NEWS RELEASE THAT WAS MISSED
Monday October 27 8:38 PM EST
Golden Eagle assay findings significant
DENVER, Oct 27 (Reuters) - Golden Eagle International Inc said Monday 210 assays results from the first 50 sampling sites within the company's concessions in Cangalli, Bolivia, produced two significant findings for Golden Eagle.
The assays, which were primarily from samples at peripheral locations around known pay streaks and not expected to contain significant amounts of gold, did result in substantial gold findings in every sample, the company said.
It said the average gold content of 2.46 grams per cubic meter translates into $25.70 per cubic meter, far exceeding company expectations.
The sampling of 16 Ordovician (Paleozoic) bedrock sites confirmed substantial amounts of gold in the bedrock. This discovery could result in increases to initial geological resource calculations as additional gold has been confirmed below the alluvial deposit, Golden Eagle said.
The samplings were the first 50 from more than 300 channel and trench sampling points, the company said.
''We believe that as the balance of our 1,200 assays on samples taken from over 300 points on the Cangalli deposit come in, the overall averages will rise to the levels of our initial work at the beginning of the year,'' it said.
POSSIBLE LOST DATA ''Most of our sampling on the Cangalli deposit at the beginning of this year (1997) was conducted in the conglomerate material which fills the ancient Paleo-Tipuani River Basin. For that reason, a number of our samples initially came from some of the more than 15 pay streaks or high grade lenses which are found in the conglomerate, creating a very high overall average'' of 14.049 grams per qubic meter, Golden Eagle explained.
''With our current sampling program, we wanted to systematically begin at the edges of the conglomerate fill by sampling the Ordovician (Paleozoic) bedrock which the conglomerate overlays, and work our way across the conglomerate.
''Of the two sampling sites taken from known pay streaks (8.27 and 15.89 grams per cubic meter), the results corresponded completely with our early findings.
''We are very encouraged by two factors coming out of these samples: first, we found significant amounts of gold in every sample; and second, from 63 assays at 16 sites on the Ordovician bedrock, we have confirmed that it contains substantial amounts of gold. Infact, an average of 2 grms per cubic meter, or roughly 1 gram per metric tonne.
''If our exploration work continues to confirm the gold mineralization in the basement rock, as we now believe that it will, we will have to adjust our geological resource and raise that number correspondingly,'' Golden Eagle said. |
