Glad to see there is someone else besides me following this stock. For those
who might have missed it ... here is yesterdays news release as well.
Preliminary drill results from Pine zone
Stealth Mining Corp SAL
Shares issued 11,300,000 Oct 6 close $0.18
Wed 7 Oct 98 News Release
Mr. Bradley Jones reports
Stealth Mining has released preliminary results of its 1998 exploration
program in the Pine zone of its core property in Northern British Columbia
in the southern part of the Toodoggone gold district.
The 1998 drill program has continued to intersect excellent gold copper
values. Selected core and sludge assay results are as follows:
Length Width Copper Gold
(m) (m) (%) (g/t)
HOLE NO. 1998-3
Core:
20.43 - 21.34 0.91 0.072 1.34
Sludge:
18.5 - 22.55 3.05 0.05 4.57
HOLE NO. 1998-4
Core:
36.2 - 65.85 29.65 0.012 0.22
Sludge:
37.18 - 67.65 30.47 0.024 0.65
Core:
74.9 - 92.07 17.17 0.013 0.12
Sludge:
73.75 - 92.03 18.28 0.31 0.77
Core:
98.78 - 119.21 20.43 0.042 0.20
Sludge:
98.74 - 119.46 20.72 0.045 0.62
Core:
125.61 - 134.45 8.84 0.08 0.27
Sludge:
125.56 - 134.7 9.14 0.086 0.73
The focus of most of the drilling to date has been the northwest side of
the Pine zone in the broken zone. The broken zone, in this section of the
porphyry gold deposit, covers an area of approximately 2.5 to 3 kilometres
in length and 800 metres to 1 kilometre in width. The gypsum and anhydrite
that cement fractures in the rock have weathered away, resulting in
uncemented broken material in the upper level of the deposit. The zone
extends to a depth of 120 metres below which the fractures remain cemented.
Drillcore recovery problems in this broken zone led to sludge sampling for
the top 50 to 100 metres of the deposit. Core recoveries in the broken zone
ranged from 10 per cent to 70 per cent while those in the cemented zone
have been near or at 100 per cent. In some cases, the sludge assay results
showed gold grades three to four times higher than assay results obtained
from core samples of the same holes. Given the core recoveries and the
higher sludge assays, Stealth believes that the actual gold and copper
grades in the broken zone are higher than those obtained from core samples.
The economic viability of the deposit is also enhanced due to the lower
cost of extraction within the initial 120 metres.
A SUMMARY OF PINE ZONE CORE AND SLUDGE DRILL RESULTS
The Pine property consists of 686 claim units covering an area of 155
square kilometres including the Mex claim, 12 claim units within the
recently acquired Paula claims. The Pine zone is within the Pine property,
22 and 18 kilometres north of the Kemess South and Kemess North deposits
respectively. Two other attractive zones have been identified, the Tree
zone, a copper-gold porphyry deposit, and the Fin zone, a copper-molybdenum
porphyry deposit. Exploration and drilling work to date has focused mainly
on the Pine, Tree and Fin zones. Almost $3.75-million has been spent on
exploration of the Pine property including in excess of $1,000,000 by
Stealth.
This is the first time that an area as large as this, including the Pine,
Tree and Fin zones, has been held by a single company. Less than 5 per cent
has been drilled to date, and assay results to date indicate the potential
of this property to be one of the largest gold-copper porphyry deposits in
North America.
Drilling prior to 1997 identified a large gold rich porphyry system, the
Pine zone, and defined an initial geological resource of 40 million tonnes
grading 0.57 grams of gold per tonne and 0.15 per cent copper (132 million
pounds of copper). An additional 30 million tonnes of resource grading 0.84
grams of gold per tonne (810,000 ounces of gold) and 0.18 per cent copper
(119 million pounds of copper) was subsequently identified. Stealth then
increased the total resource of the Pine zone to approximately 70 million
tonnes, with an estimated grade of 0.69 grams of gold per tonne and 0.18
per cent copper, based on results from the 1997 drill program.
In January 1998, based on an independent geological report issued by
Standard Metals Exploration, the overall Pine-Tree potential resource was
increased to 200 million tonnes with an average grade between 0.25 to 0.70
grams of gold per tonne and 0.12 per cent to 0.30 per cent copper (530
million pounds to 1.3 billion pounds of copper). Stealth believes that the
Pine zone has the potential to host a multimillion ounce deposit based on
assay results to date.
Drilling on the property is continuing and further assay results will be
released as soon as they are available. |
