Atna Resources Ltd. Options Energold's San Antonio I Concession
Exploration Program Underway
ATNA RESOURCES LTD. (ATN-T) and ENERGOLD MINING LTD. (EGD-V) announce that they are closing an agreement whereby Atna has the right to earn a 60% interest in Energold's San Antonio I exploration concession in the Dominican Republic.
To earn its interest Atna must spend US$3,000,000 over a four year period and pay Energold $US300,000 in Atna shares. Atna must spend at least US$200,000 on or before October 1, 1999 and pay Energold US$20,000 in Atna shares on final execution of the Option Agreement. Upon vesting the parties will continue exploration, and if warranted, the development of the concession under the terms of a Shareholders Venture Agreement to be finalized by December 31, 1998
An initial program of data compilation, grid preparation, test pitting, soil sampling, detailed mapping and IP surveying is now underway. Drilling will commence on completion of these surveys in January.
The San Antonio I concession is underlain by Maimon Formation quartz-sericite schists, chlorite schists, and tuffaceous sediments - the same sequence with contains the Cerro Maimon VMS deposit of Falconbridge (3.5 million tonnes of 4% copper, 2% zinc, 44 grams of silver 0.5 grams of gold per tonne) as well as several other VMS occurrences. Previous work on the San Antonio I concession identified a 6 kilometre by 600 metre gold, copper, lead, silver and barium anomaly in soils, co-incident IP chargeability and resistivity anomalies, and gold values in float, in the 1 - 5 grams of gold per tonne range.
Previous drilling on the property , consisting of four shallow holes, intercepted a 15.6 metre interval of massive to semi-massive sulphides grading 1.18% copper, 0.53% copper, 0.53% zinc, 9 grams silver and 0.7 grams gold per tonne near a quartz-sericite, sediment contact and 1.4 meter interval grading 0.894% copper, 4.8% zinc, 13.1 grams silver and 0.4 grams gold per tonne in a second hole at the same contact.
Atna, who are recognized for their exploration expertise in volcanogenic massive sulphide (VMS) deposits, are focusing their efforts at the discovery of a VMS deposit with precious metal credits.
For further information contact
ATNA RESOURCES LTD. ENERGOLD MINING LTD.
Peter Delancey, President Walter Sellmer, President
Michael Williams, Corp Dev. Keith Schaefer, Corp Dev
Tel: 604-684-2285 Tel: 604-602-8125
Email: atna@atna.com Email: keith@energold.com
atna.com energold.com
Longyear will get drilled mid-January 1999. Atna is at San Antonio right now laying a grid on the NW corner of the property, where there is a prominent copper anomaly. They will likely trench in January. When the first round of drilling is done at Longyear, the drill will moved straight to San Antonio. Energold owns the drill so there is no time constraints.
EGD should be drilling non stop for 4-6 months on these two properties starting in January 1999. Lots of activity. |
