March 3, 1999 Joint Venture of Secret Basin Project Symbol: MAD.V
Form 20F: 0–27760
The Company wishes to announce that it has signed a joint venture agreement with Braden Technologies Inc. for the further exploration of the Secret Basin project in Nye County, Nevada.
Secret Basin is an area of older volcanic rocks approximately 2.4 kms long east to west and 0.8 kms. wide exposed through a window of younger volcanic rocks. A collapsed caldera is the dominate structural feature of the area which occurs in the eastern portion of the window. Dissecting the caldera are 3 major quartz vein/quartz stockwork vein and silicified structures that strike west-northwest and dip north. Quartz veining and silicification range in thickness from 7.5 cm. to 10 metres and are most prominent on the western part of the caldera. Argillic alteration is also well developed along these west-northwest striking structures.
Miranda drilled nine reverse circulation drill holes at Secret Basin during 1997 for a total of 4600 feet (1400 meters). Eight out of the nine drill holes intersected thick zones of silicified volcanic rock that contain zones of strong quartz stockwork veining, quartz veins, and brecciation. Narrow intercepts of anomalous gold and silver values occur within the silicified and stockwork zones. The best drill hole intercept was from hole SB97-4 located on the northern zone in which 10 feet (3 meters) of 0.02 ounces gold/ton occurred within a 35 foot (10 meters) vein which contained greater than 100 ppb gold over the entire thickness.
Braden Technologies Inc. can acquire a 50% interest in the Secret Basin project by spending US $250,000 in exploration expenses by February 28, 2002, of which US $10,000 must be spent by February 28, 2000. Braden will also pay to Miranda US $1,000 immediately and will cover all property acquisition and maintenance costs until it has earned a 50% interest.
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. |
