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EXPLORATION DRILLING PROGRAM COMPLETED AT WALTER SOUTHÿ
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SAMEX has completed a seven-hole exploration drill program at the Walter South Zone of the Walter property in Bolivia. Results from the first five holes were reported in previous news releases. The final two drill holes (DDH-WS-97-6 and 7) were positioned to test the down-dip extent and lateral continuity of the mineralized Pupusani structure intersected earlier in underground drifting. (see cross-sections)
DDH-WS-97-6 was drilled to a depth of 168.75 meters. A wide zone containing sulfide veins and an altered/mineralized apophyse of the dacite intrusion was intersected 100 meters below the Pupusani drift level between drilling depths of 83.25 to 105.55 meters. Recovered core indicates much of the intersection is highly broken and a 2.5-meter width is pulverized by movement along a post-mineral fault which runs along this segment of the zone. Geochemical results show that the intersected Pupusani zone is highly mineralized averaging, at least, 2.16% zinc, 71.6 g/t silver, 0.6540 g/t gold with anomalous copper and lead over the entire 11.43-meter true width. Within this interval, "intact" sections of core with veins contain high-grade silver and zinc with much-elevated gold content (see table). A new, prospective, gold-bearing arsenopyrite vein was also discovered at shallow depth (7.60 to 8.30 meters) in the hangingwall block to the Pupusani structure. This vein contains 2.167 g/t gold over a 0.35 meter true width.
DDH-WS-97-7 was positioned to intersect the Pupusani structure at a location 100 meters south-southwest of the intersection in DDH-WS-97-6. A 17.45-meter true width of the Pupusani structure solely within hornfelsed Paleozoic sediments was intersected between hole depths of 229.0 to 250.30 meters, but again was found to be highly broken and pulverized due to the post-mineral faulting. In general, geochemical results indicate that the zone contains highly anomalous amounts of zinc (600 to 4400 ppm) and arsenic (257 to 2180 ppm). Anomalous values of gold (to 0.24 g/t), silver (to 1.8 ppm), lead (to 480 ppm), and antimony (to 49.4 ppm) are also present in some intervals. The intact footwall to the zone, intersected between 248.4 to 251.3 meters contains appreciable massive sphalerite and averages 16.62% zinc with 0.452 g/t gold, 37.0 g/t silver, and 0.12% lead over a 1.86-meter true width. A 40 meter intersection of dacite intrusion penetrated below the Pupusani zone also contains intervals of anomalous zinc, arsenic, lead, antimony, some with detectable to weakly anomalous gold and silver. These intervals mark areas of sericite alteration with disseminated and veinlet sulfide. The hole was drilled to a final depth of 293.9 meters and bottomed in the dacite intrusion.
GEOCHEMICAL RESULTS - SIGNIFICANT DRILL INTERCEPTS
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DDH-WS-97-06
Interval
(m)
width
(m)
true
width
Au
ppm
Ag
ppm
Cu
ppm
Pb
ppm
Zn
ppm
Bi
ppm
7.60 - 8.30
0.70
0.35
2.167
7.0
344
204
53
43
83.25 - 105.55
22.86
11.43
0.654
71.6
500
4600
21600
100
includes:
ÿÿÿÿÿÿÿÿ
83.25 - 85.89
2.64
1.32
2.107
66.1
1100
9000
49000
100
92.50 - 100.52
8.02
4.01
0.619
164.6
1200
8300
33200
306
93.34 - 96.13
2.79
1.39
1.125
437.0
1400
20700
48600
789
104.70 - 105.55
0.85
0.55
3.919
44.8
1400
2800
79700
180
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DDH-WS-97-07
Interval
(m)
width
(m)
true
width
Au
ppm
Ag
ppm
Cu
ppm
Pb
ppm
Zn
ppm
Bi
ppm
248.40 - 251.30
2.90
1.86
0.452
37.0
495
1219
166200
53
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Results from the two drill holes demonstrate that the 20-meter wide Pupusani mineralized structure, earlier exposed by near-surface drifting, continues down-dip to depths exceeding 200 meters, extends along strike for over 150 meters and maintains a significant thickness. The zone remains open-ended and prospective in a south-southeast direction. Significant sulfide veins intersected within the zone are also similar in grade/width character to the veins of the zone exposed within the drift. The Pupusani zone has potential to host over 1.4 million metric tons per each 150 meters strike length and 200 meters down-dip extent. Although the grade would be lower than that of high-grade veins, the thickness and continuity may allow the structure to be mined by lower cost, bulk underground methods. Additional core drilling and drifting at deeper levels along the Pupusani structure is warranted to evaluate this possibility.
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A total of 2,842 meters of drilling and 1,700 meters of underground drifting has now been completed in the Walter South zone. The surface trace of veins combined with the lateral and vertical extent of the drilling and drifting has indicated that, within the dimensions explored to date, there is potential for a vein resource of approximately 2,000,000 tonnes with gross metal values averaging US $184.00 per tonne (see table below). Additional resource potential exists along the open-ended lateral and down-dip extents of these veins and other structures.
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Resource
Block
Indicated Resource
Average Grade
Value/tonne
US$
Vein
Tonnes
Au
g/t
Ag
g/t
Cu
%
Pb
%
Zn
%
Bi
%
@ $330 Au, $4.60 Ag
$1.10 Cu, $0.25 Pb
$0.55 Zn, $3.50 Bi
Potosi
1,003,000
3.972
299.65
0.82
0.35
3.17
0.24
165.00
Pupusani v4
234,000
1.529
77.0
0.13
0.43
16.19
0.02
230.98
Pupusani v3
278,000
1.125
437.0
0.14
2.07
4.86
0.08
145.00
Pupusani v2
132,000
2.107
66.1
0.11
0.09
4.90
trace
99.17
Mercurio
190,000
2.200
228.0
0.48
1.30
24.65
0.06
377.48
Rica
67,000
10.174
ÿÿÿÿÿ
107.95
Huancarani
63,000
12.650
ÿÿÿÿÿ
128.01
TOTALS 1,967,000 tonnes with a weighted average gross metal value of US $184.00/tonne
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SAMEX is seeking a joint venture partner to continue drifting and drilling in the Walter South area and to conduct further exploration in the Walter Central and Walter North areas.
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"Jeffrey P. Dahl" - Vice Chairman
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