From Robert Matthews, IR for Phoenix
e-mail: norwest@axionet.com
Please see news release that was distributed via Canadian Corporate News on September 16. Further results are expected shortly.
Canadian Corporate News
disclaimer
FOR FURTHER INFORMATION PLEASE CONTACT:
Phoenix Gold Resources Ltd.
Dick Lonsdale
Investor Relations
(604) 689-9960
(604) 684-3499 (FAX)
or
Phoenix Gold Resources Ltd.
Robert Matthews
Investor Relations
(604) 732-3316
1-888-732-8366
e-mail: norwest@axionet.com
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: PHOENIX GOLD RESOURCES LTD.
US 12g3-2(b) No. 82-4419 CUSIP No. 718923-10-5
VSE SYMBOL: PHO
SEPTEMBER 16, 1997
Phoenix Gold: Project Update
GRAND FORKS, BRITISH COLUMBIA--
PLATINUM - Grasshopper Mountain Project, Tulameen, 23 km NW of
Princeton, B.C., Canada
Historical Review
For over 100 years the placer mining operations of the Tulameen
River area have provided production of gold and platinum.
Phoenix Gold Resources Ltd. (the "Company") is now conducting a
hard rock exploration program within a platiniferous anomalous
area of the Tulameen Ultramafic complex.
The Directors of the Company are pleased to report on the current
work in progress and the results from the work completed on the
Grasshopper Platinum property as follows:
1. Access roads to the area were rehabilitated.
2. 1000 feet of core diamond drilling has been completed and is
continuing. Core splitting and assaying are in progress.
3. Surface rock chip sampling of area "C" along a strike length
of 18.5 metres which included lenses, pods and massive chromite
material to 1.5 metres wide were assayed for platiniferous
minerals. Results over 1000 ppb are tabled below:
/T/
Platinum ppb Oz. per Ton Grams per Tonne
19,610 .554 19.6
9,105 .262 4.1
3,371 .087 3.3
8,098 .233 8.0
8,225 .233 8.2
1,220 .029 1.2
ASSAY PROCEDURE: Fire assay infusion with an I.C.P.
determination.
NOTE: Results in Nickel showed as high as 1,000 ppb and
chrome as high as 824 ppb.
/T/
4. Panned rotary chip concentrates from percussion holes #8
showed "visible gold" in the concentrate.
/T/
PH8 160 feet - 170 feet CON Gold .034 opt Platinum .029 PT
PH8 280 feet - 290 feet CON Gold .466 opt Platinum .030 PT
/T/
These results have promoted exploration management to direct
further efforts to gold exploration as well as platinum. Soil
grid samples and stream sediment samples have been collected for
gold and platinum analysis.
GOLD-SILVER - Coyote Knolls, Utah, U.S.A.
Phoenix Gold Resources Ltd. and its affiliate, Orion International
Minerals Corporation, have earned a 60 percent interest in this
property. The best trench samples from the property returned .52
ounce gold per ton (21 grams gold) and 135 ounces silver per ton
(3,827 grams silver). An average across a width of 5 feet with
300 feet of strike length equated to .147 ounce gold per ton (7.3
grams gold) and 33.00 ounces silver per ton (1,122 grams silver).
Regionally this project lies within the Delta Quadrangle which has
produced 300,000,000 ounces of silver and 3,000,000 ounces of
gold.
Work on Coyote Knolls is continuing to expand known
mineralization. The current program consists of drilling,
blasting free standing ore, construction of a downramp, stock
piling of ore and bulk sampling for processing to achieve cash
flow.
Through funding, Phoenix Gold Resources Ltd. can continue to earn
a greater interest in this project.
ON BEHALF OF THE BOARD OF DIRECTORS
John W. Carson, President |
