Thought some of u may be interested in this:
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: YAMANA RESOURCES INC.
TSE SYMBOL: YRI
JANUARY 14, 1998
Yamana Advances Gold and Silver Properties in Santa Cruz
Vanguardia
TORONTO, ONTARIO--Yamana Resources Inc. announces that ongoing
exploration at its Santa Cruz Vanguardia, Argentina, epithermal
precious-metals project has located additional gold- and
silver-bearing structures on several properties.
At Goleta (40 square kilometers), 35 shallow reverse-circulation
(RC) prospecting drill holes for 705 meters tested several sites.
One newly recognized target is a large, mineralized feature where
three of four holes lined across the structure hit encouraging
mineralization. The best intercept is 8 meters of 21.00 g/t Au,
including 2 meters of 57.56 g/t Au.
At another Goleta site, 4 kilometers to the west, a fence of six
more prospecting holes drilled across a different structure,
intercepted 4 meters of 3.63 g/t Au and, 12 meters deeper in the
same hole, 2 meters of 5.60 g/t Au, in which it bottomed. Three of
the other holes also hit significant mineralization. Said Richard
Walters, Yamana's COO, "These initial reconnaissance finds
increase our probability of making serious discoveries and
encourage us to continue our intensive exploration efforts in one
of the most prospective mining districts in Argentina."
At Martinetas (60 square kilometers), about 6 kilometers south of
the Goleta gold strikes, work continued to examine a potential
open-pit mineable resource. Gold is hosted in a thick swarm of
near-vertical, sheeted quartz veins cutting a sequence of
rhyolitic volcanics. Drilling in October included 10 diamond-drill
holes (DDH) for 978 meters, with all intersecting gold. Weathering
of bedrock led to very poor near- surface drill core recoveries.
Where there was good recovery, generally below 10 meters, some of
the better assays include:
/T/
Hole Intercept Including
Number (Meters / g/t Au) (Meters / g/t Au)
------- ---------------- ----------------
27C 30 / 1.57 2 / 13.40
28C 45.5 / 0.83 2 / 5.72
30C 14 / 0.98 2 / 4.31
32C 9.5 / 1.33 2 / 2.12 (x)
35C 14 / 1.13 2 / 3.27
((x) Bottomed in this mineralization)
During November and December, 83 closely spaced, RC holes
averaging 21 meters, were drilled, partly to test the areas of
poor DDH core recoveries. Most of the shallow holes encountered
encouraging gold values, with some of the better assay runs
being:
Hole Intercept Including
Number (Meters / g/t Au) (Meters / g/t Au)
------- ----------------- ----------------
39 20 / 0.74 6 /2.06
40 26 / 2.04 2 / 10.87
41 18 / 2.80 4 / 10.61
44 10 / 6.77 2 / 32.67
and 12 / 1.70 2 / 9.50
45 4 / 3.10
54 4 / 3.14
/T/
Walters noted: "Martinetas clearly warrants further drilling to
determine the extent of the gold mineralization. We're
particularly interested in probing blocks displaced by faults."
At Estrella (30 square kilometers), which is contiguous with and
to the west of Cerro Vanguardia, Yamana's primary focus is on
multiple structural extensions of that precious-metals deposit.
There, Minorco plans to produce more than 185,000 ounces of gold
annually, at a cost of less than US$190/ounce, from ore averaging
10 g/t Au plus 113 g/t Ag. Rock-chip sampling along a 1-kilometer
segment of a fault zone extension from Cerro Vanguardia, into
Estrella, yielded consistent assays from 3 to 12 g/t Au, with
values up to 45 g/t Ag, over outcrop widths of up to several
meters. A previous 120-meter deep RC hole angled away from this
structure bottomed in 100 meters of disseminated mineralization
grading 0.55 g/t Au, including 6 meters of 2.17 g/t Au, all in
wall rock adjacent to the fault. In the coming months, Yamana
plans to further test this structurally controlled, potential bulk
tonnage target with a series of short RC holes, similar to the
Martinetas program.
At Lejano (60 square kilometers), recent additional rock-chip
sampling confirmed the property's bonanza-grade silver potential.
This extensive shear zone within hydrothermally altered rhyolitic
volcanic rocks, which is up to 2 kilometers long by tens of meters
wide, also contains gold and base metals. Of 37 broad panel
samples taken so far, five produced values in excess of 1,000 g/t
Ag - including one of 3,400 g/t Ag - and eight others showed more
than 100 g/t Ag. Sample values of up to 2.5 g/t Au were also
obtained. Drilling will begin shortly.
The wholly owned Santa Cruz Vanguardia project contains properties
totaling about 1,200 square kilometers. Yamana intends to use its
own drill to explore several of these properties over the next
four months. Meanwhile, it is also conducting site visits for a
number of companies which have expressed joint-venture interest in
the project.
Yamana Resources Inc. is a commodity-diversified Canadian
exploration company holding mineral interests in Argentina, Chile,
Paraguay, Papua New Guinea, Indonesia and Washington state.
FORWARD-LOOKING STATEMENTS
This News Release includes certain "forward-looking statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included in this release,
including, without limitation, statements regarding potential
mineralization and reserves, exploration results, and future plans
and objectives of Yamana, are forward-looking statements that
involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from
those anticipated in such statements. Certain important factors
that could cause actual results to differ materially from Yamana's
expectations include the uncertain reliability of geochemical data
and the interpretation thereof and other factors disclosed under
the heading ORisk Factors" and elsewhere in Yamana's documents
filed from time to time with The Toronto Stock Exchange, the
United States Securities and Exchange Commission and other
regulatory authorities. All subsequent written and oral
forward-looking statements attributable to Yamana or persons
acting on its behalf are expressly qualified in their entirety by
this notice. |
