Metallica's El Morro drilling results
Metallica Resources Inc MR
Shares issued 24,500,000 Mar 5 close $0.54
Mon 8 Mar 99 News Release
Mr. Louis Lepry reports:
Metallica Resources Inc. (Metallica) today announced significant early
drill results from its 100-per-cent-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 metres (from 76 metres to 268 metres) grading
0.64 per cent copper and 0.22 of a gram per tonne gold, including 126
metres (from 76 metres to 202 metres) grading 0.73 per cent copper and 0.25
g/t gold.
Assay results for the top portion of the hole include a 38-metre interval
(from 38 metres to 76 metres) containing 0.50 g/t gold together with
anomalous copper value. Hole RDH M-01, drilled 650 metres to the northeast
of RDH M-02, was also mineralized from the surface, returning 48 metres
(from zero metres to 48 metres) of 0.34 g/t gold and anomalous copper and
124 metres (from 48 metres to 172 metres) of 0.29 per cent copper and 0.18
g/t gold. Both holes bottomed in copper-gold mineralization.
Drill Hole Locations
Northing Easting Bearing Dip Depth
m
RDH M-01
6834980 409155 270 -70 172
RDH M-02
6834535 408695 270 -70 268
Drill Hole Results
Inter-
From To val Cu Au
m m m % g/t
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
These first two holes are a part of a planned 10-hole (2,000-metre) program
designed to test three separate targets: one at El Morro (1,200 hectares)
(four holes-1,100 metres) and two on the immediately adjacent,
50-per-cent-controlled La Fortuna copper-gold property (2,150 hectares).
Drilling is currently being conducted at La Fortuna, a joint venture with
BHP Minerals, at the El Negro copper-gold porphyry target (two holes-400
metres) where one shallow hole has previously encountered low-grade
mineralization (100 metres at 0.25 per cent copper and 0.30 g/t gold), and
Cantarito (four holes-500 metres), a structurally-controlled, high-grade
gold occurrence where previous drilling by BHP returned intercepts of 18
metres at 6.0 g/t gold and 22 metres at 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 available on the company's
website.
Regionally, El Morro is situated 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 five kilometres
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-kilometre induced polarization-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 kilometre by four kilometre zone within which the
drilling is taking place.
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