Hi Joel,
Didn't find any concrete #'s for the assays but here is the general release.
LATITUDE MINERALS CORP.
SUITE 612, 475 HOWE STREET, VANCOUVER, BC. V6C 2B3
Tel: (604) 688-2010; Fax: (604) 688-2015; Toll-free: 1 800 668-0071
e-mail: mineral @ mineweb.com
trading symbol: LTU.V
BLUE HILL CREEK DRILL RESULTS
VANCOUVER, BC, September 02, 1998: Latitude Minerals Corp. (LTU.V) reports assay results from the company's nine (9) hole,
4,528 foot drilling program on its 100% owned Blue Hill Creek Project located near the southern Idaho border (Figure 1). The hot
spring gold system was recently acquired by Latitude to test step-out potential on a 170,000 ounce open-pittable, disseminated, gold
resource comprised of intercepts open to depth and in every direction laterally as defined by seventeen (17) previously drilled RC
holes. The current drilling program was designed to test for the presence of north-trending feeders and explore for mineralization in
the carbonate basement rocks underlying the Tertiary hot spring system. The program was managed by consulting geologists, John R.
Carden, Ph.D., and Mitchell L. Bernardi, M. Sc.
All nine holes, from the current drilling program, intercepted significant thicknesses of ore-grade to sub ore-grade gold mineralization
ranging between 45 to 285 feet thick. The most significant intercepts obtained from the drilling program are listed (Figure 2). These
holes confirm the 170,000 ounce resource indicated by Meridian Mineral's 1986-87 drilling programs and have increased the deposit
size. To date, 22 of 26 holes drilled on the property have intersected significant mineralization, with 10 holes bottoming in rock
containing in excess of 0.01 opt Au. Dimensions of the main target (Ampa Zone) stand at 1,100 feet x 800 feet x 250 feet. The
deposit remains open in all directions laterally and at depth (Figure 3).
Of major importance is the discovery of gold mineralization in underlying Paleozoic carbonate rocks that have been altered to a
gold-bearing jasperoid breccia with quartz veins. Hole LBR-29 intersected highly broken jasperoid on the edge of a feeder system
cutting the underlying Paleozoic section, peripheral to the north-trending structural core of the Ampa zone. This significant
mineralization indicates both genetic and structural ties to the overlying Tertiary-hosted gold system and implies the presence of a new
target in the yet unexplored sediment-hosted sequence underlying the property at depth. Oxidation extends throughout the entire
length of most holes and into the carbonate basement suggesting potential for good deposit metallurgy. Bottle roll tests are in
progress, with results expected by September 30.
Drilling results also reveal the presence of buried sinters and as much as 250 foot thick sections of variably mineralized Tertiary
volcaniclastic and epiclastic rock containing strong argillic to quartz-sericite alteration below unaltered post-mineral latite flow and ash
beds. With much of the surrounding ground covered by this post mineral rock, management believes that the exploration potential is
excellent to expand the area of known mineralization. A deposit model partly based on the Grassy Mountain gold deposit in southeast
Oregon is being developed where 200-300 foot thick sections of low-grade mineralization and hot spring sinter exist above/around a
higher-grade feeder, mostly capped by post-mineral volcanics. At Blue Hill Creek, it is believed that feeders extend into and have
mineralized the carbonate basement rock. A second round of drilling is being planned to test the suspected feeders that cut basement
rocks for higher grade, and to explore the Paleozoic section for the presence of a sediment-hosted system.
Additionally, the company has agreed, subject to regulatory approval, to a private placement consisting of up to 1.5 million units of the
Company at C$0.15 per unit. Each unit consists of one common share and one two year share purchase warrant. Each warrant
entitles the holder to purchase an additional share for C$0.15 in the first year and C$0.1725 in the second year. Proceeds of the
placement will be used in part to fund drilling at the Kilgore Gold Deposit in Idaho as well as corporate working capital. A finders fee
acceptable to the Vancouver Stock Exchange may be payable on a portion of the placement.
The Company has also agreed, subject to regulatory approval, to grant 98,000 incentive stock options to Officers and employees. The
options are exercisable at C$0.25 for two years. Additionally the Company has agreed to re-price 76,000 previously granted incentive
stock options to C$0.25 per share.
Latitude Minerals Corp. is a junior gold exploration Company developing a number of advanced stage precious metals projects in the
western United States. It also holds a 25% interest in the Project 79 property in South Voiseys Bay, Labrador with Donner Minerals
Ltd. (25%) and NDT Ventures Ltd. (50%),
On Behalf of the Board of Directors,
LATITUDE MINERALS CORP.
"Edwin A. Bomford"
Edwin A. Bomford
President
THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION
CONTAINED HEREIN |
