Correction From Source - Madison Enterprises Corp.
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--April 6, 1999-- Madison
Enter (VSE:MNP - news) CORRECTION FROM SOURCE - MADISON ENTERPRISES
CORP.
In the release transmitted March 31, 1999, for MADISON ENTERPRISES
CORP., two errors occurred in the first sentence of the second
paragraph. The value ''1.0 gold'' should read ''1.0 g/t gold''
and ''2.4 g/t gold'' should read ''5.6 g/t gold''. The complete
corrected release follows:
HIGHLIGHTS
- DRILLING AT MT. KARE CONTINUES TO RETURN EXCELLENT RESULTS
INCLUDING: 76.5m at 2.57 g/t gold, 24.0m at 11.8 g/t gold, and 10.5m
at 27.2 g/t gold
- WESTERN ROSCOELITE ZONE AND CENTRAL ZONE MINERALIZATION REMAINS
OPEN ALONG STRIKE
- NEW DISCOVERIES OF OUTCROPPING MINERALIZATION FURTHER HIGHLIGHT
POTENTIAL FOR GROWTH IN RESOURCES
The Mt. Kare Joint Venture, in which Madison Enterprises Corp.
(''Madison'') has a 65 percent interest, is pleased to announce
results from the ongoing diamond drill program on its Mt. Kare gold
exploration project in Papua New Guinea.
Drilling was directed at infilling and increasing confidence in the
initial resource estimate at a 1.0 g/t gold equivalent cut-off of
20.4 million tonnes at 5.6 g/t gold and 28.7 g/t silver (3.67 million
ounces gold, 18.8 million ounces silver, totalling 4.0 million ounces
gold equivalent) without the cutting of any individual gold assays or
20.1 million tonnes at 2.4 g/t gold and 28.8 g/t silver (1.55 million
ounces gold, 18.6 million ounces silver, totalling 1.87 million
ounces gold equivalent) with all individual gold assays greater than
30 g/t cut to 30 g/t. The latest phase of drilling has also provided
significant insights into the structures controlling high grade
mineralization at Mt. Kare.
Infill Drilling and Strike Extensions
Twenty one of the twenty eight holes drilled (holes 142, 144 to 148,
150 to 152, 154 to 156, 158 to 163, 168, 169 and 170) tested gaps
within the resource model and extensions on the margins of the known
resource that were not included in the initial resource estimate due
to a lack drill information in these areas (i.e. drill hole spacing
greater than 50 metres).
Drill holes 156 and 164 tested the C9 Zone which is believed to
represent a feeder structure along which the gold mineralization of
the Western Roscoelite Zone and the Black Zone has travelled. Hole
156 encountered 76.5 metres of 2.57 g/t gold and 6.9 g/t silver.
Assay results for hole 164, which was completed March 24, 1999, are
not yet available.
Hole 170 along with CRA hole C3 (which returned 1.92 g/t gold and 8.6
g/t silver over 46.0 metres) demonstrate that the Central Zone
remains open to the northeast.
Holes 142, 144, 145, 147 and 161 were drilled to test a southerly
extension of the Western Roscoelite Zone as encountered in surface
mapping and trenching, which shows that the Western Roscoelite and
Central Zones remain open to the south. Additional work is proposed
to follow up on the encouraging surface results, as shown on the
attached location map.
Potential High Grade Structures
During this latest phase of drilling Madison also tested several
areas known to host higher grade gold mineralization based on surface
mapping and sampling and previous drilling. Holes 165, 166, 167, 168
and 169 were drilled to test surface outcrops of high grade quartz
roscoelite mineralization in areas that had been assigned low grade
values in the initial resource estimate. Holes 165 and 167
encountered several mineralized intervals including 7.5 metres
grading 10.8 g/t gold and 281.2 g/t silver and 10.5 metres grading
27.21 g/t gold and 15.8 g/t silver respectively. Hole 166 was lost in
an upper mineralized zone. Results of holes 168 and 169, which both
intersected mineralized zones as anticipated, are shown in the
attached table of significant results.
The presence of high grade gold associated with quartz roscoelite is
a common occurrence in the easterly trending Roamane Fault at the
nearby Porgera Mine. The high grade intersections at Mt. Kare occur
in a similar style of quartz roscoelite mineralization and ongoing
exploration continues to better define the structures which control
high grade mineralization at Mt. Kare.
In addition to infilling a gap in the resource model, holes 159, 162
and 163 also tested the downward expression of an east-west trending
structure containing coarse visible gold which had been identified in
surface mapping. The structure was identified in each of these holes.
Hole 159 encountered several mineralized intervals, including a 1.5
metre high grade section which assayed 26.35 g/t gold and 19.0 g/t
silver. Holes 162 and 163 tested the same east-west trending
structure further to the west. In hole 163 the structure assayed 28.5
g/t gold and 25.0 g/t silver over 1.5 metres. Although hole 162
encountered the structure it returned only anomalous results (maximum
assays in the area were 0.43 g/t gold and 12.0 g/t silver). Typically
mineralization in the high grade structures, at both Porgera and Mt.
Kare, occurs as irregularly distributed coarse grained gold which can
result in widely varying assays in closely spaced holes crossing the
same high-grade structure.
Holes 143, 146, 148, 149, 153, and 157 were drilled to test an area
of known high grade mineralization which may represent a second
easterly trending structure. Hole 146 intersected coarse crystalline
gold and returned results of 30.19 g/t gold and 97.8 g/t silver over
9.0 metres (high grade assays were confirmed by pulp & metallic check
assays). This high grade intercept occurred 13.5 metres down hole
from a 39.0 metre interval grading 3.67 g/t gold and 62.2 g/t silver
which will fill in one of the gaps in the initial resource estimate.
Results of the other holes, which all intersected the main zone of
mineralization as well as narrow higher grade intervals, are shown in
the attached table of significant results.
New Discovery
Coarse visible gold has recently been encountered while excavating a
drill pad above an east-west trending fault on the northern extension
of the Western Roscoelite Zone. Detailed follow-up mapping and
sampling commenced immediately to search for the source of this gold.
Initial results from outcrop exposures uphill from the pad site have
returned values of 18.5 g/t gold and 7.9 g/t gold from the area of a
strong 150 metres by 50 metres surface soil geochemical anomaly,
which has not yet been drill tested, as shown on the attached
location map. Trenching of this new discovery is ongoing and detailed
surface mapping continues.
Significant results for the drill holes in the last program along
with a location map are attached to this news release. Drilling and
surface exploration are continuing at Mt. Kare.
On behalf of the Board of Directors of MADISON ENTERPRISES CORP. Nell
Dragovan, Chairman
Mt. Kare - Table of Significant Results
Hole Section Azimuth from to Interval Au Ag Au eq.
Number Dip (m) (m) (m) g/t g/t g/t
(degrees)
142 2+85W 45/-45 6.0 15.0 9.0 1.05 2.9 1.10
27.0 31.5 4.5 1.06 6.1 1.17
82.5 88.5 6.0 0.61 31.6 1.19
143 1+70E 0/-60 0.0 46.5 46.5 0.88 24.5 1.33
incl 16.5 36.0 19.5 1.46 52.4 2.42
76.5 84.0 7.5 7.03 4.0 7.10
121.5 132.0 10.5 1.08 28.6 1.60
144 2+85W 0/-90 0.0 13.5 13.5 2.55 3.4 2.62
145 3+20W 45/-45 139.5 141.0 1.5 1.48 12.0 1.70
153.0 160.5 7.5 3.40 81.4 4.89
146 1+00W 315/-65 27.0 66.0 39.0 3.67 62.2 4.81
73.5 97.5 24.0 11.77 38.2 12.47
incl 79.5 88.5 9.0 30.19 97.8 31.98
148 2+50W 0/-45 0.0 19.5 19.5 1.41 36.6 2.08
incl 7.5 19.5 12.0 1.89 50.2 2.81
149 1+70E 300/-50 0.0 10.5 10.5 0.94 8.0 1.08
25.5 48.0 22.5 2.49 78.7 3.94
150 2+95W 0/-90 0.0 3.0 3.0 0.81 5.0 0.90
151 0+95W 315/-80 39.0 43.5 4.5 1.14 5.9 1.25
152 0+95W 315/-55 73.5 84.0 10.5 2.88 33.4 3.49
91.5 100.5 9.0 2.82 21.2 3.21
153 1+70W 337/-62 16.5 21.0 4.5 1.53 44.3 2.35
30.0 61.5 31.5 1.73 10.3 1.92
incl 30.0 40.5 10.5 3.94 27.1 4.44
155 3+70W 0/-90 0.0 10.5 10.5 2.48 46.6 3.34
156 0+85E 135/-75 129.0 136.5 6.0 1.01 2.1 1.05
189.0 265.5 76.5 2.57 6.9 2.70
incl 189.0 195.0 6.0 3.31 3.6 3.37
and 213.0 235.5 22.5 3.02 8.6 3.18
and 243.0 265.5 22.5 4.30 10.1 4.49
157 1+70W 0/70 0.0 4.5 4.5 1.35 3.4 1.41
25.5 42.0 16.5 4.35 9.2 4.52
72.0 84.0 12.0 7.42 12.7 7.65
93.0 97.5 4.5 2.26 2.1 2.30
158 0+20E 315/-55 25.5 31.5 6.0 2.09 17.0 2.40
130.5 133.5 3.0 1.59 1.0 1.60
243.0 252.0 9.0 0.98 8.8 1.14
310.5 316.5 6.0 1.19 7.7 1.33
159 0+95E 315/-80 22.5 37.5 15.0 1.21 9.2 1.38
incl 22.5 28.5 6.0 1.84 8.6 1.99
and 34.5 37.5 3.0 1.50 15.5 1.78
144.0 153.0 9.0 1.42 7.1 1.55
172.5 211.5 39.0 1.50 4.8 1.59
incl 172.5 183.0 10.5 2.44 4.7 2.53
and 202.5 211.5 9.0 1.81 8.6 1.97
222.0 223.5 1.5 26.35 19.0 26.70
160 0+95E 315/-55 24.0 27.0 3.0 0.87 3.7 0.94
162 0+50W 315/-45 69.0 82.5 13.5 0.59 189.3 4.06
88.5 90.0 1.5 6.41 97.0 8.19
163 0+50W 315/-75 13.5 19.5 6.0 7.90 11.2 8.10
incl 18.0 19.5 1.5 28.50 25.0 28.96
75.0 79.5 4.5 1.07 2.9 1.12
165 0+25E 315/-45 9.0 16.5 7.5 10.80 281.2 15.95
28.5 33.0 4.5 1.20 28.7 1.72
42.0 46.5 4.5 1.07 7.1 1.20
49.5 73.5 24.0 1.44 20.3 1.81
incl 49.5 60.0 10.5 2.10 8.0 2.25
166(x) 0+25E 315/-70 9.0 15.0 6.0 4.02 183.8 7.39
167(x) 0+25E 315/-75 10.5 21.0 10.5 1.92 174.9 5.13
36.0 46.5 10.5 27.21 15.8 27.49
incl 45.0 46.5 1.5 184.85 3.0 185.82
66.0 112.5 46.5 1.63 21.6 2.03
incl 66.0 96.0 30.0 2.15 32.0 2.74
168 1+35E 270/-45 49.5 60.0 10.5 2.94 13.4 3.19
169 1+35E 315/-70 78.0 85.5 7.5 3.71 10.7 3.90
170 4+75E 315/-45 45.0 67.5 22.5 1.68 13.4 1.93
(x) holes terminated in mineralization
NOTE: Location map available from the company at the phone number
listed below.
NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION
CONTAINED HEREIN.
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Contact:
Madison Enterprises Corp.
Nell Dragovan, 604/331-8772
604/331-8773 (FAX)
Web Site: www.madison-enterprises.com
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