news release:
Peruvian properties review
Peruvian Gold Limited PVO
Shares issued 14,227,466 May 4 close $0.67
Tue 5 May 98 News Release
Mr. David Henstridge reports
Peruvian Properties
Tingo: Road access and drill pad construction at Tingo copper porphyry
prospect is nearly complete, and a drill contract has been awarded for a
minimum 1,000 metres to be undertaken later this month. At Tingo, a
mineralized porphyry 3 kilometres by 1 kilometre has been outlined with a
coincident geophysical IP anomaly. Holes are programmed to reach 200 metres
depth.
Lara: Preparation for a third drill program at the Lara porphyry copper
prospect has been completed, and a 14 drill hole program will start
following the completion of the Tingo drill program. Previous drilling at
Lara discovered an enriched chalcocite blanket overlying a copper porphyry.
Best results in the previous drilling were 24 metres at 1.12 per cent Cu in
LRC9 and 26 metres at 0.73 per cent Cu in LRC12. In addition to further
reverse circulation drilling, some diamond drilling is planned to twin some
of the holes to verify the grade and test the mineralization at depth.
Ollachea: The uncertainty regarding title to one claim covering this
prospect has been clarified by the review board attached to the Ministry of
Energy and Mines of Peru. As a result, the company's ability to earn 100
per cent interest in this claim has been confirmed and once the official
notification of title has been received, a minimum 1,000 metre drill
program will be undertaken on the mineralized zone.
The Ollachea gold prospect is in the Puno department of Peru, northwest of
Lake Titicaca, southeastern Peru and is covered by three claims totaling
2,700 hectares. Previous trenching at the prospect gave best results of
30.5 metres at 3.6 grams per tonne Au and 49.5 metres at 1.2 grams per
tonne Au. Gold mineralization is hosted by pyritic shales and slates
interbedded with quartzite and is associated with pyrite and minor
chalcopyrite in quartz.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
|
