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Gold/Mining/Energy : Western Pacific Gold WPI
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To: The Barracuda™ who wrote (12)1/21/1998 9:08:00 PM
From: rdww  Read Replies (1) of 32
 
Telefomin exploration results

Western Pacific Gold Inc WPI
Shares issued 11,827,329 Jan 15 close $0.20
Tue 20 Jan 98 News Release
Mr Nick Mather reports
The company has received results from a recent exploration program
conducted at EL 1183 Telefomin, situated between the giant Ok Tedi and
Frieda River ore deposits in Papua New Guinea.
A helicopter borne reconnaissance of aeromagnetic and geochemical targets
generated by a reinterpretation of previous company exploration data found
encouraging signs of mineralization at the Agem River-Salafortikin
prospect.
Brecciated ferruginous limestone occurring as boulders in a creek draining
the eastern edge of the magnetic anomaly returned up to 5.61 g/t gold,
0.50% zinc, and 0.76% lead, and are interpreted as derived from the outer
halo of a mineralized porphyry emplaced into Daral Limestone.
An inspection of the Salafortikin prospect indicates that much of the auger
drilling and trenching carried out by previous explorers Kennecott may have
been too shallow to penetrate the barren alluvial cover to reach the
underlying mineralization. Management believes this explains the high grade
but sporadic results obtained during earlier sampling, and suggests that
the mineralization may be more extensive than previously thought.
The center of the Agem River magnetic dipole anomaly is concealed under
limestone and alluvial cover 550m west of Salafortikin prospect, indicating
potential for a mineralized porphyry system in excess of 1,100m width.
Further work at Telefomin will concentrate on defining drill targets to
assess the tonnage potential of Salafortikin and locate the central part of
the system at Agem River.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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