El Misti Gold Ltd EMGShares issued 120763211998-01-23 close $0.52Monday Jan 26 1998Mr John Huguet reports The board of directors has received a 64 page in-house report prepared by chief geologist V.A. Jaramillo on the Sinchao property, summarizing the work done to date on the property, the assay results of which were previously announced. Objectives and Scope The objectives of the company for the Sinchao property are to establish a major mineral resource containing over 10 million ounces of gold, seven million tonnes of copper, 750 million ounces of silver, and six million tonnes of zinc. The next step is to undertake a drilling program consisting of a 10,000m initial phase, with an additional 10,000m of drilling in a second phase. To date, El Misti has done geological mapping, geochemical sampling, ground geophysics and drilled 12 RC holes at Sinchao. Besides the known replacement massive sulphide lenses in the southern area of the property, two styles of copper-gold mineralization, with a large potential for a large bulk mineable operation have been discovered. Work to date has been encouraging with all drill holes intercepting economic mineralization of copper, gold, silver and zinc. The new discovery of the epithermal gold system has a mineralization potential of hundreds of millions of tonnes having, at current metal prices, an inground value of $37.63/tonne. The new discovery and best target for a large bulk mineable operation is the third style of mineralization. A large copper-gold porphyry system which would have a potential of hundreds of millions of tonnes, at current metal prices, having an inground value of $23.22/tonne. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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