FYI. I was out of the office all week, in case someone never saw this:
FIRST QUANTUM MINERALS LTD. - ANVIL MINING NL ANNOUNCED THE FIRST SET OF TRENCH SAMPLING RESULTS FROM THE DIKULUSHI PROJECT IN THE DEMOCRATIC REPUBLIC OF CONGO
VANCOUVER, Sept. 25 /CNW/ - First Quantum Minerals Ltd.
Trading Symbol: FM
The Company is pleased to announce that Anvil Mining NL (``Anvil'') of Australia announced the first set of trench sampling results from the Dikulushi Project in the Democratic Republic of Congo. International Quantum Resources Limited (``IQR''), a joint venture company owned 70% by First Quantum and 30% by International Ballater Resources Inc., has recently entered into an agreement to acquire, by way of a private placement, 14% of the issued
shares of Anvil.
According to Anvil, a confirmation and infill drilling program comprising 3000 metres of diamond drilling and RC percussion drilling commenced in early September. Approximately 40% of this program will be diamond drilling and the remainder RC percussion drilling. The program is designed to confirm a shallow open-pittable copper-silver resource. The first two diamond drill holes to depths of 110 metres and 65 metres, respectively, have now been completed.
Old trenches and test pits were excavated and partially cleaned out and channel sampled. Abundant copper carbonate mineralisation (malachite and azurite) was found to be exposed within a metre of the surface, passing into massive copper sulphide mineralisation (chalcocite) within 3 metres of the surface.
Weighted averages of assays from horizontal channel samples include the following: 8.6m at 7.0% Cu and 211 g/t Ag; 5.6m at 5.9% Cu and 211 g/t Ag; 10.6m at 19.8% Cu and 235 g/t Ag; 4.2m at 33.9% Cu and 235 g/t Ag; 10.0m at 3.0% Cu and 100 g/t Ag; 18.0m at 2.3% Cu and 7 g/t. These trenches and pits traverse the surface expression of the mineralised zone and are distributed over a strike length of 150 metres. These results confirm the presence of the high grade, near-surface copper mineralisation as previously indicated.
As reported on August 26th, 1997, the Dikulushi Project consists of an ultra high grade, near surface, copper/silver deposit containing a resource of 1.6 million tonnes averaging 11 % Cu and 310 g/t (10oz/t) Ag. The deposit is open along strike and at depth. In addition to this known resource, the licence area consists of 11,945 km(2) of highly prospective ground. Exploration to date indicates that at least 15 other known copper and copper/silver deposits or prospects are present within the licence area. Anvil holds a 90% interest in Dikulushi.
On Behalf of the Board of Directors
of First Quantum Minerals Ltd.
-----------------------------------
Keith Neumeyer, Director
Vancouver Stock Exchange has not reviewed and does not accept
responsibility of the adequacy or accuracy of this news release.
Listed in Standard & Poor's
Web Site: www.first-quantum.com
E-mail: info(at)first-quantum.com
%SEDAR: 00006237E
-0- 09/25/97
For further information: Keith Neumeyer, Director, (604) 688-6577, Fax: (604) 687-7657, Toll Free: 1-888-688-6577
________
Just a comment ... Looks like end of month selling (margin positions?/someone had to get out) may have impacted FM this week.
More news pending re. some of the other 12 projects under consideration (as stated in the previous press release), the diversified nature of the mineral 'assets' to be acquired, the cashflow to be realized through Bwana Mkuba over the next 12 months and subsequent years, the shareholder support that will accompany any future financings (i.e. once the deals are finalized, brokers start promoting the stock), all mean good news for shareholders.
The resolution of the situation with Luanshya/other ZCCM assets in favour of FM, at this point, is still speculative. This one will have to play itself out over the next couple of weeks.
Has anyone seen or have comments on the Wood Gundy report that is out on the copperbelt?
DRT |
