Curtis, just out this morning:
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: YAMANA RESOURCES INC.
TSE SYMBOL: YRI
JANUARY 20, 1999
Yamana Reports Northern Porphyry Copper Belt Drilling
Results
SPOKANE, WASHINGTON--Yamana Resources Inc. announces that
reconnaissance drilling on eight of its ten properties in the
Northern Porphyry Copper Belt (NPCB) of Chile failed to find
potentially economic mineralization (see map). However, two other
properties, Inca and Elvira, continue to show exploration promise.
The presence of disseminated sulfide copper in drill holes,
hydrothermal alteration assemblages, and other positive geological
factors, indicate discovery possibilities still exist on these
two.
The reconnaissance program was two and one-half years in the
making. Contractors employed a combination of state-of-the-art
geophysical, geochemical and geological techniques to identify
targets hidden beneath gravel-covered areas on Yamana's
properties. Drilling took four months, involved 37
reverse-circulation drill holes for 9,488 meters, and examined all
of Yamana's properties except Huasco and Ollague, both located in
the north near the huge Collahuasi copper deposit.
Drill results show that the remote sensing targeting techniques
used on Yamana's properties, particularly enzyme leach geochemical
surveys and TEM (transient electromagnetic) and IP (induced
polarization) geophysical surveys, generated a large number of
false anomalies and were ineffective in identifying
mineralization. Yamana now considers that systematic
reconnaissance drilling within favorable geologic settings is
still the best method to find porphyry copper deposits.
Yamana considers it has made worthwhile progress in identifying
mineralization on the Inca and Elvira properties, which will be
the focus of its continued NPCB program. Other drilled properties
will be eliminated, lowering the total claimed area from 60,000
hectares to approximately 32,000 hectares.
At Inca, the land position has been expanded from 10,600 hectares
to over 16,000 hectares covering a gravel plain within a bulls-eye
largely surrounded by claims of Rio Algom, Codelco, Noranda and
other major mining companies. This is a historical mining region
characterized by widespread and diverse mineralization. Inca is
located just south of the Salvador and Potrerillos mines (see map)
and close to the West Fissure Fault System, which controls
emplacement of the giant porphyry copper deposits.
Of the five holes drilled at Inca, three encountered geochemically
anomalous copper and zinc mineralization, together with extensive
hydrothermal alteration, primarily of the argillic phase. Values
up to 4,700 ppm Cu were encountered over 2 meters within longer
sections of 200 to 400 ppm Cu. These holes are located 5 to 8
kilometers apart on opposite edges of an oval-shaped gravel basin.
The mineralization is believed to be related to two major shear
zones that intersect beneath the gravel plain, thus defining a
priority site for a next phase of drilling.
At Elvira, drilling encountered trace amounts of copper within a
zone of disseminated pyrite. The sulfides are associated with a
large magnetic anomaly cross-cutting the West Fissure Fault Zone,
a geologic aberration that warrants further investigation for its
mineral potential.
Yamana intends to continue prudent exploration in the NPCB, where
rewards for persistence can be tremendous.
FORWARD-LOOKING STATEMENTS: This News Release includes certain
"forward-looking statements" within the meaning of Section 21E of
the United States Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, included in
this release, including, without limitation, statements regarding
potential mineralization. Yamana's planned exploration and
drilling program, exploration results, and future plans and
objectives of Yamana, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements. Certain important factors that could cause actual
results to differ materially from Yamana's expectations include
the uncertain reliability of drilling results and other
geophysical or geochemical data and the interpretation thereof,
uncertainties relating to the extent, continuity, grade and nature
of the mineral deposit, the possibility of unanticipated costs and
expenses or cost overruns or inadequacy of cash resources,
political and economic conditions in the world economy or the
conditions in the nations in which the company does business,
metal prices and other factors disclosed under the heading "Risk
Factors" and elsewhere in Yamana's documents filed from time to
time with The Toronto Stock Exchange, the United States Securities
and Exchange Commission and other regulatory authorities.
Forward-looking statements are based on the estimates and opinions
of management on the date the statements are made, and Yamana does
not undertake any obligation to update forward-looking statements
should conditions or management's estimates or opinions change.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Yamana Resources Inc.
Amy Martin
Investor Relations Coordinator
(509) 838-6615
(509) 838-0714 (FAX)
E-mail: amartin@yamana.com
Home Page: yamana.com
There is a map available by contacting the company at the number
above or by accessing CCN's Internet Website at
cdn-news.com. |
