Did anyone see the news out today on the PAN Deposit.
LATITUDE MINERALS CORP.
SUITE 612, 475 HOWE ST, VANCOUVER, BC. V6C 2B3.
TEL: 688-2010; FAX: 6882015
E-MAIL: mineral@mineweb.com
DRILL TARGETS IDENTIFIED AT PAN GOLD DEPOSIT
VANCOUVER, BC, April 20, 1999; Latitude Minerals Corp. (LTU.V) is pleased to report that results of on-going compilation of existing data regarding its recently acquired Pan Gold Deposit, White Pine County, Nevada, reveal the presence of numerous untested and open-ended targets for potential expansion of the deposit along the 2.5-mile-long zone of mineralization (Figure 1). Located at the southern end of the prolific Battle Mountain-Eureka Gold Belt, oxide mineralization currently comprises the North and South Pan Deposits (Figures 2 through 4). Recently, Lynn Canal Geological Services of Juneau, Alaska was contracted to perform a block model and compute resource estimates at various cutoff grades. Results of this April 19, 1999 independent third-party study confirm previous in-house resource estimates given by Alta Gold as detailed in Latitude's February 4, 1999 news release. Combined resources for both deposits, at a 0.015 opt Au cutoff grade as computed by Lynn Canal, comprise 10.86MM tons @ 0.022 opt Au for 234,000 contained ounces. Of this amount, 86.7% is drill indicated and 13.3% is inferred.
Detailed review of existing drill-hole assay data, analysis of available geological mapping and drill-hole geological/geochemical cross-sections, and construction of gold grade-thickness maps for both the North and South Deposits reveal the drill targets outlined below (Figure 2). Overall, seventeen separate targets have been identified at North Pan as well as seven at South Pan. Also identified is an untested 2,000-foot-long area of jasperoid breccia targets along the favourable Devils Gate Limestone/Pilot Shale contact in the Middle Pan area.
Based on the above findings and numerous targets identified, Latitude is planning a 16,000-foot, 40-hole drill program for the upcoming field season. Most of the planned holes are step-outs from existing ore holes. The new drilling will be targeted at increasing the deposit size as well as raising grade. Management is in the process of prioritizing targets, with initial permitting activities slated for the latter part of the month.
North Pan:
1. Of the 253 holes drilled in North Pan, 74 bottom in mineralization grading 0.010 opt or greater Au. The majority of these 74 holes are in the 2,300-foot-long, north-trending Pilot Ridge target extending from approximately 50,000N to 52,300N (Figures 2 & 3). These holes indicate that mineralization is open at depth throughout most of the target and that the Devils Gate Limestone/Pilot Shale contact, which is the preferred ore-forming horizon, lies below most of the shallow, pre-existing drilling. Mineralization is open at depth in all of the most highly mineralized areas at Pilot Ridge as defined by grade-thickness values ranging from 4.13 to 7.77 (Figure 3).
2. Mineralization is open north of Pilot Ridge and potentially extends under post-mineral volcanic cover, specifically from 52,700N northward (Figures 2 & 3). No drilling exists in this area where the topographic expression of the north-trending Pan Fault, which has controlled mineralization, can be followed for over 2.5 miles to the north on trend.
3. Mineralization, open-ended laterally and at depth, exists at the north-trending Red Hill target located approximately 600 feet west of and parallel to Pilot Ridge (Figures 2 & 3). Similar to Pilot Ridge, numerous Red Hill drill holes with grade-thickness values of up to 6.30 never reached the favorable Devils Gate Limestone/Pilot Shale contact, which is the preferred horizon for mineralization. The target, presently 1,300-feet long from 51,200N to 52,500N, contains open-ended mineralization along strike to the north and south, at depth, and proximal to untested interior gaps.
Middle Pan:
1. The main Middle Pan target comprises an area approximately 2,000 feet x 1,000 feet diagonally from 46,600N to 48,500N (Figure 2). This area has never been drilled and contains mapped breccias along the favourable Devils Gate Limestone/Pilot Shale contact. The breccias also appear to be associated with limbs, noses, and axes of folds, all structures that are known to localize mineralization at Pan. Overall, the Middle Pan area, which comprises about 5,000 feet of strike length along the mineralizing, north-trending Pan Fault between North and South Pan, has been tested with only 10 drill holes. Geologic mapping suggests several areas within this target which could host potential mineralization.
2. Geologic mapping of a topographic high centered at 49,000N, 56,000E reveals outcrops of silicified breccia which have not been drilled (Figure 2). These rocks exhibit similarities to silicified breccias just to the north at the North Pan Pilot Ridge resource and target area, which also exists as a topographic high.
South Pan:
1. The west side of the Pan Fault is not adequately tested as mineralization is clearly open to the west and at depth along the fault zone from 41,900N to 43,700N (Figures 2 & 4). Drill-hole assay and geological data indicate that open-ended, ore-grade intercepts exist on the west side of the fault across from pods of mineralization on the east side of the fault. Previous drilling was limited west of the fault due to claim boundary problems, which no longer exist, with angle holes ending in ore-grade mineralization right up to the claim boundary. Of the 20 holes bottoming in mineralization at South Pan, 12 end in mineralization grading 0.010 opt Au or greater along or just west of the fault. Gold grade-thickness values of these holes are commonly in the 6 to 7 range, with maximum values reaching 11.17 (Figure 4).
Some of the better intercepts from angle holes bottoming in mineralization within and west of the Pan Fault include 180' @ 0.043 opt and 175' @ 0.036 opt, with the latter bottoming in material grading 0.148 opt. Many of these holes contain some of the best mineralization open at depth at South Pan, the majority of which is hosted in the Devils Gate Limestone and comprises the South Pan Devils Gate target from 41,800N to 43,700N. Potential for higher-grade, feeder-style mineralization exists at depth along the Pan Fault, and potential for higher-grade, near-surface mineralization exists between 43,200N and 43,700N where the Pan Fault intersects the nose of the South Pan anticline containing open-ended, ore-grade intercepts in 6 holes (Figure 4).
2. Potential mineralization exists along the southern extension of the South Pan Devils Gate target from 41,800N to approximately 40,000N where previous drilling swings away from and is concentrated southeast of the Pan Fault (Figure 4). Since mineralization in the Devils Gate Limestone is typically proximal to the fault, the existing drilling may have missed the southern continuation of any mineralization present.
3. Only about 10 holes were drilled in an area between 44,500N and 44,900N, the northern extension of South Pan, where moderately strong mineralization delineated by gold grade-thickness values of up to 4.48 exists (Figure 4). This mineralization is about 800 feet north of the bulk of the South Pan resource. The target is open to the north-northeast and south-southwest along the Pan Fault, with mineralization also open at depth. Mineralization also appears to be open west of the Pan Fault.
Latitude Minerals Corp. is a junior exploration company developing a number of advanced-stage gold deposits in the western United States. The company is also evaluating a number of additional opportunities in the Americas. Additional information can be obtained by contacting the Company at (800) 668-0071.
On Behalf of the Board of Directors,
LATITUDE MINERALS CORP.
"John R. Carden"
John R. Carden, Ph.D.
President
THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION CONTAINED HEREIN
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