For Release: June 15 1998 TRADING SYMBOL "EGD-V"
INITIAL SAMPLING RESULTS FROM LONGYEAR PROPERTY
139 samples average 1.13 g/t Au in main soil anomaly
Partial results from a detailed surface exploration program on the Longyear Exploration Concession located beside Pueblo Viejo in the Dominican Republic confirm the presence of oxidized bulk tonnage mineralization over a large area.
Highlights include:
* The size of the geochemical soil anomaly has been extended by some 300 meters to the northwest and remains open. As well, two new gold in soil anomalies have been partially outlined - to the northeast towards Pueblo Viejo, and to the west.
* A total of 211 analyses have been received out of 290 rock samples collected from pits, trenches and old workings and dumps which were sampled within and around the soil anomaly. The samples were collected primarily to determine the levels to which various rock and alteration types are mineralized and to test the area of the soil anomaly for its bedrock, or near bedrock, gold content. Results are summarized below:
* 56 samples taken from 30 pits in a zone of strong saprolite development, average .818 grams of gold per tonne;
* 19 samples from pits which expose gossan and bedrock in the southwest part of the anomaly average 1.43 grams;
* 19 samples from a zone which appears to be localized around a northeast trending fault average .61 grams;
* 31 samples from old workings, from which the higher grade material has been removed, average 1.14 grams;
* 14 samples from old dumps and the floors of several pits average 2.67 grams of gold per tonne;
* All samples were of oxide - no sulphides were noted.
* Gold analyses range from less than 5 ppb to 10,800ppb (10.8 g/t Au) and average 1.13 grams of gold per tonne for 139 samples within a partially defined 550 m x 800 m area in the main soil anomaly.
* An IP survey at 200 meter line spacing shows a strong chargeability anomaly, indicative of sulphides at depth, is co-incident with the soil anomaly. The chargeability anomaly is flanked to the west by a resistivity high, which may represent silicification, on the other side of which is another area of chargeability highs. The newly identified geochemical anomaly in the northeast corner of the grid also has a chargeability anomaly underlying it.
Detailed geological mapping is in progress. Energold plans to release a map of all the data, including previous drilling on the Longyear Concession, when all the data is available and all results have been received, plotted and interpreted.
Samples were collected as both vertical and horizontal channels in the pits, continuous chip samples of exposures in old workings and character samples of certain rock types - both non-mineralized and with obvious oxides after former sulphides. Sample lengths ranged up to 4 meters and average about 1 - 1.5 meters. Sample weight averages around 2.5 kilograms. The samples were collected by Canadian and Dominican geologists under close supervision by a Canadian geologist.
All samples were dried, crushed and a representative split averaging .5 kg. was sent to Chemex in Toronto and Vancouver for analysis. Gold and silver were analyzed by Chemex using standard preparation and assay techniques (fire assay with atomic absorption finish for gold, atomic absorption spectroscopy for silver). Copper was analyzed for subsequent to an initial 32 ICP analysis. A program of check sampling and blind duplicate analysis in being undertaken to ensure reliability of the data.
LONGYEAR is owned by Casa Real, S.A., a Dominican company owned by FMI Technologies, Inc. FMI is owned 51% by Eldorado Gold Corporation and 49% Energold Mining Ltd. Energold is the operator for the first two years, or until Eldorado has paid its $2 million commitment, and Energold's 49% undilutable interest is carried to feasibility.
On behalf of the Board of Directors For more information
please contact:
Keith Schaefer 604-681-9501
H. Walter Sellmer
-30-
So the news is (in one sentence) that the grade of the anomaly has more than doubled from 0.5 grams to 1.13 grams, and the size of the anomaly has increased by over 300 metres and is still open.
What we don't know yet is what type of deposit it is; initial indications are an epithermal gold cap on top of a VMS style or near vent SEDEX.
Full results and map are another couple weeks away. |
