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Gold/Mining/Energy : Peruvian Gold Ltd. PVO

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To: Richard Seekins who wrote (64)11/29/1996 10:06:00 AM
From: tman11   of 892
 
To answer your question..... The core is 10 to 30 meters long but they are shipped to vancouver on a one meter basis. See enclosed news release.... last paragraph.

uvian Gold Limited - News Release

El Encanto exploration results

Peruvian Gold Limited PVO
Shares issued 10,718,000 Oct 10 close $3.69
Thu 10 Oct 96 News Release
Mr David Henstridge reports
The company has received results from the first set of heavy mineral,
stream sediment samples collected from drainages along the western portion
of the La Bonita concessions as well as an up-date on the drill program and
adit progress.
Results from the first six samples of the exploration adit gave an average
of 2.34 g/t Au and 2.8 g/t Ag over 6m. Caution should be exercised when
interpreting these first results as the adit direction is, initially,
driven parallel to the mineralized unit. Crosscuts will be driven across
the zone of interest at 25 metre intervals. The adit is currently at 20
metres.
Of 37 heavy mineral samples collected, 13 were anomalous with values
greater than 0.1 g/t Au (100 ppb), and of these, three ran greater that 1
g/t Au (1,000 ppb). The background levels for the area are 0.01 g/t Au (10
ppb).
The anomalous drainages span a 17km distance from southwest of El Encanto
prospect to the access trail midway between the villages of La Bonita and
La Sofia to the northeast.
The samples are screened into two size fractions which are then analyzed
separately. The analyses show that most of the gold is contained in the
coarse size fraction which is consistent with nature of the gold observed
in outcrop; visible gold at El Encanto is mostly of 1mm or 1mm by 2mm
dimensions.
The regional stream sediment survey is ongoing and should be completed by
November. Follow-up sampling and prospecting of these anomalous streams
will begin shortly.
To date nine HQ diamond drill holes have been completed totalling 921.8
metres. Within the drill holes sericitized porphyry containing quartz
veins, locally with pyrite and lesser chalcopyrite and galena, were logged
in intervals from 10 to 30 metres thick. These intervals are being split on
a one-metre basis and are progressively being shipped to Quito, Ecuador for
preparation prior to assay in Vancouver.
(c) Copyright 1996 Canjex Publishing Ltd. canada-stockwatch.com
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