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Yamana Resources Inc -
Drill results from Lejano, Argentina
Yamana Resources Inc
YRI
Shares issued 27316990
1998-02-16 close $0.8
Wednesday Feb 18 1998
Mr Greg Taylor reports
Initial drilling on Lejano, the northwestern-most property of Yamana's wholly
owned Santa Cruz Vanguardia project in southern Patagonia, has intercepted high
grade silver with associated gold and base metals. Amongst the better intercepts
are:
Hole 11: 12m of 642 g/t Ag with 1.78 g/t Au and 6.1% Pb, including 4m of 1,155
g/t Ag, 3.77 g/t Au and 8.1% Pb;
Hole 8: 22m of 290 g/t Ag with 1.00 g/t Au and 4.4% Pb, including 6m of 476 g/t
Ag, 2.70 g/t Au and 9.8% Pb.
There are also significant values of associated zinc (up to 1.2%) and copper (up to
0.4%).
Certified assays were provided by Acme Analytical Laboratories in Santiago,
Chile. Silver and gold values were obtained by fire assay, with base metal values
coming from atomic absorption techniques. A second independent lab is
conducting check assays on the more important drill samples.
35 shallow, reverse-circulation (RC) drill holes were completed for 906m on two
targets at Lejano. 25 holes on the South Ridge intercepted a poorly exposed, soil
covered mineralized zone which, so far, has been identified up to 65m wide and
more than 1km in length. 10 holes were drilled on a secondary mineralized feature,
on the North Ridge. 33 of the 35 holes contained significant mineralization.
This scout drilling traced the hidden mineralized zone, penetrating to vertical
depths of up to 28m, but intercepted only oxides (gossan), not reaching the
sulphide horizon. Drill chips of the gossan cap show silicified volcanics, multiple
quartz veins and pockets of solid, multi-coloured limonites, including hematite,
goethite and jarosite. The lead and precious-metal values are suspected to come
primarily from plumbojarosite.
The intercepted portion of the mineralized body generally contains in excess of
100 g/t Ag and 4.0% Pb over true thicknesses of greater than 30m, and dips
about 45 degrees northeast. Within this zone is a 2m to 6m thick higher grade
core of greater than 500 g/t Ag, 2.0 g/t Au and 10 Pb.
The targeted mineralization is manifested by a series of what were sulphide-rich
quartz veins and breccias related to a number of fault zones within a sequence of
Jurassic-age felsic volcanics. Emplacement of the deposit was apparently
controlled by a combination of lithologic and structural factors, perhaps imbricate
bedding-plane faults. The mineralization seems to favour a stratum of densely
welded lapilli lithic tuff within the volcanic pile and, less so, the inter-layered
agglomeratic units. Yamana's geologic team is continuing to accumulate and
analyze data to develop a better understanding of the mineral deposit geology.
Since the latest drilling was completed, Yamana's geologists have identified
another gossan on Lejano, 2km to the east, along the strike of the South Ridge.
This new zone contains similar mineralization and alteration to the area that has
been successfully drilled.
Yamana has identified additional prospective zones in the vicinity of Lejano and
the company is adding two new properties.
The Lejano drilling is part of a 3,600m campaign designed to quickly assess 11
targets on five properties. Drilling has recently been completed on two silver
shows at Bacon (Stockwatch June 23 1997), with assay results expected later this
month. Further drilling is scheduled for Goleta, following up previous drill results,
including 8m of 21 g/t Au (Stockwatch January 15 1998), as well as at Hombro,
which has surface showings up to 35 g/t Au. The fifth property to be tested is
Estrella, which lies on a gold bearing structural extension from Minorco's Cerro
Vanguardia gold and silver deposit. Logistical preparations are being addressed
for a second round of drilling at Lejano following the current campaign.
Based on exploration results, including drilling, Yamana is adjusting its Santa Cruz
Vanguardia land package from 20 properties, covering about 120,000 hectares,
to 14 properties, for about 70,000 hectares. Continuing reconnaissance for new
targets remains an integral part of this project.
WARNING: The company relies on litigation protection for "forward-looking"
statements.
SANTA CRUZ, ARGENTINA
LEJANO DRILLING
FEBRUARY 1998
Hole Total Inter- Inter- Au Ag Pb
No. Depth val cept
(m) (m) (m) g/t g/t g/t
SOUTH RIDGE DRILL HOLES
1 26 0 - 8 8 0.46 621 9.7
incl.
2 - 6 4 0.72 1,066 16.3
2 25 0 - 4 4 0.41 488 7.0
incl.
0 - 2 2 0.70 763 10.8
3 25 0 - 2 2 0.25 684 4.2
4 25 0 - 4 4 0.18 177 2.6
incl.
0 - 2 2 0.28 266 3.7
5 25 0 - 12 12 0.02 20 1.0
6 25 4 - 16 12 0.05 27 1.2
7 25 0 - 2 2 0.07 106 1.0
and
8 - 25 17 0.15 99 1.8
incl.
Bottomed in good grade
24 - 25 1 1.00 325 9.6
8 28 0 - 22 22 1.00 290 4.4
incl.
16 - 22 6 2.70 476 9.8
9 25 0 - 16 16 0.65 209 4.1
incl.
10 - 12 2 2.93 421 11.0
10 25 0 - 14 14 0.88 375 5.9
incl.
8 - 12 4 2.07 791 10.8
and
14 - 25 11 0.11 29 1.4
11 24 0 - 8 8 2.40 860 7.7
incl.
4 - 8 4 3.77 1,155 8.1
or
0 - 12 12 1.78 642 6.1
and
12 - 18 6 0.07 21 0.6
12 24 0 - 2 2 0.04 16 0.4
and
2 - 8 6 0.36 204 2.4
and
8 - 22 14 0.03 20 0.7
13 28 2 - 8 6 0.41 202 2.1
and
0 - 12 12 0.27 127 1.6
14 24 0 - 6 6 0.27 224 2.8
and
18 - 24 6 0.08 102 1.8
15 24 0 - 4 4 0.25 168 2.7
and
10 - 16 6 0.09 152 0.7
16 30 0 - 8 4 0.03 103 2.6
17 22 0 - 6 6 0.11 118 0.9
18 24 0 - 4 4 0.84 720 14.6
19 24 0 - 10 10 0.44 420 3.3
20 28 0 - 4 4 0.21 97 1.3
21 28 2 - 4 2 0.06 108 2.2
32 20 16 - 20 4 0.07 61 1.4
33 40 20 - 22 2 0.01 24 0.2
34 28 24 - 28 4 1.47 448 8.3
35 34 12 - 16 4 0.96 236 5.5
NORTH RIDGE DRILL HOLES
22 24 2 - 6 4 0.09 716 0.1
23 18 2 - 6 4 0.01 34 -
24 24 4 - 6 2 0.05 319 -
25 24 No significant mineralization
26 24 2 - 4 2 0.91 540 1.6
27 24 4 - 8 6 0.03 101 0.2
28 28 No significant mineralization
29 28 6 - 8 2 0.44 180 0.1
30 28 2 - 4 2 0.05 27 0.1
31 28 26 - 28 2 0.12 321 0.5
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