Dean Poets
I thought you would have this one already.
Drilling to continue at La Plata
Zappa Resources Ltd ZPA
Shares issued 23,569,790 Jul 21 close $0.17
Wed 22 Jul 98 News Release
Mr. Albert Gerry reports
Drilling is to continue on Zappa's La Plata massive sulphide project in
central Ecuador, as step-out hole 98-23 struck a rich intersection. Hole
98-23 drilled 50 metres south of hole 97-20 contained the following assays:
LENGTH AU AG CU ZN PB
(m) g/t g/t % % %
Hole 98-23
>From 388.2 to 398.0 metres
09.80 2.59 69.50 14.31 1.70 0.17
Or 388.02 to 401.00 metres
12.15 2.15 54.50 11.14 1.37 0.14
Hole 98-24
>From 411.30 to 414.55 metres
0.335 2.47 53.50 00.19 4.80 1.00
And 423.20 to 428.00 metres
0.480 0.96 27.80 00.52 6.79 0.28
And 432.00 to 441.00 metres
0.900 1.34 25.80 00.36 3.88 0.43
Or 407.00 to 443.00 metres
36.00 1.19 22.50 00.38 2.46 0.29
Drill hole 98-25 went over the top of the anticline of the mineralized
level. Its vertical extent was previously unknown.
The three hole vertical fence drill program was designed to define the
extent of the massive sulphide lens. Management considers the successful
hole 98-23 as a key indication that the lens is dipping and open to the
south. The next three holes will repeat the vertical fence by stepping out
50 metres south of hole 98-23. Drilling is to commence August 1.
Cambior, the operator and optionor, has to date spent approximately
$1.7-million of its required $2-million by November 1998, to earn 51 per
cent of the La Plata project. At Zappa's option, Cambior can earn up to 56
per cent of the project by completing a bankable feasibility study. At
Zappa's option, Zappa can be carried to full production by allowing Cambior
to earn an additional 15 per cent or 71 per cent of the project.
Since Zappa's last news release on La Plata (see Stockwatch dated June 10,
1998), the Ecuadorian government has indicated that south of Zappa's
existing La Florida and Henri concessions, national park boundaries have
been documented. This park is more than 2.5 kilometres from the discovery
and the park does not hinder the development program. The park does,
however, overlap Zappa's pending southern Campo Alegre and San Florencio
concessions. Upon meeting with the secretary for the Ministry of Mines, the
right to explore and mine underground in these concessions is being
considered.
Zappa's negotiation for the sale of Ponce Enriquez gold properties to
Ecuadorian Minerals is proceeding and it is anticipated that Ecuadorian
will complete its due diligence shortly. An extension has been granted
until the end of August.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
regards
gmweber |
