Argentina Gold Corp - News Release
Veladero drilling results
Argentina Gold Corp ARP
Shares issued 33,113,389 May 26 close $0.42
Tue 26 May 98 News Release
Mr. J. Patricio Jones reports
Drilling results have been received from the company's Veladero project in
San Juan Province, Argentina.
Hole Depth Interval From-To Au Ag Au
(m) (m) (m) g/t g/t Eqv.
g/t
63 371 93 278-371 .50 21.50 0.93
30 341-371 .83 53.20 1.89
65 350 259 101-360 .67 20.60 1.08
73 287-360 .78 51.16 1.80
71 360 125 0-125 .46 6.03 0.58
135 105-240 .16 23.13 0.62
The bottom section of hole 63 (drilled 230 metres north-northeast of holes
64A-B) shows that intersections similar to those of the west flank of Filo
Federico extend this far east (approximately 500 metres) at the same
elevation level. Holes 64A (106 metres - abandoned) and 64B (317 metres -
abandoned) which were drilled on the higher sectors of Filo Federico
(collared at 4,606 metres elevation) contained no anomalies, as they did
not reach the top level of mineralization (average elevation: 4,280
metres).
Based on the results of nine boreholes (56, 57, 58, 59, 61, 62, 65, 68, 70)
the company has a preliminarily evaluated area of 18 hectares where the
mineralized interval thickness averages 190 metres with a grade of 1.2 g/t
Au equivalent, suggesting that an inferred resource of 3 million ounces is
possible.
Should the remaining eight boreholes, pending receipt of assay values, show
equivalent thickness and grades to the nine boreholes above, the inferred
resource could enlarge substantially.
Pending assays are expected to be completed by the second week of June and
are to be published as soon as complete holes are received. The company
shall fully evaluate the potential resource at Filo Federico at that time.
Additional potential includes the eastern flank of the Filo Federico
diatreme and targets to the southeast of the existing drill locations.
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