News Release...
Date sent: Mon, 29 Sep 1997 16:22:51 -0700
From: Garry Stock <info@argosy-mining.com>
Subject: Argosy Mining News Release 97-12
To: Garry Stock <garclare@intergate.bc.ca>
NEWS RELEASE 97-12
September 29, 1997 VSE Trading Symbol: AGO
Step-Out Drilling Discovers New Gold Mineralization on the Katarina and
Volle Henne Targets at Kremnica
Argosy Mining Corp. is pleased to announce that its $4 million drilling
program at Kremnica, in the Slovak Republic continues to meet with
success. 1997 drilling has now discovered three important new zones
which have potential to add significant additional gold reserves to the
project.
Since the announcement of the discovery of the new South Ridge Zone on
August 11, 1997, Argosy has also discovered shallow high-grade gold
mineralization on the Katarina Target, a partially mined vein system
located approximately 100 metres west of the main Sturec Zone and due
north of the new South Ridge Zone. Drill hole KAT-7 has intersected
2.05 metres (true width 1.0 metre) at an average grade of 47.8 g/t gold
and 19.8 g/t silver at a downhole depth of 63.2 metres. A second hole,
KAT-9 drilled 115 metres north of KAT-7, intersected two deeper
mineralized zones including 3.0 metres (true thickness 2.6 metres) at a
grade of 3.69 g/t gold starting at a downhole depth of 267.0 metres and
a further 11.0 metres (true thickness 9.5 metres) at a grade of 1.83 g/t
gold starting at a downhole depth of 273.0 metres. As the Katarina Zone
is at least 1000 metres long, further drilling is required to determine
the potential tonnage and grade of this resource.
A soil geochemical survey over the Volle Henne Target, a newly
discovered vein structure located 600 metres west of the main Sturec
Deposit has discovered a very strong gold anomaly at least 1000 metres
long and 70-180 metres wide. Soil samples were taken on 25-metre
centres from east-west lines spaced 200 metres apart. Of 126 samples
collected, 58 samples define a +100 parts per billion ("ppb") anomaly.
Sixteen of the anomalous samples exceed 400 ppb and four exceed 1000 ppb
(1 g/t gold).
The Volle Henne Target is part of a structural zone that has a mapped
length in excess of 4 kilometres with old gold workings coincident with
the northern sector of the soil anomaly. The presence of near-surface
gold in bedrock was confirmed by a 1996 drill hole (KAT-1) that was
collared in this zone. The top of KAT-1 returned an intercept of 8
metres at a grade of 0.93 g/t gold from 21.0 - 29.0 metres down-hole.
Two diamond drills are currently drilling at Kremnica to extend and
in-fill the previous drilling pattern on the South Ridge and Wolf
discoveries. All 1996 and 1997 drilling data will be used to calculate
a new gold resource for the property leading to a pre-feasibility
study. The new discoveries are expected to substantially increase the
1.04 million ounce in-situ geological resource announced April 30, 1997.
ON BEHALF OF THE BOARD
Signed: "Y.R. Simpson"
YALE R. SIMPSON, President
FOR MORE INFORMATION
Telephone: (604) 689-5529
(800) 851-7423
Facsimile: (604) 689-5079
www.argosy-mining.com |
