DEC 5 NEWS RELEASE: PILZHUM & La ENVIDIA
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Progress on Pilzhum and La Envidia properties, Ecuador
Jersey Goldfields Corp JRG
Shares issued 18,295,644 Dec 4 close $0.49
Thu 5 Dec 96 News Release
Dr Peter Guest reports
The company and its wholly owned subsidiary, Jerseymines Minera del Ecuador
announce progress on both their Pilzhum and La Envidia properties in
Ecuador.
At Pilzhum, drilling has recently commenced to investigate anomalies
generated in an earlier rock chip sampling program, and various structures
delineated by mapping. Currently, four holes have been completed to an
average depth of 100 metres (328 feet) and the fifth is in progress at 75
metres (246 feet) with a target depth of 150 metres (492 feet). An
additional three holes were planned, but this has been increased to five
based on the encouraging results to date. All holes have intersected zones
of silicification, argillization, and sulphides (including pyrite and
copper sulphides and quantities of sulphide minerals, which seem to be
sulphosalts of silver and copper).
One of the holes (PD96-16), which has been drilled in an area designated as
zone A, is currently being sampled. This hole was drilled within 50 metres
(164 feet) of an existing hole which cut 22.5 metres (73.8 feet) of
volcanics which carried .5 grams/tonne (.02 ounces/tonne) gold and 42.8
grams/tonne (1.38 ounces/tonne) silver. Channel samples taken in trenches
below hole PD96-16 cut silicified and oxidized volcanics and yielded values
of 2.95 grams/tonne (.09 ounces/tonne) gold over 37.2 metres (122.0 feet),
including 4.19 grams/tonne (0.13 ounces/tonne) over 25.2 metres (82.7
feet). PD96-16 itself has cut over 50 metres (164 feet) of silicified and
brecciated volcanics which appear similar to the trench samples 50 metres
(164 feet) away. The true width of this zone is estimated at 35+ metres
(115+ feet).
Rock chip geochemistry has indicated there are several other anomalous
zones on the property. Zone B is approximately 1km (3,280 feet) NW of zone
A and has numerous jasperoid bodies in volcanics. One six metre (19.7 feet)
zone averages 60.2 grams/tonne silver (1.94 ounces/tonne). Twelve hundred
metres (3,936 feet) to the SE of zone A, is zone C which is a newly
discovered fault controlled zone having 29.2 grams/tonne (0.94
ounces/tonne) silver over three meters (9.8 feet). This area is currently
being resampled to expand this anomalous zone.
Another newly discovered zone, zone D, is 1.5km (4,920 feet) WSW of zone A.
In zone D, channel samples assayed 42.9 grams/tonne silver (1.38
ounces/tonne) over 5 metres (16.4 feet) including 3 metres (9.8 feet) at
68.6 grams/tonne silver (2.21 ounces/tonne). This zone is observed over 50
metres (164 feet) and is parallel to zone A. This area is currently being
sampled to expand the zone.
Drilling will be complete in January with results to follow shortly.
Final results are in hand for the drill program at the La Envidia project.
A total of 11 holes were drilled although the last hole was lost before
reaching target depth. Total meterage was 1,033 (3,388 feet). The area
investigated was approximately 1,300 x 1,100 metres (4,264 x 3,608 feet).
The last hole was drilled an additional 600 metres (1,968 feet) to the east
but was lost at a depth of only 23 metres (75 feet). Holes were targeted to
give stratigraphic information, test geophysical targets and geochemical
targets.
The tabulated results for material in excess of one gram per tonne (0.03
ounces/tonne) gold and/or 0.1% copper are as follows:
Hole Interval Width Au Cu
No. (m) (m) g/t %
---- ------------ ----- ---- ----
2 9 - 16.5 7.5 2.29 -
49.5- 57.0 7.5 - .233
79.5- 97.5 18.0 - .230
incl 85.5- 87 1.5 1.76 .252
incl 91.5- 97.5 6.0 - .483(x)
3 12.0- 15.0 3.0 1.78 -
6 42.0- 48.0 6.0 - .150
84.0-126.0 42.0 - .144
incl 84.0-109.5 25.5 - .184
7 43.5- 55.5 12.0 - .410
85.5-102 16.5 - .237(x)
9 31.5-48.0 16.5 - .124
10 87.0-105 18.0 - .130
(x) = hole ends in this mineralization
More complete interpretations of the recently completed geophysics are
expected in the near future and will be used with the current results to
plan additional programs in this area. |
