January 15, 1999 Las Catalinas Road Building and Trench Results Symbol: MAD.V
Form 20F: 0–27760
The Company is pleased to announce that it has completed a road building and preliminary mechanical trenching program on its Las Catalinas project, Sonora State, Mexico. During December, 1998, Miranda was able to expose bedrock while road building on four main target areas of the project: Amethyst, Barda, Chaos, and Jed. The program was successful in helping to determine the geology, structure and mineralization of these target areas, although controls for the mineralization at Chaos and Amethyst are yet to be defined.
The following table is a summary of the trench results:
Area Length (m) Au g/t Ag g/t AuEq g/t* Length (ft) oz AuEq/t*
Amethyst #1 1.0 1.058 12.6 1.3 3 0.037
Amethyst #2 10.0 anomalous anomalous
Amethyst #3 11.2 anomalous anomalous
Amethyst #4 6.0 anomalous anomalous
Barda #1 16.0 0.356 47.0 1.1 52 0.033
Barda #2 3.0 4.702 18.2 5.0 10 0.146
Chaos #1 8.0 0.188 10.7 0.4 26 0.011
Chaos #1 8.0 0.267 8.1 0.4 26 0.012
Chaos #1 2.0 1.420 36.4 2.0 7 0.059
Chaos #2 13.0 0.282 4.5 0.4 43 0.010
Chaos #2 7.0 0.192 9.5 0.3 23 0.010
Jed #1 5.0 1.977 74.9 3.2 16 0.094
Jed #1 14.0 0.306 10.2 0.5 46 0.014
Jed #2 1.4 2.344 39.8 3.0 5 0.088
*Calculated on a basis of 60 Ag : 1 Au
The results to date suggest that Barda, Jed, and Catalinas mineralized zones are part of the same vein system trending north-northwest for over two kilometres. It appears that one or more veins ranging from 1 to 3 metres wide occur within mineralized zones that to date show widths of at least 16 metres. Select rock samples in the Catalinas area have shown values up to 36 g/t gold.
Mineralization at Chaos and Amethyst appear to be in zones of hydrothermal breccias and other shallow intrusive breccias with northwest, possible northeast, and north-trending veins. Both of these zones contain amethystine quartz and more than one stage of silica introduction along or near probable major west-northwest structures close to the southern margin of the main pluton. Though mineralized rock has been encountered in the trenching, nothing of sufficient magnitude has been found that could possibly explain the very large gold soil anomalies in these areas. These targets remain the highest priority because of their size potential.
Miranda plans to continue the mechanical trenching program in the first week of February, 1999. Trenches at Chaos and Amethyst will attempt to locate the source of the gold soil anomalies and define the structural settings. Trenches at Catalinas and Barda are designed to extend the 2 + kilometre zone and attempt to locate wider, higher-grade zones of mineralization.
The Las Catalinas project was located and staked, and is 100% owned, by the Company's subsidiary, Minas Miranda S.A. de C.V.
ON BEHALF OF THE BOARD
"Dennis L. Higgs"
Dennis L. Higgs, B. Comm
President
The Vancouver Stock Exchange neither agrees nor disagrees with the information contained herein.
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