Wade
The news release below looks pretty positive. If it weren't for the
current POG a release like this would have jump started the stock.
------------------------------------------------------------------------
Attention Business Editors:
PANGEA GOLDFIELDS INC. -NEW DISCOVERY AT KANEGELE IN TANZANIA
TSE Symbol: PGD
TORONTO, Sept. 17 /CNW/ - PANGEA GOLDFIELDS Inc., in a joint venture with
MINIERE DU NORD Ltd., is pleased to announce the discovery of significant gold
mineralization on the Kanegele property in the Lake Victoria Goldfields
District. A first phase of reverse circulation (RC) and rotary air blast
drilling (RAB) has just been completed and results received to date have
confirmed the presence of mineralized zones on the Kanegele block.
Significant Results to Date
KANEGELE BLOCK
Section Hole Gold Width From - To
(grams/tonne) (m) (m)
-------------------------------------------------
6000 KN 12 1.42 10.0 3.0-13.0
3000 KN 07 0.46 26.0 36.0-62.0
KN 23 4.09 5.0 1.0-6.0
KN 28 7.68 9.0 27.0-36.0
KN 34 4.82 3.0 12.0-15.0
KN 38 18.36 6.0 3.0-9.0
2500 KN 01 5.78 2.0 31.0-33.0
KN 02 2.55 3 5.0-8.0
To date, the drilling, which has been reconnaissance in nature, is
testing broad zones of geochemical anomalies up to 3 kilometers long and 400
meters wide. Geochemical anomalies coincident with geophysical anomalies (IP,
Mag) were given higher priority.
Drill sections are widely spaced, from 500 meters to 1 kilometer over
anomalous geochemical trends. The drilling has been shallow and the
mineralized zones are open in all directions.
PANGEA GOLDFIELDS and MINIERE DU NORD are encouraged by the results and
believe a new important mineralized trend has been uncovered and the project
will be the focus of intense follow-up drilling to the end of the year.
Results from drilling on NE Nungwisa and Mega as well as additional holes on
Kanegele are expected shortly.
The Kanegele project consists of three prospecting licences totaling 266
square kilometers: Kanegele, Mega, and NE Nungwisa and form part of the
Kanegele-Tulawaka agreement on which MINIERE must spend US$2M before the end
of 1999 to earn 50% of PANGEA's interest. PANGEA is the operator of the
project.
PANGEA GOLDFIELDS is a well-funded gold exploration company with no debt
and approximately $18.2 million in cash (fully diluted $28.6 million). PANGEA
has approximately 20.4 million shares outstanding (fully diluted 22.7 million
shares). Exploration efforts are underway in Peru, Canada, Tanzania and Mali.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
Hole KN 38 had 18.36 g/t over 6 m. Not bad.
Comments please.
John |
