DOES BUSANG HAVE GOLD ? , OR DO ALL OTHER COMPANIES LIE ABOUT THEIR OWN RESULTS ? ........................................................
Attention Business Editors:
TWIN GOLD REPORTS SIGNIFICANT EXPLORATION RESULTS AT
LAYUH, SOUTHEAST ASIA
TORONTO, Nov. 5 /CNW/ - Twin Gold Corporation (TSE: TWG) is pleased to
announce that it has obtained encouraging results from a follow-up program on
its 85% owned Layuh property in South Kalimantan, Indonesia.
The Company has identified a highly mineralized breccia body exposed in
outcrop over an area of at least 500 square metres. Porphyry-style Cu-Au
mineralization has been noted surrounding the breccia body over a 1.5 square
kilometre area.
Several trenches excavated to sample the breccia have returned
significant results, including:
- 15 metres at 2.15 g/t Au (including individual channel sample values
from 0.58 g/t to 9.48 g/t)
- 4 metres at 1.57 g/t Au
- 11 metres at 0.91 g/t
Rock chip samples from outcropping porphyry-style Cu-Au mineralization
produced up to 1.27 g/t Au and 0.46% Cu, with a sample of float assaying 17.1
g/t Au and 2.35% Cu. These results are consistent with previous sampling and
indicate the gold-rich nature of a large porphyry system.
Recently concluded petrological analyses of mineralized samples by
independent consultants recognized that the rock formations on the Layuh
property are associated with intense hydrothermal alteration and multiple
brecciation events. The presence of multiphase intrusives on the property is
highly favourable in the development of high grade gold deposits.
Continuing work on the Layuh property will include extensive soil
sampling and ground geophysics to identify drill targets. The mineralization
and alteration identified on the property suggests that it has excellent
potential to host epithermal-style breccia gold deposits and related gold-rich
porphyry-style mineralization. The presence of similar nearby breccias over a
five kilometer corridor are favourable indicators for the discovery of
economic gold deposits.
In addition to the exploration success in southeast Asia, Twin Gold is
progressing with the development of its key property, the Atlanta Gold Mine in
Idaho, U.S.A. A production decision has been made to open-pit mine the 1
million ounce near-surface reserves. While the updating of the operating
permits and the Environmental Impact Statement takes place, a well defined
underground exploration program will be carried out, with the potential to add
1 million ounces of high grade gold ore for a combined total of 2 million
ounces.
Contract tender documents for the underground program have been issued
and a contractor site visit is planned for November 7, 1997.
Twin Gold Corporation is a gold mining and exploration company with a
portfolio of properties in North America and South East Asia. It holds an 80%
interest in the Atlanta Gold Mine in Idaho, U.S.A. with reserves and resources
in excess of 1 million ounces of gold and 3.2 million ounces of silver.
%SEDAR: 00003358E
-30-
For further information: Hermann Derbuch, P.Eng., Chairman, President and CEO,
Twin Gold
Corporation, Tel: (416) 777-0013, Fax: (416) 777-0014 ............................................................................................................................................ I HAVE ALWAYS WONDERED HOW OTHER COMPANIES CAN DO EXPLORATION IN THIS GEOGRAPHIC AREA, FIND GOLD AND THEN BRE-X IS ACCUSED OF FINDING NOTHING; GET REAL ! (NOTHING PERSONAL MEAN'T BY THAT AGAINST YOU ). |
