are yet to be
determined.
Of most interest is the presence of fine sulfides in the form of pyrite in two
holes which assayed from .34 oz to .8 oz./ton gold and .18 oz silver to 2.0
ozs./ton silver. It is very unusual to find pyrite containing gold values in
country rock. This suggests that there is an active gold bearing system
associated with the hydrothermal alteration and if so, this system is probably
distinct from the gold in the Ruby veins themselves. To evaluate this
possibility pyrite concentrates in 25-foot intercepts will be assayed to see if
there is an increase in concentration with depth. If so, values close to surface
may represent a halo of a significant gold system at depth. This would tie in
with the very high MMI ratios of gold values on this site. The MMI does not tell
from what depths its values emerge, but only that they are there.
Mobile Metal Ions update: MMI soil geo chemical surveys undertaken on the
overall property (in addition to the original Ruby claims) have successfully
defined numerous moderate to high contrast multi-sample anomalies. These
responses are currently being integrated with property geology and recent
historical mineral information (based on the presence of a porphyry type
mineralized zone intersected by diamond drilling at approximately 1900 feet by
MolyCorp) as well as geological information gleaned from reverse circulation
drill holes to establish diamond drill targets.
To date only 25% of the Ruby property has been assessed with MMI surveys.
Additional surveys are planned for the coming field season when soil sampling
will address the remainder of the property as well as test targets based on
geological mapping.
Analysis and collation of the hundreds of MMI samples is ongoing and these new
results are enhancing probabilities that significant base and gold-silver values
abound on the overall property.
Results of the ongoing testing and assaying will be reported as they are
received.
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.
CONTACT: The O.T. Mining Corporation
James W. Hess, 514/935-2445
514/935-8161 (Fax)
info@otmining.com
www.otmining.com
Symbol: OTMN in the Pink Sheets |
