Ventures Resource Reports Highest Values Obtained To Date From Flat Property in Alaska
For Immediate Release
October 14, 1997
VSE Symbol ÿ VRS
U.S. 12G ÿ 82-4575
Morristown, New Jersey -Ventures Resource Corporation ("Ventures") today announced the results of drilling on its Chicken Mountain mid-stage project (MSP) located in southwestern Alaska. Diamond drilling revealed a 70 foot (21.3 m) zone of gold mineralization assaying 0.416 ounces per ton (opt) (14.36 grams per tonne (g/t)) gold. This included a 4.5 foot (1.4 m) zone which assays 6.16 opt (211 g/t) gold. Trenching values include a 90 foot (27.4 m) zone which assays 0.193 opt (6.62 g/t) gold, including a 5 foot (1.5 m) zone of 2.89 opt (99 g/t) gold. Each of the seven drill holes and two trenches encountered significant intersections of gold mineralization and anomalous gold values were obtained throughout the entire length of all drill holes and trenches. The drilling extends over a distance of 1,200 feet (360 m) and the average length of holes is 510 feet (155 m).The zone remains open along strike and at depth. (Please refer to tabulated results following. A map is available from the company upon request).
The Chicken Mountain MSP contains an extensive surface gold anomaly (greater than 0.1 g/t gold in soils) measuring over 12,000 feet (3.7 km) in length and averaging over 2,000 feet (600 m) in width. Values within the anomaly measure up to 5.2 g/t and it remains open along strike.
These results include the highest values obtained to date by drilling on the Chicken Mountain MSP and significantly enhance the potential of the project. These holes were drilled to intercept structural zones detected through geophysics and have significantly aided the Company's understanding of the mineralization and geology.
Chicken Mountain is noted for having produced over one million ounces of gold extracted by placer mining on the five creeks that drain the 2,380-foot (725 m) mountain. It is located in the center of the Company's 100,000 acre (40,000 ha) Flat property, which encompasses the majority of the historic Iditarod mining district. In addition to its Flat property, Ventures has staked mining claims representing 25,000 acres near to and adjoining Placer Dome's 5.3 million ounce Donlin Creek gold deposit located 15 miles to the south of the Flat property.
DRILL RESULTS
HOLE FROM TO INTERCEPT INTERCEPT GOLD GOLD
FEET FEET FEET METERS OPT G/T
ÿ
97-10 CM 185 230 45 13.72 0.045 1.53
97-10 CM 325 390 65 19.81 0.028 0.96
97-10 CM 510 530 20 6.10 0.060 2.06
ÿ
97-16 CM 100 170 70 21.33 0.419 14.36
Including 131 135.5 4.5 1.37 6.162 211.17
97-16 CM 235 240 5 1.52 0.034 1.16
97-16 CM 315 320 5 1.52 0.032 1.08
97-16 CM 360 365 5 1.52 0.030 1.02
97-16 CM 390 395 5 1.52 0.033 1.15
ÿ
97-17 CM 120 135 15 4.57 0.055 1.89
97-17 CM 200 220 20 6.10 0.051 1.75
97-17 CM 245 250 5 1.52 0.032 1.11
97-17 CM 265 270 5 1.52 0.035 1.20
97-17 CM 315 325 10 3.05 0.029 0.99
ÿ
97-18 CM 10 15 5 1.52 0.047 1.61
97-18 CM 220 225 5 1.52 0.037 1.27
97-18 CM 355 434 79 24.07 0.046 1.58
ÿ
97-19 CM 38.5 45.5 7 2.13 0.033 1.13
97-19 CM 95 105 10 3.05 0.062 2.13
97-19 CM 227.5 265 37.5 11.43 0.029 0.99
ÿ
97-20 CM 25 90 65 19.81 0.033 1.13
97-20 CM 235 245 10 3.05 0.163 5.59
97-20 CM 365 395 30 9.14 0.022 0.75
ÿ
97-21 CM 15 35 20 6.10 0.032 1.10
97-21 CM 195 210 15 4.57 0.036 1.23
97-21 CM 295 338.5 43.5 13.26 0.031 1.06
97-21 CM 402 410 8 2.44 0.036 1.23
97-21 CM 450 473 23 7.01 0.029 0.99
ÿ
TRENCH RESULTS
TRENCH FROM TO INTERCEPT INTERCEPT GOLD GOLD
FEET FEET FEET METERS OPT G/T
ÿ
T-1 45 50 5 1.52 0.038 1.31
150 205 55 16.76 0.034 1.17
ÿ
T-2 55 85 30 9.14 0.033 1.13
135 155 20 6.10 0.029 0.99
170 190 20 6.10 0.036 1.23
230 320 90 27.43 0.193 6.62
Including 255 260 5 1.52 2.890 99.02
350 355 5 1.52 0.043 1.47
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Chicken Mountain Mid-Stage Project Map (www.venturesresource.com/oct14.jpg)
Ventures Resource also announces that its Internet site is now on-line. Extensive information concerning the Company's exploration program, corporate affairs and news releases is available at www.venturesresource.com
Ventures' Alaskan exploration program is being financed with cash on hand and is planned and executed by WGM Inc., the Alaskan subsidiary of Watts, Griffis and McOuat.
Ventures holds exclusive mineral rights to six properties in Alaska, representing over 3 million acres (1.2 million ha), through an agreement with Doyon, Limited, the largest Alaskan Native Corporation. The Company's property holdings include 17 mid-stage projects and 92 early-stage prospects, including land in the immediate vicinity of Alaska's two newest gold discoveries: Placer Dome's Donlin Creek and Sumitomo/Teck 's Pogo.
Ventures Resource Corporation is a North American exploration company dedicated to building shareholder value through the discovery of mineral deposits.
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