New Gold Target Expanded at Kilgore
VANCOUVER, BC, November 12, 1998: Latitude Minerals Corp. (LTU.V) is pleased to announce assay results of the 4,070 foot reverse circulation drilling programme at the Kilgore Gold Deposit in east central Idaho. The Kilgore Gold Deposit is a 700,000 ounce resource of which 417,000 ounces are minable. These new results point toward an expanded drill target that will be further explored during the 1999 drill season. All holes were drilled west of the Bearcat Fault to follow up on a mineralized core hole (96-EKC-178) drilled by Echo Bay Mines in the Autumn, 1996. That hole contained in excess of 100 m of anomalous gold mineralization with grades up to 0.20 ounces per ton in volcanic tuff below a 1 square mile sinter apron that is largely unexplored. Results of Latitude's drill program extend the mineralization found in hole 178 and reveal extensive alteration characteristic of disseminated volcanic-hosted gold systems.
Specifically, of the six holes completed, three contain intercepts of anomalous gold mineralization averaging 100 m thick, with Latitude's hole LKR-190 extending ore-grade intercepts at least 100m to the west of hole 178. Combined, mineralization in the Latitude and Echo Bay holes indicates the presence of a newly emerging disseminated gold target that is open to the west, northwest and south. This developing target represents the most significant discovery of subsurface disseminated gold mineralization found in the district anywhere outside the 700,000 ounce Kilgore Gold Deposit, located 1.2 km to the northeast, as defined by Echo Bay's 1994-1996 exploration drilling programme.
Additionally, results of Latitude's drill programme indicate a predictable stratigraphy of surface sinter to 30 m thick, transitional into a volcanic tuff which is intensely argilically altered with local chalcedony stockwork and quartz vein zones. This tuff hosts the 100 m thick gold-bearing horizon and contains anomalous concentrations of the trace elements As, Sb, and Se. Latitude's drill hole 190 is similar geologically and geochemically to Echo Bay's hole 178 drilled 100 m to the southeast, and contains several, mixed, 5 foot thick, ore-grade intercepts ranging from 0.042 to 0.071 opt Au interspersed within altered rock containing gold ranging from 50 to 800 ppb.
Results of Latitude's drill programme confirm extensions of mineralization discovered in 1996 and demonstrate four important points:
1.) An expanded mineralized exploration area, outside the Kilgore Gold Deposit proper, has been identified.
2.) The 100m thick zone of mineralization represents a substantial zone of boiling over which gold was deposited by hydrothermal fluids in a paleo-hotsprings system.
3.) Subsurface mineralization is extensive west of the fault and completely open to the west, northwest and south.
4.) Because only a small fraction (less than 4%) of the sinter apron has been tested, additional drilling is warranted and necessary to fully explore this new and emerging target.
As a result of the success of this drill programme, the Company intends to conduct a 20 drill hole programme in the Spring of 1999.
The Company can earn a 49% joint venture interest in the property by spending USD$2.0 million on exploration and development as well as USD$1.0 million in property payments over a 5-year period. The Company can gain an additional 49% from Echo Bay by paying USD$1.4 million.
Latitude Minerals Corp. is an aggressive junior gold exploration company based in Vancouver B.C. with field offices in Spokane, WA. The Company is currently developing four advanced -stage gold deposits in the western United States and as well holds a 25% interest in Project 79 in South Voiseys Bay, Labrador in partnership with Donner Minerals Ltd. (25%) and NDT Ventures Ltd. (50%). The current gold resource of the Company is 1.85 million ounces of which 700,000 ounces is minable.
On Behalf of the Board of Directors,
LATITUDE MINERALS CORP.
"John R. Carden"
John R. Carden
President
THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION CONTAINED HEREIN
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