The drill program will be commencing in a couple of weeks on the Caballo Blanco property in Mexico. This news release came out on
Friday which updates the companies progress to date on that property.
NEWS RELEASE March 6, 1998
Minera Gavil n S. A. de C.V., Almaden's wholly owned Mexican subsidiary has received final reports from consultants engaged to conduct geophysical surveys and review the data generated by exploration over the last year on the Caballo Blanco Project. The 40,000 acre property is located 75 kilometres north west of the city of Veracruz, on the Gulf of Mexico. The property covers several alteration zones peripheral to a collapsed volcanic edifice, each associated with gold and/or gold-copper mineralization. Work has mainly focussed on one alteration zone that is about 3 by 4 kilometres in size in the southern part of the property.
Mineralization within this alteration zone has been telescoped resulting in epithermal gold-silver mineralization in close spatial association with partially exposed copper-gold porphyry mineralization. Work has included geologic mapping, a large soil geochemistry program consisting of greater than 3,500 samples, 80 line kilometres of gradient array Induced Polarization (I.P.) surveys, and 60 line kilometres of magnetic surveys.
Mr. Grant Hendrickson, P. Geol. of Delta Geoscience Ltd., conducted I.P. and ground magnetic surveys in 1997 and reports that the geophysics defined a "very large (1.4 km by 2.4 km) high sulphidation system" that is "cored by a large strongly magnetic body that has porphyry copper-gold potential". Mr. Hendrickson also reports that the strong magnetic anomaly (800 by 1,000 metres) is interpreted to be a highly altered magnetic rich intrusive body that may have produced some skarning. This area has a coincident copper-gold soil anomaly with the 200 ppm copper contour having maximum dimensions of 500 by 700 metres. Sampling of bed rock in a creek exposure averaged 700 ppb gold (0.7 grams/tonne) and 0.23% copper over 55 metres. The I.P. response of this body is of major interest for a porphyry copper-gold deposit. Mr. Hendrickson report that the strongest I.P. anomalies on the project are structurally controlled, have good widths (+50 metres) and have strike lengths of over 1 km. These anomalies have been traced to 350 metres in depth and are coincident with gold-copper-lead-zinc highs in soil geochemistry and abundant overlying vein float commonly carrying values in gold greater than 1 gram/tonne, silver values as high as 500 ppm, zinc values as high as 14 % and copper values as high as 1.2%.
Dr. J.H. Montgomery, P.Eng., visited the property and has reviewed all geophysical, geochemical and geologic data on the project. He has recommended a program of 7,000m of reverse-circulation (R.C.) drilling to test both the high chargeability vein zones and the highly magnetic-high chargeability porphyry gold-copper zone.
Minera Gavil n S.A. de C.V. has received permits to drill and has agreed to a drilling contract for a minimum of 2,000 metres of R.C. drilling. Drilling is scheduled to commence in the last week of March 1998.
On behalf of the Board,
Duane Poliquin, P.Eng.
President
Regards,
almaden.bc.ca |
