Sunday January 24, 8:45 pm Eastern Time
Company Press Release
Argentina Gold Partial Results Received From First
Diamond Hole Show Substantial Increase In Gold Grades
VANCOUVER, BRITISH COLUMBIA--
DDA1 RETURNS (PARTIAL): 31 M OF 42.25 G/T GOLD AND 42.61 G/T SILVER (INCL: 19 METRES OF 61.91 G/T
GOLD AND 50.15 G/T SILVER) STILL DRILLING - FURTHER RESULTS PENDING
RC HOLE 103 IN SOUTHEAST AMABLE RETURNS (PARTIAL) 119 M OF 3.97 G/T GOLD AND 27.6 G/T SILVER
(INCL. 81 M OF 4.85 G/T GOLD AND 29.2 G/T SILVER AND 43 M OF 6.87 G/T GOLD AND 33 G/T SILVER)
Argentina Gold Corp. (the ''Company'') is pleased to announce the first assay results in for Diamond Hole DDA1. Results are
available down to 100 metres. Also announced are partial results for Hole 103 drilled at the southeastern extension of the
Amable target. A conference call will be held with Mr. Patricio Jones, President, Mr. Lukas Lundin, Director and Mr. Ricardo
Martinez, Exploration Manager. The date, time and numbers to call are listed below.
FIRST DIAMOND HOLE INDICATES SIGNIFICANT INCREASE IN GOLD GRADES AT AMABLE TARGET
DDA1 is the first diamond (core) hole drilled at the Veladero project and has returned partial results to date of 31 metres (from
69 to 100 metres) of 42.25 grams per tonne gold and 42.61 grams per tonne silver, including a 19 metre interval of 61.91 gra
ms per tonne gold and 50.15 grams per tonne silver.
These exceptional results confirm the existence of extremely high grade gold zones within the Amable target.
The hole is being drilled from the same platform as Hole 90 along the eastern flank of the Amable target with an angle of 55
degrees and an azimuth of 270 degrees (drilled in a westerly direction). The objective of this hole is to test the high-grade se
ction intercepted by Holes 90, 80 and 85 which were drilled using a reverse circulation (RC) rig. Please see attached maps.
(xx)
As was anticipated, given the nature of the free gold observed in chip cuttings (crushed rocks that usually measure 1/10 to 1/2
of an inch in diameter), the diamond core sample results (each 1 metre interval) reflect a higher gold grade apparently due to
the better conservation of all finer materials, especially those oxide-rich crusts that rim the open fractures in the hydrothermal
breccias of Amable. The intensity of the silicification produces a highly brittle rock that is strongly crushed by the re
verse circulation drilling (using tricone bits) and the intensity of the air pressure pushes the finer particles into the open spaces
within the hole.
Details of the partial results available on Hole DDA1 are in the following table.
Current Gold
Hole Depth Interval From To Gold Silver Equiv.
(m) (m) (m) (m) (g/t) (g/t) (g/t)(x)
DDA1
(partial results)
234 31 69 100 42.25 42.61 43.10
including 19 81 100 61.91 50.15 62.91
Hole Azimuth Angle Coordinates
DDA1
(partial results)
270 -55 2407695 E
6750442 N
Elev: 4352
(x) 50 g/t Ag = 1 g/t Au
All results, as with every hole drilled at Veladero, will be subjected to re-checking and verification.
At the reported depth of Hole DDA1, the results closely correlate with the 34 metre section of Hole 80 (from 76 metres to 110
metres) which averaged 10.2 grams per tonne gold. The comparison between these two sections indicate a significant increase
in the grades previously reported and further diamond drilling may result in a substantial increase of the reported high grade
resources at the Amable target.
Further results from Hole DDA1, anticipated within the week, will allow a more comprehensive correlation of the long
mineralized intervals reported for Holes 80 and 90.
RC HOLE 103 INDICATES CONTINUITY OF HIGH-GRADE MINERALIZATION AT SOUTHEAST AMABLE
Partial results available on Hole 103, collared 50 metres east of Hole 96, show continued high-grade mineralization at the
southeast zone of the Amable target.
The interval currently reported for Hole 103 is 119 metres of 3.97 grams per tonne gold and 27.6 grams per tonne silver,
including 81 metres of 4.85 grams per tonne gold and 29.2 grams per tonne silver, and including 43 metres of 6.87 grams per
tonne gol d and 33 grams per tonne silver.
Details of the partial results for Hole 103 are in the following table:
Total Gold
Hole Depth Interval From To Gold Silver Equiv.
(m) (m) (m) (m) (g/t) (g/t) (g/t)(x)
103
(partial results)
350 119 146 265 3.97 27.60 4.52
including 81 184 265 4.85 29.20 5.43
including 43 184 227 6.87 33.00 7.53
Hole Azimuth Angle Coordinates
103
(partial results)
270 -75 2407744 E
6750391 N
Elev: 4330
(x) 50 g/t silver = 1 g/t silver
Drilling continues along the eastern extension of the Amable target.
Hole 105, collared 50 metres east of Hole 90, is complete with assays pending.
Hole 106, collared 60 metres SSE of Hole 103, is also complete with assays pending.
Hole 106, collared 10 metres east of Hole 80, drilling vertical, is testing potential deep continuity of high grade zones.
DRILLING CONTINUES AT WESTERN EXTENSION OF HIGH-GRADE ZONE OF FILO FEDERICO
Reverse circulation drilling is underway at western Filo Federico to continue testing for expansion of the possible starter pit
zone of the Filo Federico resource. A high grade (above 3 g/t gold) sector has been defined at western Filo Federico and exte
nsion of this sector westward towards the 400,000 ounce gold resource at the NW target will be tested in several holes
planned for this area.
Hole 104, collared 50 metres southwest of Hole 98, is complete with assays pending.
Hole 107, collared 50 metres southwest of Hole 104, is complete with assays pending.
Hole 109, collared 50 metres SSW of Hole 72, is underway.
Given the exceptional results received to date from Hole DDA1 at the Amable target, a second diamond drill rig will be brought
up to the Filo Federico target.
CONFERENCE CALL
We invite you to participate in a conference call on Tuesday, January 26th which will provide further information on the drill
results from our first diamond hole, DDA1, and the significance of these results to the Veladero project.
Date: Tuesday, January 26, 1999
Time: 2:00 p.m. eastern (Toronto time).
Please call one of the following numbers 5 to 10 minutes before the start of the call:
1-800-997-8505 (toll free within North America)
or 416-620-3751
Following the presentation, the lines will be opened for your questions. Please see attached maps for reference during the call.
A taped replay of the call will be available. Please call 1-800-558-5253 (toll free within North America) and enter the
password: 1613387 or 416-626-4150 (no password needed).
A summary of all drill results to date for the 1998/1999 season is in the attached table. (xx)
Please visit our website for maps and detailed information on the Veladero project. The website address is
www.argentinagold.com
Argentina Gold is the operator of the Veladero project holding a 60 percent interest. The Company's partner, Barrick Gold
Corp., holds the remaining 40 percent. The drill samples are being assayed by CIMM Labs of Chile using top quality control
systems
and interlab check assays.
ON BEHALF OF THE BOARD
J. Patricio Jones, President
(xx) Note: Location maps and summary drilling tables are available from the company at the telephone number listed in the
contact information.
Contact:
Argentina Gold Corp.
Sophia Shane
Corporate Development
(604) 689-7842
www.argentinagold.com |
