Thursday May 28, 10:16 am Eastern Time
Grand Central Silver Identifies Major Silver Zone at Mexican Project
GRAND CENTRAL SILVER MINES (FORMERLY CENTURION MINES CORP.) Reports Major Silver Zone Indicated at Mexican Joint Venture
May 28, 1998, Grand Central Silver Mines Inc. (Nasdaq:GSLM - news) announced that an analysis of data acquired from Servicios Industriales Penoles S.A. de C.V. (IPOAF) indicates a major silver zone is present at the Sierra Mojada District, Coahuila, Mexico, in which GSLM has a 35% participating joint venture interest.
GSLM noted that the data, which was acquired by the company's joint venture partner Metalline Mining Co. (OTC BB:MMGG - news), includes over 50 geologic maps, reports and drill hole data that was generated by Penoles' operation in the district from the 1880s until the 1940s, and from exploration programs in the district conducted after mining operations were suspended.
GSLM said drilling in all three deposits showed fairly uniform silver mineralization and that, based upon the grades established by the Penoles sample data, the three deposits are indicated to contain in excess of 80 million ounces of silver. Furthermore, GSLM stated that, if mineralization proves to extend throughout and beyond the three known areas, the overall identified trend could prove to hold a much larger silver resource.
GSLM indicated that total tonnage penetrated by drilling in the three deposits approximated 5.1 million tons and noted that the deposits are flat-lying, near-surface and amenable to high-volume underground mining methods.
GSLM also announced that it has acquired a controlling interest in and has assumed management of Summit Silver Mines Inc. (OTC BB:SUSV - news) from that company's former president, Peter Laczay.
GSLM said Summit's assets include 203 mining claims in the Battle Mountain Gold Trend, Eureka County, Nev., which are currently leased to BHP Minerals and are being actively explored. Summit also controls the Kimberly Mine near Riggins, Idaho, which has an indicated gold resource of about 60,000 ounces of gold, and 30 claims in the Mineral Hill District, Eureka County, Nev., which are being explored for silver. |
