More Lejano results:
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.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: YAMANA RESOURCES INC.
TSE SYMBOL: YRI
FEBRUARY 2, 1999
Yamana Identifies Silver Resource at Lejano
SPOKANE, WASHINGTON--Yamana Resources Inc. announces it has
calculated ((x)see below) a preliminary inferred resource estimate
of 14.4 million ounces of silver equivalent in the western sector
of South Ridge (see Drill Hole Location Map), on its wholly owned
Lejano property in Santa Cruz, Argentina. These results will be
subject to an independent audit.
The estimate utilized data from 23 drill holes that penetrated the
mineralized zone under South Ridge (see Yamana releases Feb. 18,
1998, May 27, 1998, and attached assay table). This structurally
controlled mineralization is roughly tabular, pinches and swells
in all directions, and contains polymetallic, silver-rich,
oxidized (gossans) and fresh sulfides. Its dip fluctuates 30 to
50 degrees northeast (see maps SR-1 and SR-2; for SR-3 and SR-4,
see Yamana website), and it has an established strike-length of
500 meters and a known dip length of about 140 meters.
This mineralized structure averages 6.1 meters thick and contains
a higher-grade core averaging 2.6 meters thick. The thicker zone
averages 331 g/t Ag and 0.98 g/t Au with 4.1 percent Pb and 1.6
percent Zn. Its core zone averages 546 g/t Ag, 1.89 g/t Au with
5.9 percent Pb and 2.2 percent Zn.
Using a specific gravity of 2.7, the main mineralized body
outlined by this drilling is 1.15 million tonnes, with about 0.49
million tonnes in its higher-grade core. Based on a Au:Ag ratio
of 1:60 - giving no credit for base-metal content - the thicker
zone averages 390 g/t equivalent silver (g/t Ag-eq.), and the
core zone averages 659 g/t Ag- eq. This equates to an identified
resource of 14.4 million ounces Ag- eq., including 10.4 million
ounces Ag-eq. in the core zone. This resource is contained within
a mixture of massive sulfides and their oxide products (gossans).
Richard Walters, Yamana's President and COO, cautions, "The
amenability to treatment of this material and the potential
amount of commercially recoverable silver are yet to be
determined."
Lejano is 150 kilometers north of Yamana's Bacon property where
the Company has recently announced an initial estimated
7-million-ounce inferred silver resource (see Yamana release Jan.
25, 1999). In three campaigns during 1998, Yamana drilled a total
of 114 diamond drill (DDH) and reverse circulation (RC) holes at
Lejano (7,304 meters), 60 of which were prospecting RC holes that
penetrated to depths of less than 35 meters. The latest campaign
ended in late 1998, with 33 holes completed (see Yamana release
Dec. 10, 1998). This program focused on deeper drilling at South
Ridge, and was aimed at confirming previous high-grade
intercepts, as well as defining the limits, tenor and continuity
of the mineralization, both along strike and downdip.
Although successful in the western sector of South Ridge, drilling
in the eastern sector found the mineralization to be generally
thin and discontinuous. However, the density of drilling in this
eastern sector is insufficient to determine whether the
high-grade mineralization extends in this direction.
Notes Walters, "Drilling on the western sector shows considerable
strike and downdip continuity of the mineralized structure, and
now we see that the central part of this body remains open
downdip beyond 170 meters."
Outcrops of silver mineralization on Lejano occur at numerous
sites spread over a 4-square-kilometer area (see Yamana release
May 27, 1998). Most of these sites are associated with
con-centric, inward-dipping, ring-fracture zones encircling
rhyolite domes. This series of fissures is generally brecciated
and variously cemented with silica and/or base- metal sulfides
forming discrete lodes.
South Ridge represents a short segment of a semi-circular,
outer-ring- fracture zone around a rhyolite dome that is centered
on North Ridge (see Drill Hole Location Map). All of the drilling
on North Ridge has been on an inner-ring-fracture zone.
Previous reconnaissance drilling on North Ridge provided an
initial shallow test of this inner-ring-fracture zone,
encountering strong silver mineralization in the three areas
drilled. This mineralization is of a distinctly different
character from that of South Ridge, being a quartz stockwork, low
in sulfides, primarily pyrite, in contrast to South Ridge's
massive sulfide-cemented breccias, which are very high in lead
and zinc.
The latest drilling, which included the first deep penetrations of
North Ridge, focused on one of the previous reconnaissance
drilling sites where RC 26 intersected 2 meters of 584 g/t
Ag-eq., within a broader zone of 8 meters of 166 g/t Ag-eq.
Follow-up holes RC 108, RC 109 and DDH 113 confirmed that the
mineralized structure goes to depth (see cross section NR-1 and
assay table), intersecting a series of associated deep-running
mineralized structures of quartz stockworks. Significant
mineralization was intercepted 175 meters below surface in RC 109,
which ended in 2 meters of 56 g/t Ag-eq. This mineralized quartz
stockwork system is more than 120 meters wide, and is very low in
base- metal values. It has potential to host a large-tonnage
deposit of disseminated silver, containing high-grade shoots such
as intersected by RC 108 (4 meters of 961 g/t Ag-eq.).
RC 95 was drilled to test the second North Ridge target 300 meters
south of the RC 26 site, on the other side of the rhyolite dome.
Yamana believes this is a continuation of the same ring-fracture
zone tested by RC 26. RC 95 intersected 40 meters of 93 g/t
Ag-eq., including 16 meters of 156 g/t Ag-eq. (see assay table).
Again, this is a quartz stockwork system, very low in total
sulfides, with negligible base-metal values. Yamana believes this
structure continues arcing 400 meters westward to where
reconnaissance RC 22 intersected 4 meters of 720 g/t Ag-eq.
Says Yamana's Senior Geologist for the project, Matt Hughes, "In
anybody's book, these are two enticing exploration targets and I
feel that North Ridge currently offers the best possibility to
expand our resource base."
In addition to South Ridge and North Ridge, Yamana has three more
targets at Lejano warranting follow-up drilling. Some of the
better drill results are:
East Ridge:
- RC 44: 18 meters of 102 g/t Ag, including 2 meters of 1.05 g/t
Au with 653 g/t Ag (716 g/t Ag-eq.);
- RC 47: 14 meters of 102 g/t Ag, including 4 meters with 267 g/t
Ag.
Broken Saddle:
- RC 38: 4 meters 1.94 g/t Au with 152 g/t Ag (268 g/t Ag-eq.);
- RC 39: 4 meters with 121 g/t Ag.
Red Slope:
- RC 58: 8 meters of 4.92 g/t Au with 24 g/t Ag, including 2
meters of 12.40 g/t Au with 46 g/t Ag.
Walters summarizes, "We continue to be pleased with our prospects
at Lejano. We have a great deal of work ahead of us before we can
fully understand the complex geology of this project. However, we
look forward to replicating our developing success at South Ridge
with similar or greater successes elsewhere on the property."
Yamana Resources Inc. is a Canadian minerals exploration company
focused primarily in Argentina, with additional interests in
Chile, Paraguay, Papua New Guinea, Indonesia and Washington
state.
(x) Yamana has calculated its inferred resource estimate in
accordance with the "Proposed Standards for Public Mineral
Exploration and Mining Companies" as set out by the Mining
Standards Task Force of the Toronto Stock Exchange and the
Ontario Securities Commission in their Interim Report of June
1998. As U.S. Securities and Exchange Commission's standards
normally do not permit reference to "inferred resources" in SEC
filings, the Company believes that the inferred resource would
probably be categorized as "other mineralized material" by the
U.S. Securities and Exchange Commission.
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 and reserves, the
commercial viability of the silver deposit on the Lejano
property, the amenability of the deposit to standard recovery
methods, 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 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.
/T/
Santa Cruz, Argentina
LEJANO DRILL HOLES
September - November 1998 Drill Campaign
ASSAY SUMMARY
--------------------------------------------------------------
Hole Interval Intercept Equiv. Silver Gold Lead Zinc
No. (meters) (meters) Silver (g/t) (g/t) percent percent
and (Au:Ag = 1:60)
Inclination (g/t)
----------------------------------------------------------------
SOUTH RIDGE - WESTERN SECTOR
----------------------------------------------------------------
DDH 82 31.3 - 36.4 5.1 78 61 0.29 3.27 0.33
-90
degrees
and 45.3 - 55.3 10.0 433 277 2.60 7.48 0.14
incl. 46.9 - 51.7 4.8 715 430 4.75 10.74 0.23
and 60.8 - 62.5 1.7 200 188 0.20 1.97 0.70
----------------------------------------------------------------
DDH 83 0.0 - 9.9 9.9 294 277 0.29 3.55 0.26
-90
degrees
incl. 5.3 - 6.3 1.0 797 763 0.57 6.91 0.41
----------------------------------------------------------------
DDH 84 10.3 - 40.0 29.7 104 96 0.13 1.45 0.53
-60
degrees
incl. 13.9 - 24.4 10.5 223 210 0.21 3.17 0.27
incl. 17.6 - 20.0 2.4 451 428 0.38 7.56 0.30
----------------------------------------------------------------
DDH 85 14.5 - 23.7 9.2 128 121 0.11 2.62 0.19
-90
degrees
incl. 17.2 - 21.2 4.0 206 199 0.12 4.35 0.20
----------------------------------------------------------------
DDH 86 3.8 - 19.5 15.7 54 52 0.03 0.09 0.02
-90
degrees
and 75.4 - 85.7 10.3 326 253 1.22 1.26 0.14
incl. 84.3 - 85.7 1.4 1,933 1,520 6.88 6.64 0.40
and 94.7 - 99.2 4.5 52 41 0.18 0.61 1.26
----------------------------------------------------------------
DDH 87 65.0 - 67.0 2.0 1,606 1,406 3.34 8.24 10.32
-60
degrees
and 86.8 - 94.2 7.4 63 59 0.07 0.35 0.92
----------------------------------------------------------------
RC 88 104.0 -118.0 14.0 81 71 0.16 0.59 1.08
-60
degrees
incl.106.0 -108.0 2.0 202 181 0.35 1.20 1.95
----------------------------------------------------------------
RC 91 148.0 -152.0 4.0 34 30 0.06 0.07 N.A.
-60 degrees
----------------------------------------------------------------
RC 92 76.0 - 80.0 4.0 46 36 0.16 0.35 0.16
-60
degrees
and 108.0 -114.0 6.0 45 45 N.A. 0.06 N.A.
----------------------------------------------------------------
DDH 93 9.2 - 10.9 1.7 122 121 0.02 0.28 0.04
-60
degrees
and 34.3 - 44.0 9.7 73 68 0.09 1.41 0.10
incl. 34.3 - 37.7 3.4 140 134 0.10 1.85 0.10
and 54.7 - 61.8 7.1 311 179 2.20 3.40 0.27
incl. 54.7 - 57.0 2.3 743 388 5.92 5.94 0.72
----------------------------------------------------------------
RC 94 0.0 - 10.0 10.0 32 32 0.01 0.07 0.13
-50
degrees
and 72.0 - 74.0 2.0 54 35 0.32 0.86 1.22
and 120.0 -122.0 2.0 48 46 0.04 0.02 0.06
----------------------------------------------------------------
DDH 97 16.0 - 28.0 12.0 47 47 0.01 0.17 0.02
-60
degrees
and 36.0 - 39.0 3.0 309 302 0.12 1.08 0.12
and 57.0 - 64.5 7.5 150 138 0.20 1.63 0.34
----------------------------------------------------------------
DDH 104 45.0 - 46.0 1.0 29 25 0.07 0.95 0.68
-60 degrees
----------------------------------------------------------------
RC 105 104.0 -110.0 6.0 64 48 0.26 1.32 1.10
-50 degrees
----------------------------------------------------------------
RC 106 10.0 - 22.0 12.0 76 75 0.02 0.10 0.01
-60
degrees
and 32.0 - 36.0 4.0 32 32 0.01 0.07 0.01
----------------------------------------------------------------
DDH 107 25.5 - 30.0 4.5 86 80 0.10 0.34 0.15
-60
degrees
and 32.0 - 34.2 2.2 94 83 0.18 0.43 1.27
and 38.9 - 42.3 3.4 262 242 0.34 3.33 3.49
incl. 38.9 - 40.7 1.8 453 424 0.48 5.57 5.61
and 78.0 - 80.0 2.0 93 93 0.01 0.01 0.03
----------------------------------------------------------------
DDH 111 54.8 - 65.4 10.6 82 75 0.12 0.57 0.82
-60
degrees
and 78.6 - 80.0 1.4 281 267 0.23 N.A. 4.56
----------------------------------------------------------------
DDH 112 44.0 - 48.9 4.9 338 331 0.11 0.13 0.17
-60
degrees
incl. 46.0 - 47.5 1.5 733 719 0.24 0.12 0.09
and 56.1 - 56.8 0.7 183 158 0.41 4.98 1.25
and 70.5 - 83.1 12.6 180 127 0.88 2.12 1.93
incl. 70.5 - 75.0 4.5 410 270 2.33 4.11 4.47
incl. 70.5 - 72.0 1.5 957 608 5.81 6.00 8.54
and 91.2 - 94.8 3.6 66 63 0.05 0.39 0.45
----------------------------------------------------------------
SOUTH RIDGE - EASTERN SECTOR
----------------------------------------------------------------
RC 89 None greater than 31.0 g/t Ag
-60 degrees
----------------------------------------------------------------
RC 90 67.4 - 71.9 4.5 267 230 0.62 0.69 0.11
-60
degrees
and 84.4 - 85.4 1.0 117 101 0.27 0.26 0.11
----------------------------------------------------------------
RC 96 22.0 - 24.0 2.0 41 41 0.01 0.25 0.13
-50
degrees
and 36.0 - 40.0 4.0 99 97 0.03 0.27 0.07
----------------------------------------------------------------
RC 98 36.0 - 46.0 10.0 34 12 0.37 1.30 0.29
-60
degrees
and 80.0 - 82.0 2.0 34 34 0.01 0.14 0.11
----------------------------------------------------------------
RC 99 70.0 - 72.0 2.0 50 50 N.A. 0.08 N.A.
-60 degrees
----------------------------------------------------------------
RC 100 14.0 - 16.0 2.0 41 36 0.08 0.34 0.02
-60
degrees
and 74.0 - 76.0 2.0 30 28 0.04 0.14 0.02
----------------------------------------------------------------
RC 101 48.0 - 52.0 4.0 26 26 0.01 0.06 0.07
-60 degrees
----------------------------------------------------------------
RC 102 2.0 - 6.0 4.0 36 36 N.A. 0.02 0.03
-60
degrees
and 72.0 - 84.0 12.0 58 56 0.03 0.44 0.20
----------------------------------------------------------------
RC 103 49.0 - 51.0 2.0 349 335 0.24 1.00 0.35
-60 degrees
----------------------------------------------------------------
RC 110 45.0 - 46.0 1.0 28 25 0.05 0.95 0.68
-60 degrees
----------------------------------------------------------------
NORTH RIDGE
----------------------------------------------------------------
RC 95 0.0 - 40.0 40.0 93 89 0.06 0.15 0.08
-60
degrees
incl. 14.0 - 30.0 16.0 156 151 0.09 0.25 0.14
----------------------------------------------------------------
RC 108 10.0 - 22.0 12.0 416 398 0.30 0.12 0.05
-60
degrees
incl. 16.0 - 20.0 4.0 961 926 0.58 0.19 0.06
incl. 16.0 - 18.0 2.0 1,444 1,407 0.62 0.28 0.09
----------------------------------------------------------------
RC 109 14.0 - 30.0 16.0 91 77 0.24 0.40 0.57
-60
degrees
and 104.0 -106.0 2.0 206 196 0.16 0.04 0.03
and 136.0 -154.0 18.0 86 79 0.11 0.05 0.03
incl.140.0 -148.0 8.0 130 121 0.15 0.07 0.05
and 198.0 -200.0 2.0 56 54 0.04 0.05 0.09
----------------------------------------------------------------
RC 113 4.7 - 21.4 16.7 84 76 0.14 0.26 N.A.
-60
degrees
incl. 7.4 - 8.3 0.9 851 743 1.80 2.74 0.04
and 32.6 - 38.4 5.8 39 37 0.03 0.04 N.A.
and 79.1 - 84.8 5.7 207 197 0.16 0.05 N.A.
incl. 83.1 - 84.8 1.7 473 451 0.37 0.12 0.66
----------------------------------------------------------------
DDH 114 27.4 - 30.2 2.8 198 140 0.96 1.30 0.49
-60 degrees
----------------------------------------------------------------
All DDH holes are HQ wireline = 6.35 cm core diameter
All assays greater than 100 g/t Ag are averages of Acme and
Geolabs, with Acme the primary assayer.
N.A. = Not Available; this assay table will be updated on
Yamana's web site when all pending assay results are received. |
