"NEWS"
Subject:
Stockwatch: Abacus Minerals Corporation - News Release
Date:
Tue, 02 Mar 1999 07:26:27 -0800
From:
newsout@canada-stockwatch.com
To:
morrie@niagara.com
Abacus begins La Manchuria drilling
Abacus Minerals Corporation AMC
Shares issued 21,590,405 Mar 1 close $0.35
Tue 2 Mar 99 News Release
Mr. Steve Todoruk reports
The 1999 phase 3 drill program began today at the La Manchuria project in
Santa Cruz, Argentina.
The 2,000-metre reverse circulation drill program will be focused at
expanding the northwestern, southeastern, and down-dip extensions of the
mineralization previously defined from diamond drilling in 1998. Drilling
in 1998 was within a large area of high resistivity indicated by
geophysical surveys. Within this area, the mineralized trend has been
tested along a 250-metre strike length and over a depth of 125 metres. The
mineralization is open along strike and down dip. A summary of the 1998
drill program is listed below.
>From To Interval Au Ag
(m) (m) (m) (g/t) (g/t)
LM98-1
106.20 117.70 11.50 1.22 136.60
LM98-2
52.52 103.07 50.55 7.47 25.30
including
52.52 66.02 13.50 22.66 45.29
LM98-3
10.70 12.20 1.50 1.64 1876.0
and
32.20 33.30 1.10 9.54 222.10
LM98-4
79.85 82.85 3.00 0.83 17.70
LM98-5
19.54 21.04 1.50 2.18 15.20
and
64.54 66.04 1.50 1.59 2.9
LM98-6
7.54 95.20 87.66 0.29 16.3
including
50.00 51.00 1.00 3.44 227.5
LM98-8
30.05 36.55 6.50 0.54 81.20
and
75.60 85.00 9.40 0.42 18.1
and
149.5 151.00 1.50 7.53 70.5
LM98-9
1.52 12.02 10.50 0.57 99.42
LM98-9
34.00 88.60 54.60 4.46 12.14
including
79.90 88.60 8.70 24.88 11.30
LM98-10
3.04 97.50 94.46 0.74 104.56
including
45.04 57.04 12.00 1.45 418.54
including
87.85 90.00 2.15 6.43 1650.4
LM98-11
106.00 120.05 14.50 5.10 56.67
LM98-12
4.50 9.00 4.50 0.25 354.3
and
24.00 67.50 43.50 1.27 22.7
LM98-13
5.50 8.50 3.00 4.80 1.45
and
61.00 62.50 1.50 1.18 5.4
and
85.30 86.20 0.90 1.89 16.80
LM98-14
47.50 49.00 1.50 1.38 48.5
and
70.00 71.50 1.50 1.23 2.30
The mineralization occurs in a large epithermal sheeted vein and/or stock
work system hosted within rhyolitic and andesitic volcanics. Drilling in
1998 confirmed that mineralization is not only hosted in the upper sequence
of rhyolitic volcanics, but continues into the underlying andesitic
volcanics. Company geologists believe that mineralized feeders may underlie
the mineralization encountered in drilling. Geophysical and geochemical
anomalies suggest excellent potential to expand the zone of mineralization.
Numerous examples of large epithermal deposits are known worldwide. The
closest of these is Anglo American/Perez Compac's Cerro Vanguardia mine, 80
kilometres east of La Manchuria. The 3.8-million-ounce gold mine recently
began production, and is projected to produce 200,000 ounces of gold and
1,600,000 ounces of silver annually.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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