Southern Africa Minerals Corporation - Zinc And Copper At Caber North
TORONTO, ONTARIO--
- The company is pleased to report that drill hole NCB-99-71 has
intersected two zones of zinc-copper-silver massive sulfide
mineralization extending the "B" and Intragabbro zones at Caber
North. Assays of 5 percent zinc, 1.4 percent copper and 51 g/t
silver over 5.5 meters and of 1.3 percent zinc, 1.3 percent
copper and 11.9 g/t silver over 4.5 meters have been obtained.
The following is a list of significant results from Caber North.
/T/
---------------------------------------------------------------
Hole No. (Core Zn Cu Ag Au Zone Section Elevation
Length) percent percent g/t g/t
metres
New hole:
NCB-99-71 1) 5.5 5.0 1.4 51.0 0.10 B Zone 9600 S -375 m
2) 4.5 1.3 1.4 11.9 0.13 Intra 9600 S -400 m
Previous
Holes:
CB-95-21 9.6 8.2 0.2 20.5 B Zone 9500 S -250 m
incl. 5.0 14.2 0.05 27.0
CB-95-25 1) 3.1 8.0 0.06 14.9 B Zone 9500 S -350 m
2) 9.3 7.9 0.5 23.3 Intra 9700 S -450 m
3) 6.1 1.6 2.2 21.8 A Zone 9700 S -500 m
incl. 4.0 3.3
CB-95-28 10.0 2.1 2.6 17.8 A Zone 9700 S -550 m
incl. 6.6 3.3
CB-95-26 15.7 2.6 2.3 15.6 C Zone 10000 S -300 m
1) 4.5 7.1 0.8 16.0
2) 5.5 0.7 4.7 19.3
---------------------------------------------------------------
Longitudinal section available upon request.
/T/
- The potential of the Lower (Key) Tuffite zone for a new
discovery at Caber North has also been enhanced by the
intersection, on section 9700S at elevation - 550 m, of a thick
sequence of talc-chlorite alteration in drill hole NCB-99-72. In
the Matagami camp, talc is the most altered phase of feeder zone
alteration and is usually found immediately beneath massive
sulfide deposits. A down hole pulse EM survey is in progress.
- Drill holes NCB-99-56 and NCB-99-69, drilled below the Caber
deposit at the -600 meter elevation on sections 11750 S and 11550
S, respectively (the holes are 200 meters apart), have both
intersected the favorable Key Tuffite horizon opening up new
exploration potential 300 meters below the Caber deposit. The
horizon appears to have been displaced to the east some 200
meters. More drilling is planned. The final feasibility study on
the Caber deposit is expected in May, 1999.
Noranda Inc. can earn up to a 70 percent interest in the property
by bringing the property to production, incurring $6.0 million in
work expenditures and making $2.85 million in private placements
in the company over a four-year period. To date, Noranda has
subscribed for $800,000 worth of SAF's shares at $1.38/share. The
next placement, due on June 15th, 1999, is for $400,000 worth of
shares at $1.72/share. Southern Africa Minerals and Noranda are
co-managers of the project during the exploration phase.
Please note the company's annual meeting is on Tuesday, May 25th,
1999.
THE PRESS RELEASE WAS PREPARED BY SOUTHERN AFRICA MINERALS
CORPORATION WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY.
NO STOCK EXCHANGE OR ANY REGULATORY AUTHORITIES OR SIMILAR BODY,
HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Southern Africa Minerals Corporation
Denis Francoeur
President and C.E.O.
(416) 365-0250
southernafrica.net
E-mail: samc@southernafrica.net |
