April 23, 1998 Expansion of Las Catalinas Property Symbol: MAD.V
Form 20F: 0-27760
The Company is pleased to announce that it has substantially expanded the size of the Las Catalinas project, previously referred to as the `Sonora property'. Minas Miranda S.A. de C.V., Miranda's Mexican subsidiary, has staked an additional 14,200 hectares increasing the total size of the property to approximately 18,070 hectares (180.7 square kilometres).
The Las Catalinas project is located 10 kilometres southwest of Rosario de Tesopaco and 70 kilometres east of Ciudad Obregon, in south central Sonora, Mexico. Historically, work on Las Catalinas has been limited to prospecting and small-scale mining along the abundant quartz veins that are found in the area. Numerous prospect pits, a 60 metre (reportedly) deep shaft, and other shallow excavations have been found that tested the veins. Dumps of high-grade quartz material still exist on the property and are occasionally hauled off to smelters, some as recently as December 1997.
Numerous grab and channel samples previously taken indicated values of up to 30 grams gold per tonne and over 500 grams silver per tonne. Data from the first phase exploration program has verified and expanded the area of mineralization defined from previous sampling. At least four broad target areas exist which contain soil geochemical anomalies averaging 100 to 400+ ppb gold. Alteration and quartz vein swarms also occur along parallel northwest-trending structures over distances of nearly one kilometre. Several new highly prospective targets have also been recognized.
The positive aspects of the project include: complex structural setting with numerous types and orientations of structures including circular features; widespread precious metal mineralization found in soils and rock and yielding grades not infrequently up to 34 g Au/t (1 oz Au/t) and over 500 g Ag/t (15 oz Ag/t); numerous styles and periods of mineralization; and most importantly, numerous targets. At present, the exploration is sufficiently early stage that no deposit sizes can be stated although it does appear that large precious metal deposits could be found within the limits of Minas Miranda's Las Catalinas concessions.
ON BEHALF OF THE BOARD
"Dennis L. Higgs"
Dennis L. Higgs
President
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