Here is the most recent press release from Longline;
November 17, 1998
News Release
LONGLINE PROJECT UPDATE
Barramundi Gold Ltd. (“Barramundi”) is pleased to report on the successful completion of its 1998 exploration programs carried out at its Longline Project, located in west-central Yukon. The Longline Project includes high-grade gold in horizontally orientated quartz veins hosted within intrusive rocks, and has a significant placer gold mining history.
Based on field programs (which began in early 1996) and recent geological interpretations, the 90-sq.km-property area comprises at least five primary targets. Each target has been identified by structural interpretation, anomalous geochemistry and/or geophysics (including a detailed aeromagnetic survey). Of the targets identified, only the upper Swamp Creek area has had any degree of systematic testing to date. Exploration work carried out in 1998 in the upper Swamp Creek area included the following;
1. A grid based soil/geochemical sampling program over a 3,000 metre by 1,500 metre area at a grid spacing of 100 metres by 50 metres. Infill geochemical soil sampling was carried out in areas of interest at a spacing of 50 metres by 25 metres. Preliminary interpretation of the data has identified both gold and arsenic geochemical anomalies over large portions of the grid area;
2. Trial induced polarisation (“IP”) and electromagnetic (“EM”) traverses were successfully carried out over the known vein exposures to test their response. The trials also highlighted anomalous areas previously unknown;
3. Four diamond core holes were drilled (totalling approximately 210 metres) and successfully achieved their main purpose which was to intersect and thus confirm the down-dip continuity of vein V2, which is one of five also exposed at surface. The recovered core has been used for both metallurgical testing and waste characterisation studies; and,
4. Exposures were made on other known veins for mapping and to test continuity, and sampled for mineralogy, grade and metallurgical engineering studies.
To date, five vein systems have been discovered in the upper Swamp Creek area, including; V1, V2, V3, CR and SC-1. In excess of 1,000 m of veins have been exposed, principally being V1, V2 and V3. Importantly, these veins have a common orientation (striking north and dipping at 25-30 degrees to the east) and as individual structures they exhibit extraordinary continuity. As previously reported in Barramundi's prospectus dated September 10, 1996 a 2,500 tonne sample of V2 vein material was mined and processed by others - yielding a reported recovered grade of approximately 0.8 oz/tonne. This ‘mini' bulk sample was processed using simple gravity recovery methods at the site.
While the veins discovered and tested thus far represent important near-term production and cash-flow targets in themselves, they remain secondary targets to what management believes is the potential for large scale mineralization on the property. Larger deposits, similar in geological settings to those discovered at Pogo, Fort Knox and others in Alaska, remain the Company's primary target type at the project.
Based on the results of the work to date, Barramundi plans to carry out the following work to advance the Longline Project in 1999;
1. A bulk sampling/mining operation at vein V2 during the 1999 summer field season under the requirements of a Yukon ‘Class B' water license. An application is currently being prepared that would permit the mining and milling of up to 100 tonnes per day at the site. At that rate the operation may be capable of processing up to 20,000 tonnes during 1999. The bulk sampling program is designed to determine the recoverable gold grade in vein V2. The uneven gold grades that are believed to exist in the known veins means that extensive drilling would be required to gain any real confidence as to the average grade of gold in vein V2, and even such extensive drilling may be inconclusive. Based on preliminary metallurgical testing, it is believed that gold recovery from the bulk sample can be achieved through a conventional gravity circuit and recoveries greater than 90% are possible. Further metallurgical testing is ongoing. The Company intends to use the services of contractors for both mining and milling of the bulk sample material;
2. Further IP and EM surveys over the existing upper Swamp Creek grid area, and other target areas will be used to focus on targets prior to drilling;
3. Additional grid based soil geochemical sampling on the other targets will also be carried out; and,
4. Trenching and drill testing of the already identified areas of anomalous gold and arsenic mineralization.
Barramundi is very encouraged with the results of its 1998 and previous field programs, and believes that new interpretations of the geology forming the western Yukon/eastern Alaska - in the area of its Longline Project - will continue to yield impressive gold discoveries.
For more information, please contact:
CANADA - HEAD OFFICE AUSTRALIA
Scott Broughton, P. Eng., Director or Bob Burban. Pres. & CEO
John Haley, FCA, Director Melbourne, Australia
Vancouver, B.C. 011-61-39-606-0233
(604) 681-7136 011-61-39-606-0393 (fax)
(604) 681-7120 (fax)
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN. |
