News Release for "CHURCHILL RESOURCES LTD"
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: GREYSTAR RESOURCES LTD.
VSE SYMBOL: GSL
AND CHURCHILL RESOURCES LTD.
VSE SYMBOL: CHK
JANUARY 14, 1997
Greystar Resources/Churchill Resources - Assay Results -
Angostura Project
VANCOUVER, BRITISH COLUMBIA-Greystar Resources Ltd. (GSL-VSE) and Churchill Resources Ltd. (CHK-VSE) are pleased to announce assay results for the final hole of their 1996 program at the Angostura Project in northeast Colombia. Drill holes ES-96-9 returned the following results which include fire assaying and screening for metallics in the higher grade zones.
/T/
ES-96-9 Depth 362.4M - 45 degree inclination
Depth Interval Gold Silver Copper
m m g/t g/t percent
77.0-285.0 208.0 1.30 TR TR
including
198.0-228.0 30.0 5.00 TR TR
275.0-285.0 10.0 5.73 TR TR
/T/
Hole ES-96-9 was located parallel to ES-96-8 about 50 meters east. The hole contained anomalous gold for its entire length. It should be noted that ES-96-9 had a bearing towards previously drilled AL-96- 3 but its collar elevation is about 200 meters lower. The geology of hole ES-96-9 consists of altered quartz-feldspar porphyry silicified and pyritized. Gold values are higher in the intensely silicified and pyritized sections of the hole. One interpretation of the geology suggests that ES-96-9 and AL-96-3 may be drilling the same slightly domed structures.
As expected, the fire assays and metallic screens of the high grade in AL-96-3 did increase the gold content of this hole significantly. The comparisons between the previously released geochemical results (see news release dated January 2, 1997) and the fire assay results are as follows.
/T/
AL-96-3 Depth 284.4M Inclination - 55 degrees
Geochemical Fire Assay
Depth Interval Gold Gold Difference
m m g/t g/t percent
58.4-61.2 2.8 1.82 1.66 minus 8.8
89.0-93.0 4.0 1.30 1.25 minus 3.8
126.0-283.0 157.0 1.24 1.40 plus 12.9
including
132.0-132.5 0.5 20.0 37.90 plus 89.5
147.0-168.0 21.0 2.5 3.44 plus 37.6
159.6-160.6 1.0 20.0 43.42 plus 117.1
254.0-255.0 1.0 10.2 10.94 plus 7.3
269.0-270.0 1.0 10.3 10.67 plus 3.6
282.0-283.0 1.0 12.4 11.90 minus 16.9
/T/
ES-96-9 is the last of the 1996 holes drilled at Angostura. The 1995-96 scout drilling program completed 51 holes for a total 9168 meters of drilling. Greystar's Vice President of Exploration, Mr. A.G. Spat, P. Eng., has stated in his year-end report, "To date the scout drilling programs have indicated at Angostura a potential resource of at least one hundred million tonnes grading in the range of one to two grams of gold per tonne."
The proposed 1997 drilling program to be carried out with two diamond drills will include deep drilling and further exploration at La Alta, El Silencio, the eastern part of Road to El Silencio and the Los Laches western extension. The estimated cost, including underground work consisting of adits and drilling stations, will be about three million dollars U.S. Drilling with the first drill will recommence on January 20,1997.
The Angostura Project consists of about 1750 hectares in northeast Colombia near the city of Bucaramanga. It is owned by Greystar Resources Ltd. with current work being funded by Churchill Resources Ltd., under an agreement whereby Churchill can earn 50 percent of the project by funding US$2,000,000 in exploration between April 1996 and April 1997 and issuing 1,000,000 of its common shares to Greystar.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Greystar Resources Ltd.
David Rovig
(406) 245-9520
or
Greystar Resources Ltd.
Tony Spat
(604) 689-1428
or
Churchill Resources Ltd.
Tanya Gunther
(604) 683-6556
The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein.
INDUSTRY: PCS
SUBJECT: DRM
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