I just received this update... not being well-versed in this area, can someone explain to me what a decent yield is in Au Grams/tonne?
Hope this is helpful...
Mark
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Canada NewsWire - Pointcast Network Canada RECENT DIAMOND DRILL RESULTS CONFIRM GOLD RESOURCE AT KAHAMA 1:04 EST Friday, January 17, 1997
Canada NewsWire
TORONTO, Jan. 17 /CNW/ - Pangea Goldfields Inc. is pleased to announce very encouraging assay results from the recent diamond drilling carried out by Pangea's joint venture partner, Anglo American Corporation, at Kahama in Tanzania. The boreholes were drilled to confirm the results obtained from earlier RC drilling and to obtain more data on the geology and metallurgical aspects of the mineralisation. Other core, as well as material from 33 RC holes, remain to be assayed. A new resource calculation will be carried out once all assays are completed.
Results from the diamond drill core assayed so far include the following:
HOLE INTERVAL WIDTH ASSAY
No. (metres) (metres) (Au grams/tonne)
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BD7 58-69 11 metres 1.54
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BD6 81-146 66 metres 4.48
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BD5 74-98 24 metres 4.31
includes 5 metres 14.94
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BD3 192-211 19 metres 1.96
includes 8 metres 2.94
244-251 7 metres 2.97
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BD2 109-117 8 metres 3.23
128-160 32 metres 1.41
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BD1 41-61 20 metres 2.04
83-107 24 metres 1.55
includes 10 metres 2.00
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Anglo American has determined that by applying a bottom cut-off of 1 g/t Au and a top cut-off of 20 g/t Au and a 2 metre minimum mining width, intercepts are as follows:
HOLE INTERVAL WIDTH ASSAY
No. (metres) (metres) (Au grams/tonne)
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BD6 85-92 7 metres 5.44
95-124 29 metres 5.94
129-131 2 metres 20.00
133-138 5 metres 2.59
140-146 6 metres 1.78
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BD5 75-86 11 metres 8.00
94-98 4 metres 1.55
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BD3 199-207 8 metres 3.01
244-251 7 metres 2.97
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BD2 109-115 6 metres 4.02
128-130 2 metres 1.65
142-154 12 metres 1.99
158-160 2 metres 2.67
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BD1 53-56 3 metres 2.35
83-97 14 metres 2.35
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The mineralization as outlined to date has a strike length of 900 metres and an average depth of 175 metres. The zone remains open at depth and along strike to the south. A gold resource totalling 650,000 ounces (not including the results above) had previously been announced down to an average depth of 80 metres.
This phase of drilling was undertaken as part of the prefeasibility study underway at Kahama. A second known structure at Kahama, called the Village Reef, remains to be fully tested. During the course of their work, Anglo American have discovered several other gold soil anomalies on adjoining ground which has now been acquired by the Anglo/Pangea joint venture and which will be explored in the future.
Anglo American can earn a 70% interest in the Kahama property by spending US $2 million on exploration, completing a bankable feasibility study and arranging financing for mine construction and development.
Pangea is a well funded gold exploration company with no debt and approximately $24.5 million in cash (fully diluted $31 million). As well, in order to vest their interests, Pangea's joint venture partners will be required to spend approximately $40 million, in aggregate, over the next four years on their respective projects. Pangea has approximately 19.9 million shares outstanding (fully diluted 22.1 million shares).
For further information please contact Pangea at 416-350-3781: Judy Webster, Investor Relations, ext. 230, J.C. Potvin, President & CEO, ext. 227, Claude Britt, V-P Exploration, ext. 225. Pangea's Fax number is 416-350-3782.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
c Canada NewsWire - 1996 |
