JANUARY 15, 1997
Rio Amarillo Announces First Drill Results From The
Guabisay Property
VANCOUVER, BRITISH COLUMBIA--RIO AMARILLO MINING LTD. "RIO"
announced today the drill results from the first part of the
Diamond Drill Hole GUA-1 drilled in the Gigantones Zone at the
Guabisay gold- silver-copper property in central Ecuador. The
diamond drill hole was drilled to a depth of 103.5 metres at an
inclination of -50 degrees and a bearing of N60W before it was
suspended as part of RIO's expenditures reduction program. The
assays were performed at Bondar Clegg with the gold assays being
Fire Assay-AA. The results include the following intersections:
/T/
Drill From To Interval Gold Silver Copper
Hole (m) (m) (m) (g/Mt) (g/Mt) (percent)
GUA-1 69.0 88.5 19.5 4.75 43.4 0.21
88.5 97.5 9.0 0.43 16.8 0.81
97.5 103.5 6.0 1.83 39.4 0.92
Total 69.0 103.5 34.5 3.12 35.8 0.49
/T/
The sample interval is 1.5 metres (5 ft.) and gold values range
froma low of 0.01 grams to a high of 15.0 grams.
The first hole, GUA-1, was being drilled to intersect a near
vertical linear target, striking N30E, that had been identified at
surface through soil and rock chip sampling. The linear target,
consisting of tourmaline breccia containing visible sulphides,
appears to be approximately 100 metres wide and is open on strike.
The breccia zone mapped at surface was expected to be encountered
at a depth of 110 metres but was penetrated at 69 metres. The
primary target for the first hole has yet to be encountered. RIO
anticipates that drilling at GUA-1 will recommence in early
February.
RIO is a mineral exploration and development company engaged in
locating, evaluating, acquiring, and, contingent upon obtaining
satisfactory exploration program results, developing mineral
properties in South America. The Company aggressively seeks value
added opportunities on its own or with others in areas of its
primary focus.
On Behalf of the Board of Directors of
RIO AMARILLO MINING LTD.
James K. Wright, President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Rio Amarillo Mining Ltd.
James K. Wright
(604) 681-7131
or
Rio Amarillo Mining Ltd.
Luc Lesage
(604) 681-7131
The VSE has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release. |
