News Release: Abbott silver property activities
Golden Arch Resources Ltd GAI
Shares issued 17,280,859 Jan 23 close $0.10
Mon 26 Jan 98 News Release
See Roper Resources Inc (RRN) News Release
Mr Richard Watson reports
Roper and its partners are conducting a review of geological and diamond
drilling data generated from previous exploration work conducted during a
four year period dating from 1985 through 1989 on its Abbott silver
property. The property is in the Slocan Mining District on Healy Creek,
which is 40 miles north of Kaslo, BC and 15 miles north of the Cominco
Duncan mine. Roper has the right to earn up to a 50% interest in the
property by spending up to $2 million on exploration and development. The
property is currently owned 70% Silver Peak and 30% Golden Arch Resources.
The partners propose to recommence a program of diamond drilling,
underground development and exploration as well as test milling in the
spring of 1998.
The Abbott silver property hosts two types of mineralization. The first is
a metasomatic replacement ore body and the second is the Greenlaw fissure
vein ore body.
Recent historical development of the Abbott was as follows. In 1986, a road
was constructed to the 6,600 foot level to haul open pitted ore, which
outcropped at that elevation. Successful milling tests were conducted. At
that time the Abbott had been identified by surface sampling. Diamond
drilling in 1996 indicated the zone was at least 500 feet in length and
mineralization was open to depth. Hole 86-52 intersected five feet at a
depth of 500 feet that assayed 0.052 oz gold, 32.6 oz silver, 9.19% lead
and 8.51% zinc.
In 1987 and 1988 more drilling was undertaken. The highlights of the most
recent drilling, which occurred in 1988, were reported to be:
Interval ft Au Ag Pb Zn
ft oz/t oz/t % %
88-73
81- 89 8.0 0.11 4.10 7.90 2.40
88-74
122.5-129 6.5 .021 2.95 4.19 16.45
88-78
127 - 133 6.0 .024 4.44 1.51 18.90
88-79
155.5-185.5 30.0 .024 3.61 6.22 13.20
88-82
255 - 268 13.0 .009 11.20 11.43 17.13
88-83
241 - 262 21.0 .012 10.41 10.70 26.47
88-87
198 - 202.5 4.5 .127 5.76 9.26 26.00
88-89
211 - 215 4.0 .029 3.85 6.03 13.00
88-89
107 - 117 10 .013 2.57 4.31 2.52
88-92
127 - 157 30 .022 3.60 4.75 .96
Including
127 - 137 10 .053 9.04 11.68 1.43
88-93
132 - 162 30 .011 1.47 2.25 .43
Including
152 - 162 10 .274 1.90 2.81 .10
88-94
125 - 162 37 .018 3.71 5.40 .72
Including
125 - 142 17 .003 7.15 10.81 .84
88-95
157 - 167 10 .067 2.53 4.23 .36
88-96A
108 - 117 9 .017 4.77 8.44 4.09
88-97
137 - 142 5 .014 3.62 6.21 .34
88-99
117 - 132 17 .001 2.42 3.40 3.77
88-100
167 - 182 15 .001 2.02 2.41 3.58
Including
167 - 177 10 .015 2.64 3.41 5.26
88-121
182 - 207 25.0 .027 3.13 4.55 17.95
88-122
247 - 255 8.0 .016 2.97 6.02 1.19
88-127
240 - 250 10.0 .012 19.6 18.40 22.95
88-144
227 - 232 5 .017 16.1 13.90 24.40
232 - 237 5 .061 17.6 14.10 19.80
237 - 254 17 .005 6.78 11.40 34.00
The main focus of the 1988 drilling was a quartz vein system discovered at
a depth amenable to open pit mining. In a report dated December 9 1988
reserves on the Abbott were stated to be:
Zone Tonnes Au Ag Pb Zn
oz/t oz/t % %
Replacement
(measured)
43,024 .035 8.35 10.26 16.12
Greenlaw
(indicated)
110,921 .026 5.69 5.61 2.88
Marginal 13,742 .013 1.86 1.70 2.07
Inferred ore is 125,000 tons, which gives a combined total of ore in all
categories of 292,687 tons.
Currently 3000 tons of ore is stockpiled awaiting milling which will be
carried out at the Ainsworth mill on Kootenay Lake, 40 miles south of the
Abbott orebody. The mill is permitted and wholly owned by Silver Peak
Resources. The mill is capable of processing 130 tons per day.
Work planned for 1998 includes driving a haulage tunnel at the 6450 level
300 ft to intersect the Abbott replacement orebody. At this point there
will be about 60 feet of ore above the drift and 20 feet of ore below the
floor. Drifting will continue north and south for at least 500 feet along
the strike of the known orebody which has drill outlined reserves of 43,024
tons grading .035 oz of gold, 8.35 oz of silver, 10.26% lead and 16.12%
zinc.
Diamond drilling will continue on the quartz vein in 1998. Previous
drilling on this system encountered significant widths at the 6480 ft level
with massive sulphide intersections of up to 80 feet. The strike length of
the area so far explored on the quartz vein system in 1988 was 280 feet.
The vein is open to depth. Ore occurrences are known on the property at
elevations ranging from 4200 ft ASL to over 8,000 ft ASL.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
