All--Friday August 15 5:11 PM EDT
Company Press Release
Source: Northern Orion Explorations Ltd.
Northern Orion Explorations Ltd. Announces High
Grade Copper Intercepted At Agua Rica, Argentina
VANCOUVER, Aug. 15 /CNW-PRN/ - Northern Orion Explorations Ltd.
NNO - VSE/TSE
Northern Orion is pleased to report that it has received assays for the holes AR-123 to AR-131
from the Agua Rica Property, Argentina. Highlights from these drill holes are summarized below
and complete results are attached.
Hole Area Hole Type Intercept Copper Copper Gold Silver Molybdenum
(feet) Eq.(%)(x) (%) (g/t) (g/t) (%)
------------------------------------------------------------------------
AR-131 Trampeadero In-fill 426 2.56 2.23 0.19 3.5 0.050
including 138 5.12 4.68 0.21 4.0 0.073
AR-130 Mi Vida In-fill 564 1.14 0.79 0.36 2.5 0.034
AR-129 Trampeadero In-fill 138 1.04 0.79 0.24 5.1 0.021
AR-127 Mi Vida In-fill 493 1.53 1.24 0.36 2.2 0.018
AR-125 Mi Vida In-fill 1,345 1.01 0.72 0.33 2.2 0.022
AR-124 Mi Vida In-fill 571 1.21 0.84 0.33 2.0 0.042
(x) Copper equivalent grades are based on in situ values at the following metal prices: copper (at)
$1/lb, gold (at) $385/oz, silver (at) $5/oz, and molybdenum (at) $4/lb. Actual payable values
received will depend on the recoveries, which may vary for different metals and the prevailing
metal prices.
Drill holes AR123 -131 are primarily in-fill holes located to increase the drill density in the area of
the previously announced mineral resource. Hole AR-126 was drilled 500 meters to the southwest
of Mi Vida to test for a deep blind target, but was terminated early due to high winds during drilling
without encountering any significant mineralization.
Work on an Initial Feasibility Study is now largely complete. This study evaluates the potential for
a mining and milling operation processing 60,000 or 120,000 tonnes of ore per day. BHP Copper
and Northern Orion anticipate releasing the results of this study in September 1997. In the
meantime, in-fill drilling is continuing in the Mi Vida, Quebrada Minas and Trampeadero
mineralized areas. This drilling is part of a US$45 million work program designed to advance the
Agua Rica project to completion of a final feasibility study. Additional drilling is planned to step out
beyond the limits of the previously estimated resource, while exploration drilling is planned to test
other targets identified on the 5,000 hectare Agua Rica property.
The Agua Rica deposit is large porphyry copper-gold-silver-molybdenum deposit located in
Catamarca province, northwest Argentina, and is a joint venture between Northern Orion (30%)
and BHP Copper (70%). Northern Orion Explorations (NNO-TSE) is a mining company
targeting the development of gold and copper deposits in Latin America and is 53.9% owned by
Miramar Mining Corporation (MAE-TSE, MAENF-Nasdaq).
AGUA RICA
Assay Summaries, Holes AR-123 to AR-131
(all holes top to bottom)
Hole Area From To m Feet CuEq(x)% Cu% Au g/t Ag/g/t Mo%
------------------------------------------------------------------------
AR-123 Mi Vida 0 404 404 1,325 0.11 0.01 0.11 0.8 0.008
60 degreesS 404 549 145 475 0.32 0.17 0.09 0.5 0.024
AR-124 Mi Vida 2 62 60 195 0.51 0.04 0.42 4.0 0.052
60 degreesN 62 236 174 571 1.21 0.84 0.33 2.0 0.042
236 298 62 203 0.43 0.32 0.09 1.6 0.014
298 353 55 181 0.20 0.12 0.08 2.1 0.004
AR-125 Mi Vida 4 104 100 328 0.33 0.01 0.48 0.9 0.010
60degreesW 104 332 228 748 1.13 0.84 0.35 2.0 0.019
332 514 182 598 0.86 0.57 0.29 2.4 0.026
104 514 410 1,345 1.01 0.72 0.33 2.2 0.022
AR-126 Filo
Abd Amarillo 9 332 323 1,059 0.06 0.02 0.05 0.8 0.001
AR-127 Mi Vida 3 50 47 154 0.35 0.06 0.38 2.2 0.014
90 degrees 50 200 150 493 1.53 1.24 0.36 2.2 0.018
AR-128 Mi Vida 4 86 82 269 0.38 0.03 0.50 2.7 0.012
60 degreesN 86 138 52 171 0.26 0.08 0.25 1.7 0.005
138 242 104 341 0.71 0.54 0.23 1.7 0.006
242 310 68 223 0.34 0.21 0.18 1.9 0.003
310 369 59 194 0.24 0.09 0.24 1.6 0.003
AR-129
Trampeadero 2 72 70 230 0.77 0.03 0.74 3.5 0.074
60 degreesS 72 86 14 46 1.16 0.83 0.37 3.5 0.025
86 106 20 66 0.51 0.06 0.55 4.5 0.027
106 148 42 138 1.04 0.79 0.24 5.1 0.021
148 296 148 484 0.65 0.49 0.10 2.5 0.021
AR-130 Mi Vida 2 38 36 118 0.25 0.02 0.27 1.5 0.016
90 degrees 38 210 172 564 1.14 0.79 0.36 2.5 0.034
210 446 236 774 0.80 0.50 0.19 2.0 0.044
AR-131
Trampeadero 4 56 52 171 0.50 0.02 0.37 3.1 0.063
60 degreesNW 56 186 130 426 2.56 2.23 0.19 3.5 0.050
186 302 116 380 0.40 0.26 0.14 2.3 0.013
(x) The copper equivalent grades are based on in situ values at the following metal prices: copper
(at) $1/lb, gold (at) $385/oz, silver (at) $5/oz and Moly (at) $4/lb. Actual payable values received
will depend on the recoveries which may vary for different metals.
BUSINESS/PHOTO EDITORS: A copy of the Northern Orion map of the Agua Rica, Argentina
drill hole locations is available by fax by calling Canada NewsWire, Vancouver at (604)
669-7764. |
