Energold reports assay from San Antonio property
Energold Mining Ltd EGD
Shares issued 14,340,394 1999-03-11 close $0.49
Friday Mar 12 1999
Mr. H. Walter Sellmer reports
The company has been informed by Atna Resources Ltd. that it has completed four holes of the 7 to 10 hole, 2,000 metre drill program on the San Antonio I concession in the Dominican Republic. All of the holes intersected massive sulphide mineralization at the contact between hanging wall, bedded sedimentary rock and footwall, pyritic quartz sericite schists. The holes are drilled 100 metre step-outs. The massive sulphide mineralization has now been intersected 400 metres along strike and 120 metres down-dip. These intersections may represent the up-dip edge of a deposit. The core is being split with half being shipped to Canada for assay, results from these intersections will be reported in approximately three weeks. Core from hole SA 99-02 was recently brought to Canada by a company employee. A length weighted average grade for the 3.1 metre intersection in SA 99-02 is 8.55 per cent zinc, 3.39 per cent copper, 0.13 per cent lead, 1.38 grams per ton gold and 185.2 g/t silver from 152.4 to 155.5 metres.
Drill holes SA 99-05 and 06 will test coincident geological, geochemical and geophysical anomalies situated 1,000 metres and 1,600 metres along strike to the southeast. Further drilling is planned to test the extent of the mineralization intersected in holes SA 99-01, 02, 03 and 04, down-dip and along strike.
The target on the 34.5 square kilometre San Antonio I concession is a copper-zinc-gold volcanogenic massive sulphide deposit. Atna Resources is earning a 60 per cent interest from Energold by spending $3-million (U.S.) over four years and paying the company $300,000 (U.S.) in Atna shares.
PS. Energold is booth 2209 at the PDAC in Toronto Mar 14-17 |
