Mo:Ambrex Mining Corp -
High grade zinc mineralization encountered at Aripuana property
Ambrex Mining Corp AMBX
Shares issued 49551505
1997-11-20 close $0.11
Friday Nov 21 1997Mr Pierre Laflamme reports Initial drilling was
completed on the Valley deposit, consisting of three holes. Additional
drilling is underway on the Valley deposit and the nearby Babacu
prospects. Near surface high grade zinc mineralization was encountered
in the first hole within the sulphide zone. Over a core length of 5.4
metres, this hole averaged 18.6% Zn, 3.98% Pb, 138 g/t Ag and 0.4 g/t
Au. A hole drilled about 1 metre from hole AR97-20, intersected a
similar mineralization over 6.2m of lower grade (11.1 % Zn, 5.23% Pb,
217 g/t Ag and 0.20 g/t Au). The third hold in this series went to a
much greater depth, extending the mineralization along the plunge of the deposit to a vertical depth of 300 metres and beyond. Variable
mineralization typical of volcanogenic massive sulphide deposits was
encountered for the last 191.2 metres (core length) of this deep hole
which ended in mineralization. The hole was subsequently deepened,
encountering low grade mineralization for an additional 34.3 metres to a core length of 504 metres for a combined variably mineralized section of 225.5 metres. The latter 34.3 metre section has not been assayed as yet. Numerous sulphide lenses were encountered in this hole, creating a very thick mineralized envelope. Several narrow higher grade sections were encountered. Significant intersections for the three holes are as follows:
From To Interval Zn Pb Cu Ag Au
(m) (m) (m) % % % g/t g/t
AR97-20
30.1 35.5 5.4 18.60 3.98 0.02 138.0 0.40
AR97-20A
30.6 36.8 6.2 11.10 5.23 na 217.0 0.21
AR97-21
288.5 289.9 1.4 3.59 2.79 0.03 36.0 na
299.4 300.2 0.8 9.80 4.20 0.04 34.0 na
304.8 305.1 0.3 12.69 0.95 0.35 14.0 na
314.4 326.8 12.4 3.39 0.69 0.04 13.0 na
Incl.
316.4 322.6 8.2 4.42 0.85 0.03 16.0 na
342 365.6 23.6 3.72 1.02 0.03 14.9 na
348.7 357.2 8.5 5.51 1.38 0.03 18.0 na
Incl.
350.8 357.2 6.4 6.22 1.67 0.03 21.4 na
and from
350.8 352.3 1.5 11.80 4.09 0.03 52.0 na
377.6 390.4 12.8 2.77 0.57 0.01 8.6 na
391.6 397.6 6.0 4.84 0.89 0.02 10.1 na
408.3 436.1 27.8 3.42 1.06 0.03 13.8 na
Incl.
411.7 421.6 10.0 5.72 1.53 0.02 18.8 na
434.5 436.1 1.6 3.10 0.22 0.16 8.2 na
All samples were taken in fresh rocks below the weathered zone and core recoveries are typically greater than 95%. Core sizes range from BQ in hole AR97-21, to NQ in hole AR7-20 and NQ in hole AR97-20A. Samples from this project have been analyzed by Nomos Laboratorio in Rio de Janeiro and also Laboratorio Geolab in Belo Horizonte. Noranda reports that they are drilling in the vicinity the Valley deposit. Two drills are working on the property, a third has been requested and is en route. This latter drill is a deep hole drill as required for the investigations necessary to evaluate the depth potential of the Valley deposit. Noranda, under the terms of an option agreement through its wholly owned Brazilian subsidiary is entitled to acquire up to 70% of the shares of a new Brazilian company, Mineracao Rio Aripuana SA, incorporated to hold the 2,000 hectare Aripuena property, by spending $28.9 million over five years. Should Noranda fully exercise this option, Ambrex would be left with 14.7% of the shares of MRA, and the remaining 15,3% of the shares would be shared by SGV Merchant Banking-Intragroup Ltd (6.3%), a wholly owned subsidiary of St Genevieve Resources Ltd, and Madison do Brasil Mineracao a Participacoes SA (9%), a wholly owned subsidiary of Ourominas Minerals Inc. (c) Copyright 1997 Canjex Publishing Ltd.
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