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Gold/Mining/Energy : Madison Enterprise, MNP/VSE
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To: kevin allan who wrote (148)2/7/1998 11:58:00 PM
From: rdww  Read Replies (1) of 285
 
26 holes released from Mt Kare - but have only seen the data as a faxout - not in Stockwatch yet.

Here's a bit though:
detailed infill drilling continues to show excellent grade and thickness within the Western Roscolite Zone(WRZ) - results from step-out drilling on the WRZ are very encouraging, particularily the high grade intervals reported for the holes M86 + M77 which intersected the upper portion of the zone. The results also indicate that the mineralization outlined by detailed drilling plunges to the northeast and very? lies beneath holes M84 + M86, a primary future drilling target

Compilation of recent drilling, geochemical sampling and geologic mapping now confirms that the Central Zone, Red Zone + Water Tank Zone
are a single continuous, flat lying, near surface mineralized zone. All three areas are now referred to as the Central Zone.
It covers an area approxiamately of 150M to 400M by 600M and remains open to expansion towards the northeast. Compilation work confirms the importance of the Central Zone, which probably can be easily mined w/ open pit methods. Further shallow drilling will be required to complete it's definition

Goes on to discuss how Carpenter bought bought Matu's 33% percent to give Carpenter an effective 8.332% interest in Mt Kare and that this purchase allows suggests that fair value for MNP would be in the $4.33 range, based on MNP's issued and outstanding shrs
( does that include this month's broker wts?? are they exercised yet or still waiting for this release??
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