December 18, 1997: Results from the San Nicolas Deposit
Western Copper Holdings Limited (''Western'') is pleased to report the following results from
the San Nicolas deposit, a property held jointly with Teck Corporation (''Teck'') under the El
Salvador Joint Venture.
All reported holes contain visible copper and zinc mineralization. Hole SAL-31, is believed to be
the longest single intercept of massive sulfides to date ever drilled in the Americas. On November
10th, 1997 the Company announced the discovery in diamond drill hole SAL-25 of a major
massive sulfide deposit containing significant quantities of zinc, copper, gold and silver. Assays
for this hole over a 175.2 meters (575 feet) length, were subsequently announced on November
21st and December 10th, 1997.
Since the initial discovery (diamond drill hole SAL-25) on the San Nicolas deposit, five
additional holes have been completed. The location, depth of interception and width of intercept
of these holes, including SAL-25, are outlined below. Assays for these holes, with the exception
of hole SAL-25 which were previously announced are pending and are expected by mid January.
Drill Line Location Depth Depth of Width of Width of
Hole No. Meters Intercept Intercept Intercept
Meters Meters Feet
-------------------- ------------ ------- ---------- ---------- ---------
SAL-24 6(plus)00 S 16(plus)00 W 517.2 403.5- 54.8 179.8
458.3
SAL-25 4(plus)00 S 15(plus)75 W 473.6 205.8- 175.2 574.8
381.0
SAL-29 5(plus)00 S 16(plus)00 W 539.0 180.5- 167.5 549.5
348.0
360.0- 20 65.6
380.0
422.0- 75.4 247.4
497.4
SAL-30 3(plus)00 S 16(plus)00 W 346.6 240.5- 69.5 228.0
310.0
SAL-31 4(plus)00 S 16(plus)75 W 472.4 165.9- 262.9 862.3
428.8
SAL-32 4(plus)00 S 14(plus)75 W 368.0 247.0- 63.0 206.7
310.0
A near vertical fault is suspected between SAL-29 and SAL-24, resulting
in a vertical displacement of approximately 200 meters. Hole SAL-24 will be
continued when drilling is resumed in early January.
Considerable further drilling will be required in order to assess the
total tonnage and grade of the deposit, but based on the above intercepts a
very large massive sulfide deposit is indicated. Approximately 40 diamond
drill holes, drilled on 100 meter centers, are planned for the San Nicolas
deposit for the first half of 1998.
Assays for SAL-25, as previously reported, were:
Drill Hole From To Meters Feet Au g/t Ag g/t % Cu % Zn
--------------------------------------------------------------------
Interval 205.8 381.0 175.2 574.8 0.61 19.41 0.52 1.50
Includes 207.1 235.5 28.4 93.17 1.20 47.6 0.64 5.53
The Teck/Western El Salvador Joint Venture is located southeast of the city of Zacatecas, in the
State of Zacatecas, Mexico. Each party is responsible for its own funding based on its respective
interest (Teck 55% - Western 45%). Teck may increase its interest by 10% by arranging 100% of
the capital required for production. It may also purchase an additional 5% based on the net
present value of the project.
The San Nicolas deposit is located on claims optioned from Luismin S.A. de C.V. (''Luismin'')
which has the right to participate with the Teck/Western Joint Venture as to 25%, by funding
25% of the production costs. If Luismin declines to participate in production costs, its interest
will be reduced to 15%.
For information please refer to previous press releases or visit our website at
www.westerncopper.com.
On Behalf of:
Western Copper Holdings Limited:
Dale Corman
President
Robert Gayton
Vice President, Finance
For further information: Dale Corman, President, (916) 265-0653, or Robert Gayton, Vice
President, Finance, (604) 684-9497 |
