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Diamond Drill Results Indicate Major Gold/Copper Discovery in Chile
LAKE ELSINORE, Calif.--(BUSINESS WIRE)--April 27, 1999--Six diamond drill holes have been completed at Alto de Lipangue, Chile that confirms a major gold/copper hydrothermal system hosting high-grade, bulk tonnage ore.
Significant assay results from these holes are as follows:
Diamond Drill Hole Interval Width Gold Copper Silver
Number From To M Ft g/t % g/t
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DDH 99-03 92 238 147 485 1.13
91 163 72 237 0.466
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Including 97 108 11 36 3.71
113 159 46 151 2.01
91 127 36 118 0.775
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DDH 99-05 103 288 185 610 0.74
107 113 6 19.5 1.41
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Including 107 113 6 19.5 11.68
130 131 1 3.3 33.67
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DDH 99-06 27 193 166 548 0.61 0.38
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Including 39 51 12 39.6 1.48
62 89 27 89 1.32 0.90
38 77 39 128 32.56
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As a result of the Diamond drill holes to date, proving that Alto de Lipangue is at least 100 meters X 100 meters, open in all directions and depth, several major International Mining companies are conducting on-site examinations.
DDH 99-01 - drilled vertically to 70 meters to test a small geological IP target outside and west of a larger IP anomaly. This target proved to be a pyrite halo zone in andesite rock. Anomalous gold values were returned in assays.
DDH 99-02 - drilled vertically, to 250 meters approximately 200 meters east of DDH 99-01, on the edge of a large IP anomaly. This hole intersected the flank of a granodiorite intrusive, the target rock, and continued in granodiorite to the depth of the hole. At a depth of 100 meters, sulfide mineralization includes pyrite, molybdenite and chalcopyrite. Assays confirm the presence of copper and gold in low, but significant, values over a continuous thickness of approximately 140 meters (462 feet).
DDH 99-03 - drilled vertically to 297.5 meters, approximately 250 meters southwest of DDH 99-02, at the centre of the large anomaly. Continuous breccia, silicification and mineralization including massive pyrite and chalcopyrite were observed from a depth of 91 meters to the bottom of the hole at 297.5 meters.
DDH 99-04 - drilled 115 meters northeast of DDH 99-03 at an angle of -60% and was abandoned due to mechanical problems caused by broken ground, faulting and fracturing that resulted in the loss of four drill bits. The hole was abandoned at 210 meters. Assays confirm the presence of copper and gold in low, but significant values over a core length of approximately 182 meters.
DDH 99-05 - drilled vertically to 348 meters, 25 meters southwest of DDH 99-03. Significant gold/copper mineralization was encountered from 103 to 288 meters (610 feet).
DDH 99-06 - drilled vertically to 293 meters, 25 meters north of DDH 99-03. Continuous breccia, silicification and chalcopyrite mineralization was observed from a depth of 38 meters to 189 meters.
All assay work is contracted to a North American lab, Acme Analytical. Verification assays are done routinely and immediately. Pulps from the assays have been retained and half of the drill core for analysis and inspection.
Drilling continues at Alto de Lipangue to test the continuity along strike. In addition, Medinah is currently drilling its first holes on the Las Dos Marias. Two holes have been completed and will be released when available.
Medinah Energy, Inc. explores for gold properties that have the potential to host sizeable ore deposits. Its principal asset is the newly discovered Alto de Lipangue property in Chile. In addition, the Company holds significant land holdings in the Andacollo region of Chile adjacent to Dayton mining's Andacollo mine. The Company's shares trade on the OTC Bulletin Board under symbol ''MDIN''.
Note: This News Release may contain certain ''forward-looking statements'' within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Medinah Energy, Inc. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future could differ materially from those anticipates in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading ''Risk Factors'' and elsewhere in documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
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