Mr. Metals, I thought you might want to see this.
PANTHER RESOURCES ANNOUNCES:
Mineralized Zone Continues
Symbol: PTHR Exchange: OTC- BB Industry: Mining Subject:
Assay Results
Marshall Smith, Project Manager, reports that Mr. Chapin, Mine
geologist, has reported on the latest results of the drifting
(tunneling) on Level 3. Currently we are drifting along the bedded
zone in Unit 2b, which has passed from lower grade conglomerate
rich facies into the sulphide rich zone. The mineralization in the
tunnel has a limestone contact to the southwest and is being slashed
to the northeast wall to determine true width. This drift which was
started on July 16 and to date is 12.1 meters in length has an
average width of seven meters for the first 4 rounds. The last 4 are
currently being drilled for slashing to about 5-7 meters in width.
Grades in the first rounds range from 71 to 275 grams silver and
0.25 to 0.55 percent copper per tonne. Assays are pending for the
other rounds in this drift.
The last four blasts from the 23rd through the 26th of July, 1998,
which average 1.2 meters in advance each, have intersected a very
high-grade zone of mineralization. Tom Chapin has reported that
this zone visually has massive areas of tetrahedrite and
chalcopyrite. Mr. Chapin reports that "shots 6,7,8, and 50% of 9
are probably high grade, with lots of visible tetrahedrite and some
chalcopyrite." Sr. Navarro (mine manager) has reported to Mr.
Chapin that the muck assay of blast six ran 380 gt/Ag (13.4 oz/per
tonne). Mr. Chapin further states that "visually blast 8 was
excellent with honeycomb style chalcopyrite and tetrahedrite in the
rock. The face of blast 9 was loaded with tetrahedrite 3-5% and
the back of the blast had 50% of it in similar material."
Marshall Smith states "this data from the drift clearly proves we
were correct with our earlier predictions as to blocking vs drilling
to prove up the reserves. If we had used diamond drilling we
could have underestimated the entire ore body, as it would clearly
have understated the true value of the 3 and possibly 4 new zones
of mineralization. These newly discovered extensions of the
previous zones of mineralization will be measured by bulk
sampling both on drifts and raised to determine the average grade
for reserve definition for the apparent strike length of 180 meters
for these new extensions to the ore body. This method of proving
up reserves will also defray the costs as we are drifting in mill
grade ore."
Panther Resources is an active mining and exploration company
with over 100,000 ha of property including the La Verde Mine,
which is a producing silver/copper mine in the state of Sinaloa,
Mexico producing over 400,000 ounces of silver annually.
For further information on our company, please contact our office
at 604-689-5377 or Fax: 604-689-3744 or visit our web-site
www.pthr.com.
Certain statements in this News Release constitute
"forward-looking" statements' within the meaning of Section 21E
of the U.S. Securities Exchange Act of 1934. Such forward-looking
statements involve risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
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