In related news ...
(in case some of you didn't know, Minera Andes is working on a prospect in the same general vicinity of Argentina as Yamana)
Neil.
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News posted on Info-Mine at info-mine.com
Trading Symbol: MAI - ASE
September 23,1998
EXPLORATION ACTIVITY UNDERWAY; PRECIOUS METALS PROPERTY TO BE DRILLED
Spokane, WA-September 22, 1998-A reconnaissance drilling program by Minera Andes is scheduled to begin in October to test targets on three mineralized zones at the Arroyo Verde silver/gold discovery property in southern Argentina. The drilling at Arroyo Verde is part of a larger drilling and exploration program planned by Minera Andes for its properties in the 1998-99 field season.
The 1,000-meter, reverse-circulation drilling program follows the end of a mild winter and coincides with pleasant spring weather opening the 1998-99 Argentina field season. Mild weather has also allowed other exploration programs to start early. In addition, several major companies are evaluating Minera Andes' prospects for joint venture opportunities, and good weather is allowing early site visits.
Arroyo Verde
A program of geochemical sampling, high-resolution geophysics and surface exploration has been completed over a 1 km square area at the Arroyo Verde joint venture silver/gold discovery property. Of special interest are extensions of known targets, and new targets that will be tested in October as part of the 1,000-meter reconnaissance drilling program.
The Arroyo Verde prospect contains a 2-million-tonne inferred resource discovered by Pegasus Gold International, Inc. during a 25-hole, 2,500-meter drilling program. Pegasus located two near-surface zones of silver/gold mineralization, naming them the Principal Vein and Northwest Stockwork. Both generally trend east to west, and have revealed grades of up to 1 g/t gold and 25 g/t silver. A southern mineralized zone, thought to exist under colluvium, is also targeted for drilling by Minera Andes. Pegasus hole RCH-13, drilled about 200 meters south of the Principal Vein, intersected five meters grading 1.9 g/t gold and 17 g/t silver.
Minera Andes operates Arroyo Verde as a joint venture with Pegasus and is earning an 80 percent interest in Arroyo Verde by spending US$1.3 million over three years, including $200,000 in field work in this first year.
Agua Blanca-Joint Venture Tour
Several untested targets at the Agua Blanca gold/copper porphyry prospect in San Juan Province continue to attract attention from potential joint venture partners, including major mining companies.
Previous work, including a 12-hole reconnaissance drilling program on the 39,426-hectare property, showed the area to be widely mineralized in gold and copper, in both potassically altered rock and in zones of phyllic alteration. One hole intersected 146 meters of 0.5 g/t gold, and 0.19 percent copper. These types of alteration have been mapped as scattered occurrences over an area exceeding ten square kilometers, and extend into an adjacent drainage. The drilling program revealed several interesting geologic targets which merit drilling.
Mild weather at Agua Blanca, located 3,300 to 5,300 meters above sea level, is allowing field teams from potential joint venture partners to tour the prospect. Concurrently, Minera Andes is planning its own 1,000- meter, reconnaissance drilling program for Agua Blanca.
El Pluma/Cerro Saavedra-Joint Venture Tours
The El Pluma/Cerro Saavedra silver/gold discovery property and its numerous geologic targets in the West Deseado Silver/Gold Belt continues to exhibit good potential for additional mineralization. Discovery holes have also been drilled by other companies on their own land packages, one of which is contiguous with Minera Andes' holdings. This potential has attracted the interest of possible joint venture partners, and tours of this low-elevation property are underway now.
To date, Minera Andes has drilled six high-grade holes on the property, all intersecting bonanza grade silver/gold mineralization. Surface exploration and drilling by Minera Andes has also revealed good potential for disseminated precious metal mineralization. In addition to a number of existing targets, new targets are also being developed. So far, only about 20 percent of this 25,500-hectare property has been explored to any degree. An advanced exploration program would be aimed at evaluating the other 80 percent of the land.
A new program of surface exploration is already underway. A base camp has been established, and detailed mapping, induced polarization geophysics, trenching and geochemical sampling are planned. Detailed exploration will focus on the Saavedra West, El Pluma, La Sorpresa and Saavedra Central areas in order to define additional drill targets. In addition, a program of reconnaissance exploration will develop targets in the ten other "windows", where altered Jurassic volcanic rocks are known to occur beneath the thin (less than ten meters) basalt and alluvium cover.
Minera Andes is a mining exploration corporation that controls approximately 25 properties on about 530,000 acres of mineral exploration land in Argentina. Most of the properties are located in the Andean cordillera and primarily contain copper, gold and silver mineralization targets. The Corporation is presently pursuing further development of several precious metal discoveries. Selected opportunities in other countries are also under review.
For further information please contact
Mineral Andes Incorporated
Arthur C. Johnson, Director of Investor and Public Relations,
or Allen V. Ambrose, President, at (509) 921-7322,
or Kris Kottmeier, Investor Relations at (604) 689-7017
or
e-mail address minandes@thefuture.net
Visit our web site: www.minandes.com
Spokane Office
3303 N. Sullivan Road
Spokane, WA 99216
USA
Vancouver Office:
1210-675 W. Hastings St.
Vancouver, BC V6B 1N2
Canada
Although Minera Andes believes many of its properties have promising potential, its properties are in the early stages of exploration.
None have yet been shown to contain proven or probable mineral reserves. There can be no assurance that such reserves will be
identified on any property or that, if identified, any mineralization may be economically extracted.
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN. |
