ORG 1998-01-07 (provided courtesy of ISDN Wire Service)
OROGRANDE RESOURCES INC - MCCLINTOCK CU-NI-CO
PROJECT
CALGARY, ALBERTA--
Our DDH No. 97-12 encountered assays of 875 ppb (re-assay: 1.12 g/t, re-split
assay: nil ) platinum at a depth of 30.5 to 33.5 feet, in gabbroic norites.
Further work to confirm the economic significance of this is on-going.
GOWGANDA PROPERTIES - NEW ACQUISITION
The company has recently acquired a 100% ownership on four claim groups
totaling 149 units located in the North Williams and Leonard Townships near
Gowganda, central Ontario. This land position expands our exploration efforts
in Central Ontario and gets us into a strong position in a silver camp that
has gone largely un-explored in the last 30 years. It also expands our
efforts in the search for volcanogenic copper-zinc-silver-(gold) type and of
Fort Knox nickel type of deposits.
The Ireland Project, located in North Williams townships, includes highly
prospective quartz sandstone and quartz pebble conglomerates of the Upper
Lorrain Formation. Pits dug to a +2.0 meters depth into the conglomerates
have rendered gold assays as high as 936 ppb's with associated, very
anomalous, values of barium (to 8,720 ppm), copper to (1,220 ppm), arsenic
(to 700 ppm), cobalt ( to 1,390 ppm), bismuth (140 ppm) and slightly elevated
silver/platinum values. This horizon of the quartz pebble conglomerate has
been exposed with pits over an area covering the entire central claim, but is
open in all directions.
The Old Red Project is protected by 14 claims totaling 41 units in Leonard
Township. The claims protect a strong shear zone that is 20 meters wide and
silver-cobalt showing. The shear zone has been exposed with a pit over an
area of 60x20 meters. The rocks have been intensely altered through process
of silicification and carbonization that has destroyed any possibility of
megascopically identifying the protolith. Two meters wide shears are observed
within this altered gossan. The silver-cobalt showing is exposed in a
stripped knobby hill in Nipisssing gabros about 65 meters long by 25 meters
wide. Historical records show that native silver bearing rocks, specimens and
samples assaying +1,000 grams per tonne silver have been taken from these
trenches. Our samples have returned cobalt values of 1,365 ppm, 1,820 ppm and
2,130 ppm.
The Shining Tree Project is protected by four claims totaling 33 units and is
located in Leonard Township. The claims are underlain by Lorrain Formation
arkosic rocks intruded by a north-south elongated lobe of Nipissing gabbro
and protect a magnetic high anomaly centered on claim 1217773. A now slumped
30 meter long "L" -shaped trench revealed gabbro mineralized with 5%
pyrrhotite that assayed as high as 5,990 ppm zinc. These claims are 4,000
meters east of the Fort Knox property (resources of 500,000 tonnes with 1.13%
Nickel and parallel belt with copper and gold showings presently been
explored by INCO)
The Fournier Lake Project is protected with four claims totaling 12 units
within a volcanic package currently being tested by Battle Mountain Gold
Mines and Shining Tree Resources in nearby properties.
GRASSY LAKE PROJECT
Prospecting and surface have resulted in assays as high as 0.59% zinc in grab
samples from a pyritic layer that is about 1.5 km long. Further work
searching for black smoker type deposits like the Kidd Creek mine will
continue.
FINANCING
The Company has made arrangements with Augen Capital Corp. for $100,000 (Can)
of non-flow through funds for a share price of $0.10 per share in a private
placement. It also concluded a flow-through underwriting of $150,000.00 at
$0.15 per share with Augen Capital Corp's support.
INTERNET
We have been on the Internet for about a month now. Our Internet address
is:www.orogrande.com
This is one of the many changes that we are implementing to re-inforce the
message that our projects are second to none. Our best wishes to all in 1998.
Your comments are more than welcome.
For further information, please contact Guillermo Salazar S., President
at 403-233-2964
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