Ollachea drill program commences; Lara column leach study under way
Peruvian Gold Limited PVO
Shares issued 14,227,466 Nov 2 close $0.46
Tue 3 Nov 98 News Release
Mr. Nick DeMare reports
Ollachea
The company has commenced a diamond drill program at the Ollachea gold
prospect, in the Puno Department, southern Peru. The company has the right
to earn a 100 per cent interest in the project. The drill program will
consist of a minimum 500m of HQ core, and holes will be drilled in the
vicinity of, and underneath, previously discovered gold mineralization.
The Ollachea prospect is hosted by pyritic shales and slates interbedded
with quartzites. Gold mineralization is associated with pyrite and minor
chalcopyrite in quartz and is concentrated along structures. Sampling by
the company of underground workings that cut across the mineralized trend,
yielded 6.2 g/t gold over 17.2m, the total length of the adit. Seven
trenches were excavated in the area with best results of 30.5m at 3.6 g/t
gold and 49.5m at 1.2 g/t gold; deep overburden (+2m) did not allow
complete sampling of the mineralized area. The drill program is expected to
take up to one month to complete.
Lara
The company has completed its check analyses program on duplicate samples
from the mineralized intersections of the last drill program (Stockwatch
Sept. 29, 1998). The check analyses showed that the average grade of drill
hole LDD-13 is 24m at 1.30 per cent copper instead of 24m at 1.18 per cent
copper as previously reported. All other check analyses gave good
correlation with the initial results.
Initial bottle-roll tests for copper extraction on diamond drill holes
LDD-13 and LDD-14 yielded reasonable acid consumption and acceptable copper
extraction. A column leach study of the two mineralized intervals in
diamond drill holes LDD-13 (24m at 1.30 per cent copper) and LDD-14 (24m at
1.21 per cent copper) has commenced. The half split diamond drill core
(minus 1/2 inch), used for assay purposes, has been loaded into vertical
columns (1-1/2 metres in height and 20 cm in diameter), and acid leaching
of the mineralization has commenced. This leaching will continue for up to
two months and will give a good indication of the leachability of the Lara
mineralization.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
|
