This just hit the wires and appears to be halted. Anyone know it?
DENVER--(BUSINESS WIRE)--March 8, 1999--Metallica Resources Inc.
(TSE: MR, Nasdaq: METLF) ("Metallica") today announced significant
early drill results from its 100%-owned El Morro copper-gold porphyry
property in north-central Chile.
This project, discovered and staked by Metallica in 1997, has
never been drill-tested. The second hole, RDH M-02, drilled into this
newly identified porphyry system returned:
192 meters (from 76-268m) grading 0.64% copper and 0.22 grams per
tonne (g/t) gold including 126 meters (from 76-202m)
grading 0.73% copper and 0.25 g/t gold
Assay results for the top portion of the hole but include a 38
meter interval (from 38-76m) containing 0.50 g/t gold together with
anomalous copper value. Hold RDH M-01, drilled 650 meters to the
northeast of RDH M-02, was also mineralized from the surface returning
48 meters (from 0-48m) of 0.34 g/t gold and anomalous copper and 124
meters (from 48-172m) of 0.29% copper and 0.18 g/t gold. Both holes
bottomed in copper-gold mineralization.
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Drill Hole Locations
Drill Hole Northing Easting Bearing Dip Depth (m)
RDH M-01 6834980 409155 270 -70 172
RDH M-02 6834535 408695 270 -70 268
Drill Hold Results
From (m) To (m) Interval (m) % Cu g/t Au
RDH M-01 0 48 48 Anomalous 0.34
48 172 124 0.29 0.18
RDH M-02 0 38 38 Anomalous 0.18
38 76 38 Anomalous 0.50
76 268 192 0.64 0.22
includes 76 202 126 0.73 0.25
*T
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These first two holes are a part of a planned 10-hole (2000
meter) program designed to test three separate targets: one at El
Morro (1,200 ha)(4holes-1100m) and two on the immediately adjacent,
50%-controlled La Fortuna copper-gold property (2,150 ha). Drilling is
currently being conducted at La Fortuna, a joint venture with BHP
Minerals, at the El Negro copper-gold porphyry target (2 holes-400m)
where one shallow hole has previously encountered low-grade
mineralization (100m @ 0.25% copper and 0.30 g/t gold), and Cantarito
(4 holes-500m), a structurally-controlled, high grade gold occurrence
where previous drilling by BHP returned intercepts of 18 meters @6.0
g/t gold and 22 meters @1.04 g/t gold. The drill-rig is scheduled to
return to the El Morro target area by the end of the week to complete
a series of wide-spaced drill holes. A map displaying Metallica's
landholdings at El Morro and the La Fortuna joint venture and the
location of the mineralized targets being tested is attached and also
available on our web-site.
Regionally, El Morro is located along the southern extension of
the West Fissure Zone, host of some the world's largest porphyry
copper deposits. Metallica staked El Morro in 1997 after identifying a
large copper-gold geochemical anomaly coincident with a magnetic
anomaly located five kilometers along strike from the La Fortuna
porphyry occurrence. This geochemical anomaly is coincident with a
heavily oxidized, stockwork-veined volcaniclastic rock identified as
the "leached cap" of a buried porphyry copper-gold system. A 17
line-kilometer IP-resistivity survey was completed over El Morro
during 1998 which identified a moderate-to-high resistivity core
flanked by a broad IP chargeability high/resistivity low. These
coincident geochemical and geophysical anomalies now cover a two
kilometer by four kilometer zone within which the drilling is taking
place.
Metallica is a Canadian precious metals exploration and
development company focused on Latin America. Metallica is well-funded
and has 24.5 million common shares outstanding. Visit Metallica's web
site www.metal-res.com and send e-mail to metallica@metal-res.com.
Note to Editors; This news release has been prepared by
management of Metallica Resources Inc. who takes full responsibility
for its contents. No stock exchange, securities commission or other
regulatory authority has approved of disapproved the contents of this
news release.
--30--lmm/sf* eb
CONTACT: Metallica Resources Inc.
Louis A. Lepry, Jr., 303/796-0229 Ext. 303 |
