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Gold/Mining/Energy : ETC Industries - Gold - Peru
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To: baron-marney who wrote (174)11/8/1997 10:52:00 AM
From: Sergio R. Mejia  Read Replies (1) of 244
 
E.T.C. Industries Ltd - News Release: Phase II plans for Chupaca property

E.T.C. Industries Ltd EIL Shares issued 10,058,940 Nov 7 close $0.17
Fri 7 Nov 97 News Release
Mr Kenneth B. Liebscher reports
In Stockwatch dated October 2 1997, the company announced a joint venture agreement with Queenstake Resources 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 1447m drilled. Numerous narrow zones and several ore-grade intercepts were encountered. Some of the best were 17.4m averaging 1.01 g/t Au at depth of 14.9m to 32.2m, 6m averaging 1.25 g/t Au, 2m averaging 1.59 g/t Au, 4m of 1.64 g/t Au at depths of 80.75m to 84.5m and 2m averaging 2.63 g/t Au.
The principal breccia zone holding gold mineralization is 50 to 210m wide and may be at least 1200m 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.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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