Encouraging Reconnaissance Drilling Reported at Buffalo Valley
FAIRMILE GOLD CORPORATION
Telephone: (604) 257-4262 or 1-888-599-6777 Toll Free
Fax: (604) 683-2540
ASE: FLA
NASDAQ Bulletin: FAMQF
November 20, 1997
Encouraging Reconnaissance Drilling Reported at Fairmile's Buffalo
Valley Project
Fairmile (FLA-ASE) is pleased to report encouraging results from this
season's reconnaissance drilling program at its Buffalo Valley
Project, located in Nevada's Battle Mountain Gold Trend.
Reconnaissance drilling greatly expanded the area of potential gold
mineralization from the A/B/O Complex westward, linking it with gold
mineralization discovered in 1996 approximately « mile away at Target
L. Two zones are now recognized at Target L, the North Margin Zone and
the South Margin Zone. A new zone of gold mineralization was also
discovered this season at Target F, referred to as the East Zone.
Several of the other target areas show alteration and pathfinder
geochemical patterns that may indicate proximity to gold
mineralization as well. An attached map shows the location of the
target areas and their current status.
The 1997 drilling program at Buffalo Valley consisted of 82 holes
(50,912') investigating 15 of the 19 identified targets. Echo Bay
Mines Ltd. (Echo Bay) formed a Strategic Alliance with Fairmile in
April 1997, and 66 holes (40,957') of the 1997 program were drilled
under that arrangement. The 1997 program had two important goals: to
confirm the existing resource and to discover new mineralization. Both
goals were attained. The previous resource was confirmed and increased
by 14%, and a small resource was added at Dore Hills for a total
resource of 600,106 troy ounces of gold (see News Release dated
October 23, 1997 for further details). An additional 100,747 troy
ounces of gold has been identified. This material remains in the other
mineralized material category because it requires further drilling or
better economic conditions to become part of the resource.
Reconnaissance drilling at Target L and westward of the A/B/O Complex
indicates that the alteration continues between these two targets
under a shallow gravel cover. It also appears that a large intrusive
body underlies the majority of this one-square mile area. While the
gold identified is relatively low grade, the potential exists to
identify permeable structures within this mineralization that host
substantially higher grade material similar to those found along
faulting within the A/B/O Complex.
Reconnaissance drilling during 1997 at Target F discovered the East
Zone, an area of mineralization under relatively shallow gravel cover
located to the northeast of the previous drilling. Highlights of the
reconnaissance drilling at the East Zone are shown below.
Hole No. T.D. From To Interval Gold Grade
F97-30 885' 555' 595' 40' 0.014 opt
675' 750' 75' 0.022 opt
795' 820' 25' 0.077 opt(+1.5 opt Ag, 0.59% Cu)
F97-72 705' 255' 320' 65' 0.013 opt(+ 0.6 opt Ag)
F97-73 705' 480' 520' 40' 0.011 opt
565' 580' 15' 0.027 opt (+ 0.3 opt Ag)
F97-80 700' 410' 435' 25' 0.011 opt
510' 515' 5' 0.072 opt (metallics assays)
A small amount of coarsely crystalline gold was panned from the
interval 505-515' in hole F97-80; thus, additional metallics assays
are being run to evaluate the extent of the coarse gold at the East
Zone.
Following receipt of final metallics assays and pathfinder
geochemistry, Echo Bay will have 30 days to determine how they wish to
proceed with the Strategic Alliance at Buffalo Valley.
For further information, please call toll-free (888) 599-6777 or visit
us at our web site at fairmile.com.
"Thomas R. Kelly"
Thomas R. Kelly, President
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein. |
