Good timing on your question ROOKIE because here it is:
Friday February 28 9:49 PM EDT
Delgratia Mining - Coco Mina Program Underway/First Nevada Drill Results
VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 28, 1997-- Delgratia Mining Corp -- Your Board of Directors is pleased to report that exploration work has started on the Coco Mina Project, Nicaragua and the first drill results are available from the Nevada Project, USA.
COCO MINA PROJECT
The Coco Mina Project (100 percent owned by Delgratia) contains a semi-massive sulphide deposit situated within the central part of an extinct volcano. Past exploration and metallurgical work during the 1970's through a series of 30 diamond drill holes, followed by bulk sampling from numerous underground adits, outlined a reserve of 1.7M ounce gold equivalent (gold and zinc) amenable to good recoveries using conventional flotation methods. The current known extent of this deposit occupies but 1/25 of the known sulphide mineralization zone outlined by previous induced polarization, geochemical and other sampling work. This means that enormous volumes of rock remain to be tested within the volcanic pile containing the Coco Mina deposit.
The gold mineralization occurs within a pyritized breccia zone, which has been traced over an area some 3500 feet east-west by 2500 feet north-south and to depths greater than 1000 feet. It is within this pyrite envelope and others yet to be discovered that more reserves and feeder zones to the current reserves are expected to be found. To this end, additional induced polarization work is underway to explore the entire volcano in search of other pyritic zones which may be auriferous. Concurrent with this, a diamond drill program using triple tube methods for maximum core recovery will be undertaken to search for more reserves to depths of 2500 feet. Field crews are on the property to begin the geophysical work with a 25,000 foot drilling program expected to commence in April, 1997. The aim of this program is to more than triple the current reserves to greater than 5M ounce gold equivalent.
NEVADA PROJECT
Results from the first 3 holes drilled on the 9,000 acre Nevada gold project are now available. These holes are the first of a 75,000 foot drilling program designed to test the horizontal and vertical extent of the gold mineralization found within an area some 1600-6000 feet wide by 18,000 feet long. All drill holes are vertical using reverse circulation equipment. The results are as follows:
Gold Assays
Drill Hole No. Hole Depth Gold Zone opt g/t
1 440' 0 - 440' .084 2.88
including 0 - 160' .122 4.17
2(x) 1180' 0 - 600' .033 1.12
including 350 - 580' .044 1.49
3 1005' 0 - 880' .071 2.43
including 0 - 50' .146 4.99
190 - 400' .060 2.04
550 - 750' .186 6.37
Note: (x) Remainder of Hole 2 below 600' awaiting assay.
These first holes are part of a series to be drilled along a fence line cross cutting the southern section of the gold anomaly where it is 6,000 feet wide. Hole 2 is 300 feet west of Hole 1 and Hole 3 is 3700 feet easterly from Hole 1. Assay results from the remainder of Hole 2 will be released when completed.
Delgratia has set aside $5M from its current working capital to fund this initial 75,000 foot drill program. The company currently owns a 40 percent interest in the Nevada Project and can increase its interest to 70 percent over the next 2 years.
ON BEHALF OF THE BOARD
Dr. Charles A. Ager, P.Eng, P.Geo
Chairman and President
CONTACT: Delgratia Mining Corporation
Dan Palikrousis, 604/685-7933
604/685-8109 (FAX)
or
Delgratia Mining Corporation
Dean Eyman, 604/685-7933
604/685-8109 (FAX)
or
Delgratia Mining Corporation
Kyle Washington, 604/685-7933
604/685-8109 (FAX)
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