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News out on ARP. Not following it closely. Is this good?
Partial results from hole 84; private placement closed
Argentina Gold Corp ARP
Shares issued 33,113,389 Oct 28 close $2.40
Thu 29 Oct 98 News Release
Mr. J. Patricio Jones reports
Partial results have been received for hole 84 drilled on the Amable target
at the Veladero project in San Juan, Argentina.
Results down to 209 metres have been received for hole 84 which was drilled
to a total depth of 324 metres. Hole 84 has so far returned 111m of 2.783
g/t gold and 23.12 g/t silver including a 49m interval of 3.897 g/t gold
and 21.31 g/t silver. The interval reported ends in gold grades of 5 to 6
g/t. Hole 84 was drilled 100m south of hole 80 which returned 212m of 3.67
g/t gold and 47.71 g/t silver. Details are in the following table:
DEPTH INTERVAL FROM-TO AU AG AU EQ
(m) (m) (m) g/t g/t g/t
Hole 84
324 111 98-209 2.783 23.12 3.25
Incl. 49 160-209 3.897 21.31 4.32
Previously reported holes
Hole 82
318 91 99-190 1.488 35.75 2.20
Incl. 33 99-132 2.14 23.80 2.62
Hole 80
300 212 43-255 3.67 47.71 4.62
Incl. 144 43-187 5.08 59.36 6.27
Incl. 51 43- 94 3.455 31.39 4.08
23 94-117 13.94 92.78 15.80
70 117-187 3.35 68.75 4.73
68 187-255 0.696 23.05 1.16
Hole 79
312 121 68-189 1.421 56.61 2.55
and 19 241-260 0.72 35.63 1.43
and 7 289-296 0.82 13.71 1.09
Hole 76
340 193 37-230 1.49 55.09 2.59
324 111 98-209 2.783 23.12 3.25
The holes drilled to dale at the Amable target indicate a NNE strike in
excess of 300m with a width along the section of holes 76 and 82 of 200m.
Drilling is continuing to the south and west.
Hole 83 returned gold anomalies in fractured silicified zones up to 4.39
g/t gold and 200 g/t silver at a depth from 200m to the end of the hole,
but intervals were thin and discontinuous. Hole 83 was drilled 200m north
and 150m west of hole 76.
Approximately 6,000m of drilling is scheduled at the Amable target. The
Amable target is 2.5 kilometres to the southeast of the Filo Federico and
NW targets from which the company recently received an independent resource
estimate of 2.4 million ounces of gold and 75 million ounces of silver.
Argentina Gold is the operator of the Veladero project holding a 60 per
cent interest. The company's partner, Barrick Gold Corp., holds the
remaining 40 per cent.
Mr. Jones also reports
The private placement of 2,550,000 shares in the capital stock of the
company with Newmont Mining, previously announced in Stockwatch Oct. 21,
1998, has closed for gross proceeds of $5-million (Canadian). The company
has received regulatory acceptance of the placement and the shares have now
been issued to Newmont.
The proceeds from the private placement will provide Argentina Gold with
working capital to finance the drilling program currently being carried out
at the Veladero property in San Juan province, Argentina.
Argentina Gold is the operator of the Veladero project holding a 60 per
cent interest. Barrick Gold holds the remaining 40 per cent.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
