NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: MADISON ENTERPRISES CORP.
VSE SYMBOL: MNP
MAY 6, 1999
Madison Outlines Significant Expansion to Mineralized
Zones at Mt. Kare
VANCOUVER, BRITISH COLUMBIA--
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HIGHLIGHTS
- DRILLING CONTINUES TO RETURN EXCELLENT RESULTS INCLUDING:
51.0m at 5.9 g/t gold eq. in hole number 178, including 12.0m
at 18.4 g/t gold eq., adds value to the existing model of the
Central Zone
67.5m at 3.2 g/t gold eq. in hole number 164 which extends the
C9 Zone.
- MINERALIZED ZONES EXPAND BEYOND REPORTED RESOURCE
- CENTRAL ZONE MINERALIZATION NOW OVER 1 KM LONG MAY MERGE
WITH BLACK ZONE.
- NEW TARGETS EMERGING OUTSIDE THE MT. KARE RESOURCE
/T/
Madison Enterprises Corp. ("Madison") is pleased announce results
from 13 additional diamond drill holes and from 3 trenches, all of
which expand the limits of previously defined mineralization at
Mt. Kare through step-out drilling and from drill testing gaps
within the existing resource model.
Recent drilling was directed at expanding the initial resource
estimate prepared by Watts, Griffis and McOuat ("WGM") which, at a
1.0 g/t gold equivalent cut-off, was:
- 20.4 million tonnes grading 5.6 g/t gold and 28.7 g/t silver
(totalling 4.0 million ounces gold equivalent) without the cutting
of any individual gold assays.
- 20.1 million tonnes grading 2.4 g/t gold and 28.8 g/t silver
(totalling 1.87 million ounces gold equivalent) with all
individual gold assays greater than 30 g/t cut to 30 g/t.
The initial resource estimate was released November 26, 1998 and
included up to hole 110. Madison has since released results for
72 additional holes. Drilling will continue to target further
expansion of the resource and initial testing of newly developed
outlying targets.
C9 Zone
Two holes tested the deeper C9 Zone mineralization which is
believed to represent a feeder system for the Western Roscoelite
("WRZ"), Black and Central Zones. Hole 164 encountered 67.5m of
2.85 g/t gold and 19.1 g/t silver, including a higher grade
interval of 25.5m grading 4.75 g/t gold and 26.2 g/t silver. Hole
177 intersected multiple zones of moderate grade mineralization
including 48.0m grading 1.75 g/t gold and 5.3 g/t silver.
Western Roscoelite Zone
Holes 172, 173 and 174 were targeted at expansions of the WRZ to
the northwest. Hole 173 intersected 43.5m grading 1.40 g/t gold
and 5.6 g/t silver. Hole 174 intersected 12.0m grading 2.33 g/t
gold and 7.6 g/t silver. Hole 172 was drilled in a gap where
faults are believed to have offset the zone to the west.
Holes 180, 181 and 182 outlined significant extensions at the
southern limit of the WRZ confirming the potential for the WRZ to
continue along strike to the southwest.
Major New Expansions to Central Zone Mineralization
Hole 178 stepped out 75 metres behind hole 146 (39.0m of 3.8 g/t
gold and 62.2 g/t silver followed by 24.0m of 11.8 g/t gold and
38.2 g/t silver). These holes test a gap within the existing
resource model. Hole 178 encountered 51.0m of 2.46 g/t gold and
190.0 g/t silver, including 12.0m of 7.72 g/t gold and 581 g/t
silver, and this strong mineralization remains open to expansion.
Follow-up work on the 150m by 50m surface geochemical anomaly,
discussed in Madison's March 31, 1999 release, has further
expanded the Central Zone to the north and east (see attached
map). Ongoing exploration is defining a 1,000m long expansion in
excess of 100 m wide to the previously known Central Zone
mineralization through trenching, drilling and surface mapping.
On the southern end of this zone hole 176 encountered multiple
zones of gold mineralization including 30.0m grading 1.87 g/t gold
and 7.2 g/t silver, and a 1.5m interval of 11.73 g/t gold and 4.8
g/t silver. Trench 80, excavated in the same area, returned
40.0m of 2.82 g/t gold and 2.7 g/t silver.
In the vicinity of trenches 81, 82 and hole 171, the zone swings
to the east towards the Black Zone and the base metal content of
the mineralization increases, which is characteristic of the Black
Zone.
- Trench 81 encountered 45.0m grading 3.56 g/t gold and 5.4 g/t
silver, including 15m grading 7.4 g/t gold and 4.2 g/t silver.
- Trench 82 encountered 55.0m grading 1.56 g/t gold and 2.7 g/t
silver.
- Hole 171 encountered a 79.5m interval grading 1.60 g/t gold and
10.2 g/t silver.
This latest work indicates that the Central and Black Zone
mineralization merge. Ongoing work to the east, between the two
zones is confirming this geological model and the potential for
very significant additional expansions to the resource.
Regional Exploration
A program of ground magnetic and VLF geophysical surveying over
the Pinuni and Orosa targets will be completed this week and
interpretation of that data is in progress. Work to date is
defining several strong magnetic anomalies and VLF conductors.
The Pinuni Target is located 1km east of current drilling and the
Orosa target is located 3.5 km to the east of current drilling.
Significant alluvial gold resources occur in both of these areas
and surface exploration has confirmed that the alluvial gold was
derived from a unique local hardrock source, which is separate
from the mineralized zones drilled to date at Mt. Kare.
Attached to this news release is a hole location map and a table
listing the significant drill and trench results. Drilling and
surface exploration are continuing at Mt. Kare and Madison
believes that the short term potential for major expansions to the
mineralized zones is considerable. Madison holds a 65 percent
interest in Mt. Kare and is operator of the exploration program.
On behalf of the Board of Directors of
MADISON ENTERPRISES CORP.
Nell Dragovan, Chairman
/T/
Mt. Kare - Table of Significant Drill Hole Results May 6, 1999
Hole Section Azimuth/Dip from to Interval Au Ag Au eq.
No. (degrees) (m) (m) (m) g/t g/t g/t
164 0+95E 135/-50 109.5 114.0 4.5 1.11 47.3 1.98
276.0 343.5 67.5 2.85 19.1 3.20
incl 297.0 322.5 25.5 4.75 26.2 5.23
171 4+75E 315/-65 22.5 102.0 79.5 1.60 10.2 1.78
incl 24.0 46.5 22.5 2.87 11.5 3.08
173 1+90E 225/-45 30.0 73.5 43.5 1.40 5.6 1.50
incl 61.5 64.5 3.0 6.44 6.5 2.60
174 1+90E 270/-50 33.0 45.0 12.0 2.33 7.6 2.47
176(x) 1+00E 315/-65 7.5 10.5 3.0 3.15 24.5 3.60
19.5 21.0 1.5 11.73 4.8 11.81
136.5 166.5 30.0 1.87 7.2 2.01
incl 150.0 166.5 16.5 3.06 9.9 3.24
214.5 217.5 3.0 1.26 1.3 1.28
262.5 270.8 8.3 0.81 4.5 0.89
177 1+30E 135/-75 0.0 4.0 4.0 0.63 4.0 0.71
11.0 14.0 3.0 1.25 2.4 1.29
33.0 34.0 1.0 4.59 31.0 5.16
177.0 225.0 48.0 1.75 5.3 1.85
incl 216.0 223.0 7.0 4.79 12.7 5.03
233.0 279.0 46.0 0.93 4.1 1.01
incl 238.0 246.0 8.0 2.05 9.1 2.22
285.0 322.0 37.0 0.86 3.8 0.93
incl 285.0 304.0 19.0 1.18 5.0 1.28
421.0 427.0 6.0 2.63 3.9 2.70
178(x) 1+30W 315/-60 26.0 77.0 51.0 2.46 190.0 5.94
incl 28.0 71.0 43.0 2.81 215.9 6.77
incl 29.0 41.0 12.0 7.72 580.8 18.37
180 2+75W 315/-90 0.0 9.0 9.0 1.47 188.9 4.93
181 3+55W 315/-90 29.0 36.0 7.0 1.22 37.1 1.90
182 3+30W 315/-90 21.0 37.0 16.0 0.27 76.7 1.67
77.0 88.0 11.0 1.06 179.8 4.36
incl 77.0 79.0 2.0 3.27 243.0 7.72
(x) holes terminated in mineralization
Mt. Kare - Table of Significant Trench Results May 6, 1999
Trench Section from to Interval Au Ag Au eq.
No. (m) (m) (m) g/t g/t g/t
80 1+60E 50.0 90.0 40.0 2.82 10.3 3.00
81 4+40E 0.0 45.0 45.0 3.56 5.4 3.00
incl 0.0 15.0 15.0 7.40 4.2 7.48
82 4+75E 30.0 85.0 55.0 1.56 2.7 1.61
/T/
NOTE: Location map available by contacting the Company at the
number listed in the contact information. |
