Samex Mining Corp. SXG VSE December 19, 1996
Hole One Completed at Walter South 4.5 Meter Vein Intersected
Jeffrey P. Dahl Vice-Chairman of Samex reports that the first hole of a six hole, 2,000 meter core drilling program has been completed at SAMEX's 100% owned Walter Property in southwestern Bolivia. The drilling is part of ongoing exploration in the Walter South area, where a swarm of 19 veins and a dacite porphyry intrusion host gold, silver, zinc, lead, copper, arsenic, and bismuth (see Analytical Results - News Release #17 -October 25, 96). The extent and abundance of veins and intrusions at Walter South indicate potential for a large tonnage deposit which could host more than a million ounces of gold plus other metals.
The objective of this program is to test the continuity of gold-polymetallic mineralization up to 250 meters below the current tunnels, which presently extend mineralization up to 100 meters below
surface. If successful, the program could increase the vein resource to 6.0 million metric tons with a grade of 0.36 troy ounces/metric ton gold equivalent (>2 million ounces) based on the veins alone.
The first hole of the program, WS-96-1A, successfully demonstrates the continuity of the veins and intrusion to a depth of at least 300 meters below surface. The most significant discovery is a 4.5 meter wide vein, possibly a down-dip extension of the Potosi vein (see attached cross-section). This intersection is the widest to date on the Walter South property, and is a positive indication of the continuity and strength of the veins at depth. Other "Bolivian-style"
polymetallic vein systems in this region (e.g. Cerro Rico and Pulacayo) are known for their persistent mineable mineralization to depths of 900 meters and lateral distances of up to two kilometers. To date, three veins at Walter South have been traced on surface along strike for two kilometers to the Walter Central area, where more than a dozen veins with similar metallic content and grade are exposed along several hundred meters, hosted by a dacite porphyry intrusion.
Assay results for hole WS-96-1A and an update on drilling progress will be available in January. In addition to drilling, drifting is continuing along the Potosi and Pupusani veins to further delineate
reserves.
TEL: (604) 688-6080 Jeffrey P. Dahl Vice-Chairman FAX: (604) 688-6090 |
