If it were drilling results people were looking for maybe they should check this out!
Zappa Resources Ltd -
Drilling to continue at La Plata
Zappa Resources Ltd
ZPA
Shares issued 23,569,790
1998-07-21 close $0.17
Wednesday Jul 22 1998
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
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