Monday July 20, 9:01 am Eastern Time
Company Press Release
Golden Phoenix Minerals Generates Gold Targets in Circle District
RENO, Nevada--(BUSINESS WIRE)--July 20, 1998--Golden Phoenix Minerals, Inc. (OTCBB:GPXM - news) has completed a preliminary field
examination of the Spectrum/Vetter and Switch Creek properties located in the Circle mining district within the Tintina Gold Belt of central Alaska.
The Circle district is located 52 miles northeast of the Fairbanks district and is one of the oldest mining districts in interior Alaska. The Circle district has
produced over one million ounces of gold from placer deposits.
Golden Phoenix Minerals geologists have completed initial reconnaissance mapping, rock chip sampling and data compilation on the Switch Creek and
Spectrum/Vetter properties. The Golden Phoenix Minerals properties are located adjacent the Discovery Gulch project, which has recently been acquired by
Camnor Resources Ltd. from La Teko Resources Ltd [Nasdaq:LAORF - news]. Discovery Gulch is reported to contain two significant soil anomalies with
maximum values of 0.09 ounce per ton (opt) and 0.035 opt gold. The extent of the mineralization has not been defined.
Golden Phoenix Minerals geologists sampled areas at Switch Creek with outcrops of altered schist, quartzite and intrusive rocks similar to those hosting the
Fort Knox (4.1million ounces gold) and Teck/Sumitomo Pogo (4.5 million ounces gold) deposits. Alteration and mineralization occur as silicification and
multiple-stage quartz veins with associated pyrite and arsenopyrite. Selected rock chip samples from recent field work yielded greater than 0.10 opt gold with
numerous adjacent samples containing 0.01 opt or greater gold values. Altered outcrops accompanied by arsenic and gold anomalies are concentrated in
large scattered areas over the three square miles of the Switch Creek property.
The Spectrum/Vetter property is located four miles east of the Switch Creek property and combines leased ground with Golden Phoenix Minerals claims that
cover over 6,000 acres of contiguous ground. High-grade gold values from rock chip samples in arsenopyrite bearing, quartz-veined quartzite were sampled
along a 2,500-foot shear zone. Selected values include 0.34 opt, 0.45 opt, 0.22 opt and 0.95 opt gold with numerous adjacent samples exceeding 0.02 opt
gold.
Golden Phoenix Minerals currently has 19 projects in central Alaska in the Bonnifield, Richardson, Circle and Pogo districts. The Company currently holds
joint venture agreements on seven projects.
Golden Phoenix Minerals, Inc. (GPXM) is an OTC Bulletin Board listed minerals exploration corporation dedicated to the discovery and development of
precious and base metal deposits in the western United States and Alaska.
Contact:
Golden Phoenix Minerals
Opal Adams, 702/853-4919 (Investor Relations)
Investor@golden-phoenix.com
golden-phoenix.com |
