NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: METALLICA RESOURCES INC.
TSE SYMBOL: MR
NASDAQ SYMBOL: METLF
MARCH 12, 1999
Metallica Resources Encounters Significant Gold Drill
Intercepts At La Fortuna, Chile
DENVER, COLORADO--Metallica Resources Inc. ("Metallica") today
announced significant preliminary drill results from its 50
percent-controlled La Fortuna property, a joint venture with BHP
Minerals in north-central Chile.
The La Fortuna intercept is a new discovery. Drill results from
two separate drill holes are summarized below:
Drill Hole RCF-13 - La Fortuna Target
36 meters (from 40-76m) grading 4.03 grams per tonne (g/t) gold
including 16 meters (from 40-56m) grading 6.65 g/t gold. Copper
and silver assays are pending.
Drill Hole RCC-15 - Cantarito Target
13 meters (from 43-56m) grading 3.19 grams per tonne (g/t) gold
including 8 meters (from 43-51m) grading 4.71 g/t gold. Copper
assays and silver are pending.
Drill Hole RCF-13 was the first Metallica drill hole testing the
La Fortuna target. Prior to the current joint venture, BHP drilled
the first 12 holes at the Fortuna target, the closest being about
150 meters from this hole and testing more disseminated
copper-gold mineralization. Drill Hole RCC-15 was also the first
Metallica drill hole testing the Cantarito target of the La
Fortuna property. Cantarito is 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.
Drill results are detailed in the tables below:
/T/
Drill Hole Locations
Drill Hole Northing Easting Bearing Dip Depth (m)
RCF-13 6833380 412760 N30E -60 180
RCC-15 6832739 414198 N30E -60 90
Drill Hole Results
From (m) To (m) Interval (m) Percent Cu g/t Au
RCF-13 40 76 36 Pending 4.03
Includes 40 56 16 Pending 6.65
RCC-15 43 56 13 Pending 3.19
Includes 43 51 8 Pending 4.71
/T/
La Fortuna is immediately adjacent to Metallica's 100
percent-owned El Morro copper-gold porphyry property. Metallica
previously announced significant drill intercepts of copper-gold
mineralization at El Morro earlier this week. Based on the
encouraging results to date, Metallica has expanded its current
exploration program at both El Morro and La Fortuna. A 500-meter
diamond drill core hole is planned at El Morro. Metallica recently
expanded its El Morro claim block from 33.5 sq. km to
approximately 174 sq. km. Metallica now has total holdings of
approximately 15,300 hectares at its 100 percent-owned El Morro
property and 2,154 hectares at La Fortuna, the 50 percent joint
venture with BHP.
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 at metal-res.com and send e-mail to
metallica@metal-res.com.
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 OR DISAPPROVED THE CONTENTS OF THIS NEWS
RELEASE.
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