NEWS RELEASE 6-99 (04/21/99) I feeeeel gooood like I knew I would... do do do do do do do... so good! so good! (sigh) What can I say about what seems to have become (so far as this thread is concerned) my baby... 'step at a time, come to pa pa.' Tonight I get the privilege of bringing this announcement to the thread as well as some other information for Samex's faithful few followers. (Not an easy task as cut and paste from their site to SI did quite a butcher job to the article)
SAMEX has commenced drilling on the Eskapa silver-gold prospect in the southern Cordillera Occidental of Bolivia. The reconnaissance drilling program is designed to test the large target zone outlined by previous geological, geochemical, geophysical studies. Fifteen vertical and/or steeply angled HQ core holes, averaging +/-200 meters each, are planned to test for mantos and associated feeder zone targets within the resurgent caldera of the Eskapa stratovolcano.
During the latest part of these studies, the areal dimensions of strongly clay-alunite-altered cap rock (dacitic flows) and scattered silica-barite bodies, which outline the target zone, have been extended to the southeast. As previously reported, the target area has more than doubled in size to 2,000 meters long by 1200 meters across. Many piques (pits) sunk into or adjacent to the silica-barite rock masses are evidence of prospecting during the Spanish Colonial-era.
Geophysical IP surveys over the target zone outline strong chargeabilities with variable, but generally higher, resistivities typical of a high-sulfidation system. The geophysical results support the target model of gently dipping thick mantos units at depth in layered volcanic rock sequences. The mantos layers are believed to be variably silicified and to contain abundant disseminated sulfide. In some areas, the IP survey suggests steeper oriented silicified/ sulfide-mineralized zones, which may represent feeder zone targets beneath the mantos target. The geophysical chargeability and resistivity anomalies remain open-ended to the southeast and suggest the target zone may prove to be larger still.
Geochemical analytical results on samples which were collected from outcrops, dumps and road cuts in the newly outlined southeast part of the target zone are consistent with those results reported earlier
from the northwest portion. The clay-alunite-altered cap rock over the target zone is strongly supergene leached, but contains anomalous (>100 ppb) to highly anomalous (to 2825 ppb) amounts of mercury and locally, anomalous amounts of antimony and arsenic. These elements can be important pathfinders for precious metals in an epithermal system. As expected the cap rock contains low or undetectable levels of silver, gold and base metals. Silica-barite rock, which is believed to represent leakage to higher levels of mineralizing fluids from mantos layers at depth, is represented by a suite of dump or outcrop samples. Analyses show that samples little to moderately affected by supergene leaching contain significant silver values along with high levels of lead, mercury, antimony, arsenic and sporadic detectable gold. (SEE TABLE)
GEOCHEMICAL RESULTS - SILICA-BARITE ROCK, SOUTHEAST AREA OF TARGET ZONE
Sample type Ag ppm
236-C2-2 chip 197.7
236-C2-5 chip 10.9
G-314 dump 255.0
G316RK1 chip 2255.9
G316RK2 chip 525.4
G-316-DM dump 1137.0
G-317-RK dump 69.9
G-318 chip 60.8
G-319 chip(leached) 1.4
G-322 dump 948.1
**** note that these silver numbers have been entered for this thread, all originals and pathfinder #'s may be found at www.samex.com under 'news' ***************************************************************
Results of the work program to date strongly support management's belief that the Eskapa prospect represents a quality silver exploration target. The style of alteration and mineralization, along with the widespread anomalous pathfinder elements in the cap rock, suggests that gold may also be a significant component of the system at depth. The reconnaissance drilling program is aimed at
discovering and delineating an orebody of well mineralized mantos layers of consequential thickness (+30 meters) within reach of a typical bulk-tonnage open-pittable mining operation.
PRIVATE PLACEMENT INCREASED AND COMPLETED
The private placement of 1,050,000 units announced in SAMEX news release No. 5-99 dated March 23,1999 has been increased to 1,300,000 units. The Vancouver Stock Exchange has granted final acceptance and SAMEX has completed the private placement of the 1,300,000 units comprised of one common share and one warrant at a price of $0.40 per unit for proceeds of $520,000. The warrant will entitle the holder to purchase an additional common share at a price of $0.60 if exercised at any time during the two year term of the warrant which expires April 9, 2001. The 1,300,000 share/warrant units were issued April 15, 1999 and are subject to a hold period which expires August 9, 1999. The Company paid a finder's fee of $14,000 to Goepel McDermid Inc. The proceeds of the private placement will be used for drilling on the Eskapa silver-gold prospect in Bolivia and for general working capital.
Jeffrey P. Dahl - Vice Chairman
This News Release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995... so on and so forth... |
