FYI, February 26, 1997
VSE Trading Symbol: AGO
Argosy Commences Exploration in Greece
Argosy Mining Corp. is pleased to announce the commencement of exploration on its precious metals projects in Greece.
A surface exploration program will begin shortly on the Fakos Project on Limnos Island, Greece. The property totals 20
square kilometres of priority exploration applications by Silver & Baryte Ores Mining Co. S.A., a major Greek mining
company. Subject to Greek regulatory approval, Argosy can earn a 66% interest in Fakos and two other Silver & Baryte
applications through staged expenditures of C$700,000 within 4 years. The two other exploration areas secured by Silver
& Baryte are located on Lesbos Island and total 59 square kilometres.
Argosy's first phase of exploration at Fakos will consist of mapping and sampling of a large mineralized alteration zone of
0.6 kilometres wide and 3 kilometres long where both disseminated and vein-type epithermal gold mineralization has been
identified. Previous exploration in the target area in 1992 has focussed on the Fakos veins, a set of 1 to 3 metre wide
quartz veins that assay 2.7 to 9.3 g/t gold. Disseminated gold away from the veins was discovered at the end of the 1992
program when nine chip channel samples, taken over a 48 metre width, averaged 1.24 g/t gold. A second disseminated
gold target was identified north of the Fakos veins within a large area of intense argillic/pyritic/silicic alteration. A set of
five chip channel samples returned 12 metres at 1.6 g/t gold within a 40 metre width of +0.5 g/t gold mineralization.
Contract diamond drilling equipment is available in Greece for rapid mobilization into a follow-up drilling program.
Mr. Craig I. Burton has resigned as a director of the Company to pursue his other business interests.
ON BEHALF OF THE BOARD
"Yale R. Simpson"
YALE R. SIMPSON, President
Contact Number:
(604) 689-5529
(800) 851-7423
Facsimile:
(604) 689-5079
The Vancouver Stock Exchange has neither approves nor disapproved this news release. |
