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Gold/Mining/Energy : ETC Industries - Gold - Peru
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To: baron-marney who wrote (171)11/5/1997 4:50:00 PM
From: baron-marney  Read Replies (1) of 244
 
To All,

For immediate release:

Further to the Company's news release of October 1, 1997 announcing a joint venture agreement between E.T.C. Industries Ltd. (VSE - EIL) and Queenstake Resources Ltd. (TSE - QTR) on Queenstake's Chupaca property in northwestern Peru. The Chupaca property is adjacent to Barrick's Pierina orebody of proven and probable reserves of 6.5 million ounces of gold.

Over 1400 surface samples were taken during April to August with assays ranging to a high of 3.79 g/t. Eight diamond core drill holes have been completed with 1447 meters drilled. Numerous narrow zones and several ore-grade intercepts were encountered. Some of the best were 17.4 meters averaging 1.01 g/t Au at depth of 14.9 meters to 32.2 meters, 6 meters averaging 1.25 g/t Au, 2 meters averaging 1.59 g/t Au, 4 meters of 1.64 g/t Au at depths of 80.75 meters to 84.5 meters and 2 meters averaging 2.63 g/t Au.

The principal breccia zone holding gold mineralization is 50 - 210 meters wide and may be at least 1200 meters long. This suggests a potential for a significant orebody discovery.

Geologists of both Companies were recently on site and have presented a phase II program consisting of further trenching, sampling and six reverse circulation drill holes to further define this discovery.

For the company,
The Baron
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