NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: YAMANA RESOURCES INC.
TSE SYMBOL: YRI
OCTOBER 8, 1997
Yamana Finds Copper/Zinc Volcanogenic Massive Sulfide
Deposit At Palmer Mountain In Washington State
SPOKANE, WASHINGTON--Yamana Resources Inc. announces that drilling
has defined significant copper/zinc massive sulfide mineralization
at its Palmer Mountain project, 150 miles northwest of the
Company's Spokane, Washington, headquarters. Yamana completed 18
diamond-drill core holes (DDH) at Palmer Mountain, with all but
one showing mineralization.
Drilling tested a 2,000-foot mineral trend between the old Copper
World and Copper World Extension mines at an elevation of 3,500
feet on Palmer Mountain, an outlier of the Cascade range. Near the
beginning of the century, the latter mine produced several
thousand tons of ore averaging 3.1% Cu, 0.42 ounces per ton (opt)
Ag and 0.03 opt Au.
Yamana has intercepted multiple layers of volcanogenic massive
(VMS) and semi-massive sulfide mineralization in argillite
interbeds within a thick pile of mafic volcanics of Jurassic age.
Assays have been received from 13 of the 18 holes and the
remaining results are expected shortly. Assay highlights are:
/T/
Hole Interval(ft) Intercept Grade
------------ ---------------------
Number From To (feet) Cu Zn Ag g/t
(percent) (percent)
------------------------------------------------------------
PM-1 32.8 100.0 67.2 0.63 0.02 1.0
incl. 44.0 51.0 7.0 2.01 0.03 4.1
------------------------------------------------------------
PM-3 65.9 69.8 3.9 1.86 0.02 3.0
------------------------------------------------------------
PM-5 140.4 153.6 13.2 1.31 2.38 7.8
and 176.0 185.8 9.8 0.63 2.16 3.9
PM-6 183.2 209.8 26.6 0.64 1.72 4.5
incl. 197.8 201.5 3.7 0.71 9.15 9.4
incl. 206.3 209.8 3.5 3.19 0.67 16.0
PM-7 84.0 86.0 2.0 0.32 6.53 3.0
and 130.0 137.0 7.0 0.66 6.28 6.0
and 148.2 161.5 13.3 0.99 3.09 6.4
PM-11 84.0 110.0 26.0 1.17 0.03 1.6
incl. 87.0 93.5 6.5 2.58 0.04 4.5
and 104.0 107.0 3.0 2.45 0.05 3.0
PM-14 26.6 37.2 10.6 0.88 0.85 2.2
PM-17 33.0 166.0 133.0 0.53 0.02 0.4
incl. 81.2 109.2 28.0 0.90 0.03 0.5
incl. 83.5 84.7 1.2 5.87 0.11 6.0
incl. 104.0 109.2 5.2 2.05 0.07 0.8
incl. 116.5 118.0 1.5 6.62 0.12 5.0
incl. 150.0 153.4 3.4 2.33 0.06 2.0
PM-18 10.5 31.2 20.7 0.76 0.86 7.1
incl. 20.0 31.2 11.2 1.62 1.01 3.0
incl. 24.0 28.0 4.0 2.40 0.19 20.0
/T/
Yamana's project manager, Dan Robertson, noted that the
mineralization intercepted so far shows many of the ear-marks of
worldwide VMS deposits. "Although it is too early to produce a
resource estimate, the grades found to date are typical for North
American VMS deposits." He added, "Geochemical sampling in the
area and the record of historic production suggest that we may
also find precious-metal values in some of the sulfide lenses."
The target remains open both east and west, as well as below the
known mineralization. Geophysical work has greatly enlarged the
prospective area and extended the strike length of the mineralized
zone from 2,000 feet to more than 3,000 feet. "It's clear that
this is a promising target requiring more drilling," Robertson
said, "and we look forward to seeing this happen next summer. In
the meantime, we are looking for a substantial partner to help us
determine the true extent of this discovery."
First-phase DDH drilling at the Blue Lake epithermal gold
prospect, also in Washington, tested a thick zone of strongly
anomalous gold mineralization, including 5 feet of 4.33 g/t Au
within a run of 85 feet of 0.47 g/t Au. Results from further
testing are expected shortly.
Yamana Resources Inc. is a Canadian exploration company holding
interests in 13 projects encompassing more than 95 properties
covering over 36,000 square kilometers (8.9 million acres) in
Argentina, Chile, Paraguay, Papua New Guinea, Indonesia and
Washington state.
FORWARD-LOOKING STATEMENTS
This News Release includes certain "forward-looking statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included in this release,
including, without limitation, statements regarding potential
mineralization and reserves, exploration results, and future plans
and objectives of Yamana, are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated
in such statements. Certain important factors that could cause
actual results to differ materially from Yamana's expectations
include the uncertain reliability of geophysical and geochemical
data and the interpretation thereof and other factors disclosed
under the heading "Risk Factors" and elsewhere in Yamana's
documents filed from time to time with The Toronto Stock Exchange,
the United States Securities and Exchange Commission and other
regulatory authorities. All subsequent written and oral
forward-looking statements attributable to Yamana or persons
acting on its behalf are expressly qualified in their entirety by
this notice. |
