FOR FURTHER INFORMATION PLEASE CONTACT:
Argentina Gold Corp.
Sophia Shane
Corporate Development
(604) 689-7842
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ARGENTINA GOLD CORP.
VSE SYMBOL: ARP
NOVEMBER 23, 1998
Argentina Gold: Hole 90: 255 Metres of 6.2 g/t Gold and
24.5 g/t Silver, Including 147 Metres of 10.3 g/t Gold
and 35.6 g/t Silver
VANCOUVER, BRITISH COLUMBIA--Argentina Gold Corp. (the
"Company") is pleased to announce the results of Holes 86, 87, 88,
89 and 90 drilled on the Amable target at the Veladero project in
San Juan, Argentina.
Hole 90 returned exceptional results of 255 metres of 6.15 g/t
gold and 24.5 g/t silver from near surface (62 metres) including a
147 metre section of 10.25 g/t gold and 35.6 g/t silver.
Considered one of the best holes ever drilled in Argentina, Hole
90 was drilled 50 metres east of the main resistivity zone at the
Amable target. The west-east section containing Holes 85, 80 and
90 supports a strong probability of increasing the mineralized
interval from west to east and, more importantly, the high-grade
gold sections (83 metres of 3.07 g/t Au in Hole 85; then 144
metres of 5.08 g/t Au in Hole 80; and finally, 147 metres of 10.25
g/t Au in Hole 90). Details are in the following table. Please
see attached maps.
/T/
Total Gold
Hole Depth Interval From To Gold Silver Equiv.
(m) (m) (m) (m) (g/t) (g/t) (g/t)(x)
90 360 255 62 317 6.15 24.50 6.64
including 147 74 221 10.25 35.60 10.96
89 350 193 139 332 1.20 33.32 1.87
including 81 141 222 1.88 53.50 2.95
126 67 193 1.12 57.80 2.28
88 330 78 76 154 1.18 30.96 1.80
and 32 232 264 0.94 5.16 1.04
87 310 14 148 162 0.83 30.10 1.43
86 348 59 134 193 0.83 69.50 2.22
and 33 193 226 0.24 39.20 1.02
Hole Azimuth Angle Coordinates
90 270 -70 E-W: 2407714
N-S: 6750445
Elev. 4340
89 300 -75 E-W: 2407576.3
N-S: 6750402
Elev. 4405.8
88 240 -75 E-W: 2407576.3
N-S: 6750400
Elev. 4405.8
87 270 -75 E-W: 2407575
N-S: 6750294.9
Elev. 4408.7
86 330 -70 E-W: 2407544.3
N-S: 6750605.8
Elev: 4439.2
Previously Reported Holes ...
Total Gold
Hole Depth Interval From To Gold Silver Equiv.
(m) (m) (m) (m) (g/t) (g/t) (g/t)(x)
85 378 220 51 271 1.70 69.81 3.10
including 155 87 242 2.15 80.29 3.76
including 83 93 176 3.07 110.40 5.28
and 107 271 378 0.15 1.00 0.25
4.95
84 324 126 98 224 2.66 22.77 3.12
including 64 160 224 3.40 21.05 3.82
100 224 324 0.43 8.86 0.61
82 318 91 99 190 1.488 35.75 2.20
including 33 99 132 2.14 23.80 2.62
128 190 318 0.50 9.15 0.68
80 300 212 43 255 3.67 47.71 4.62
including 144 43 187 5.08 59.36 6.27
including 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
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
76 340 193 37 230 1.49 55.09 2.592
Hole Azimuth Angle Coordinates
85 270 -80 E-W: 2407614.1
N-S: 6750506.5
Elev. 4394.8
84 265 -75 E-W: 2407637.7
N-S: 6750388.3
Elev. 4375.8
82 270 -80 E-W: 2407544.8
N-S: 6750601.8
Elev. 4439.2
80 265 -75 E-W: 2407671.4
N-S: 6750502.6
Elev. 4364.1
79 270 75 E-W: 2407742.4
N-S: 6750709.3
Elev. 4367.7
76 270 -75 E-W: 2407691.7
N-S: 6750593.1
Elev. 4366.6
(x)1 g/t Au = 50 g/t Ag
/T/
Hole 86 through 90 confirm the north-south length of the Amable
target, the continuity of the mineralization into the west side of
the target and indicate encouraging possibilities of an eastern
extension.
Adding further to the interpreted mineralization model, these new
results suggest that gold/silver mineralization has high-grade
potential into the quartz-alunite zones that rim the intense
silicification anomalies. In this way, several lower resistivity
zones bordering the CSAMT main resistors could be mineralized,
even at higher grades compared to the central silica zones. This
pattern is correlative with the Veladero North diatreme-dome
complex and further drilling will continue to test the extension
of the mineralized model.
Hole 91 is underway and is currently at a depth 340 metres. It is
being drilled in the eastern sector of the Filo Federico target to
test for possible expansion of the mineralized resource (2 million
ounces gold, 70 million ounces silver) in this area. Hole 92 will
be located back at the Amable target to further test the eastern
extent of the target.
The Company has drilled to date (excluding Hole 91) 3,991 metres
of reverse circulation drilling at the Amable target. A planned
2,000 metre diamond drilling program is expected to commence in
December.
The Amable target is located 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.
Please visit our website for maps and detailed information on the
Veladero targets. The website address is argentinagold.com
Argentina Gold is the operator of the Veladero project holding a
60 percent interest. The Company's partner, Barrick Gold Corp.,
holds the remaining 40 percent. The samples are being assayed by
CIMM Labs of Chile using top quality control systems and interlab
check assays.
ON BEHALF OF THE BOARD
J. Patricio Jones, President
NOTE: Location maps available from the Company at the phone number
listed below.
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