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Gold/Mining/Energy : Western Pacific Gold WPI
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To: Kent C. who wrote (15)7/9/1998 12:40:00 PM
From: rdww  Read Replies (1) of 32
 
somehow somewhere these guys must be getting ready to do something w/ their properties - about time

International mining company reviewing Papua, New Guinea properties

Western Pacific Gold Inc WPI
Shares issued 19,955,011 Jul 2 close $0.13
Thu 9 Jul 98 News Release
Mr. Nicholas Mather reports
A major international mining company has reviewed the data on WPI's wholly
owned subsidiary Magma Mines N.L.'s Papua, New Guinea exploration
properties, and preliminary discussions are under way on a possible joint
venture to explore the Magma tenements.
The benefits of such an arrangement include the considerable depth of
experience and technical expertise being offered by the major company and
its great financial resources.
An initial field visit has been made to WPI's 100 per cent owned EL1014 Ofi
Creek project and it is likely that a representative of the interested
company will shortly commence re-logging the core from the 11 diamond holes
held on site.
WPI believes that the resource at Ofi Creek has the potential to
significantly expand from its current 115 Mt at 0.36 per cent copper and
0.47 g/t gold. A new interpretation of BHP Minerals magnetic data and
topography has suggested additional zones to the south, east and west of
the known resource which require drill testing. WPI's recent geochemical
and magnetic modeling suggests that the grade is increasing with depth, and
that testing of the resource at deeper levels may also be warranted. Ofi
Creek is characterized by a higher grade potassic core with grades up to
3.02 per cent copper and 2.99 g/t gold.
In addition, WPI trenching located an anomalous zone of 24,000 square
metres averaging 0.48 g/t gold. This zone is open on three sides and is
close to the site where previous explorers BHP located gold bearing
epithermal quartz float. This zone may also require further trenching and
drill testing.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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