PMI Ventures Ltd. Announces Positive Leach Test Results and Additional Drilling on Ashanti II Deep Gold Project, Ghana, West Africa
6/17/03
VANCOUVER, BRITISH COLUMBIA, Jun 17, 2003 (CCNMatthews via COMTEX) --
PMI Ventures Ltd. (the 'Company') (TSX Venture:PMV), is pleased to announce that it has received positive results from the leach tests conducted on 5 composite samples of gold mineralized core from our recent drill program on the Fromenda concession.
The samples, which were made up of from 12 to 28 metres of core from hole numbers 03FBDDH1 to 4 gave gold recoveries of from 92.9% to 100%, averaging 95.3%, in the 48 hour bottle roll tests, with a low cyanide consumption of 0.48 kg/t. In addition, the final gold grades from the leach test confirm the gold grades previously reported. The tests were performed at SGS Laboratory Services Ghana Limited in Tarkwa.
As a result of the positive drilling and leach test results from the initial drill program on the Fromenda Grid 'B'area, an additional program consisting of 2500 metres of rotary and/or diamond drilling will commence once a suitable drill rig is sourced.
This drilling will focus on extending the gold mineralization intersected in 03FBDDH01 (grading 2.66 g/t gold over 29.4 metres) to the northeast into an untested area; and along strike to the southwest along favourable stratigraphy with high gold and arsenic soil geochemistry which extends over 1 km. The gold mineralization occurs in sheared quartz stringers cutting fractured and altered greywackes/volcanic exhalatives proximal to a chloritic footwall tuff which contains abundant arsenopyrite and gold grades to 1 g/t.
Limited drilling 400 metres to the southwest of the above noted drill hole, indicated gold grades to 17 g/t gold over 2 metres at a depth of approximately 12 metres. In addition, a sub parallel structure with similar gold and arsenic soil geochemistry and co-incident elevated IP geophysical responses, will also be tested.
The Company has also received the final assays from 03JGDDH03 and 04, drilled in the Kukunapi area of the Gemap concession. 03JGDDH03 was drilled at a dip of -45 deg, azimuth 150 deg., 55 metres to the southwest of previously reported 03JGDDH01 and 02; and 03JGDDH4 at a dip of -45 deg., azimuth 325 deg., 180 metres east southeast of 03JGDDH01. Significant assays received are: 1.54 g/t Au over 1.53 metres at a depth of 122.53 metres in hole 03JGDDH03; and 2.91 g/t Au over 1.53 metres at a depth of 54.86 metres in hole 03JGDDH04. The gold mineralization is associated with sheared quartz reefs in graphitic phyllites.
An initial program of trenching has also commenced in the Nyamebekyere area of the Gemap concession. The trenching is targeting an 800 metre long IP high anomaly in the vicinity gold and arsenic soil geochemical anomalies. Further results will be reported when available.
Douglas R. MacQuarrie, P.Geo. (B.C.), the VP of Exploration for the Company and Goknet Mining Company Limited, supervised and directed all work associated with the drilling program. Sample analyses were conducted at SGS Laboratory Services Ghana and confirmatory assays at Transworld Labs in Tarkwa, utilising industry standard 50g fire assay, screened metallics fire assay, and cyanide leach techniques, with atomic absorption finish.
PMI has an option to earn up to 85% of the interest that Goknet Mining Company Limited, a privately held Ghanaian mineral exploration company, holds in these exploration concessions and applications. Goknets'interests vary from 85% to 100%, subject to a 10% non-participating interest in favour of the Government of Ghana.
On behalf of the Board,
Arthur T. Fisher, President
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