May 12, 1999
JOINT NEWS RELEASE
INTERNATIONAL CAPRI AND SILVER KING ANNOUNCE ASSAY
RESULTS AND PROGRESS ON ZACUALPAN PROJECT
International Capri Resources Ltd. ("Capri") and Silver King Resources, Inc. ("Silver King") (formally known as Arngre, Inc.) are pleased to
announce that Capri and Silver King, along with their joint venture partners International Capri Resources, S.A. de C.V. and Zacualpan Minerals,
LLC., have completed 4 drill holes of a first phase 20 hole drill program on its Zacualpan project located in the Zacualpan Mining District in the
Zacualpan Municipality of Mexico, 94 km directly southwest of Mexico City, near the northern Guerrero stateline. To date, two vein structures,
Quinto II and Nogale, which were identified as I.P. (Induced polarization) anomalies have been tested by 2 holes each and a third hole is still in
progression the Nogale structure. All holes including hole #5 on the Nogale structure have intersected sulfide mineralization. Assays have been
completed for holes 1 and 2 and portions of holes 3 and 4. The most significant intervals to date are from a 24.9 meter sulfide zone in hole #2 drilled
into the Quinto II structure and are as follows:
Hole #2 - Quinto II structure
Zone
Interval (m)
%Pb
%Zn
gm/tonne Ag
gm/tonne Au
Upper
31.1-34.4 (2.7)
0.49
1.35
139.2
0.06
Middle
48.49-50.60 (2.11)
0.12
0.48
56.99
0.07
Lower
54.95 (1.13)
1.06
3.63
199.7
0.11
Another thinner zone was intersected deeper in the hole
Thinner zones of sulfides carrying lead zinc and silver values were encountered in holes 1.3 & 4 indicating the continuity of structures over the 100
meters between holes 1 & 2 and between holes 3 & 4. High-grade ore shoots are contained within such structures within this mining District. Such
structures can widen from a few centimeters to 1-3 meters of horizontal distance.
The current drill program is designed to test, in a preliminary manner, the potential of several vein structures outlined by a substantial I.P.
Geophysical survey. Detailed drilling of potential reserves contained in the more prospective structures will follow. All assaying is being conducted
by Acme Laboratories of Vancouver using fire assay techniques following a 30 element ICP scan. Core materials are shipped to G.M. Lacme
Laboratorios de Mexico in Guadalajara for preparation, with analytical work being conducted in Vancouver. Core reference splits (1/2) are retained
for reference at the project headquarters. Pulps and rejects are stored by Acme for reference.
The Zacualpan district has had production for over 300 years with one current modern operation continuing production. Very little modern
exploration by indirect techniques (geophysics) has been undertaken and much of the region has never been drill tested. Little exploration below
the water table has ever been undertaken.
The Companies are please with progress of the drilling program to date and will continue update, as assay results are available
On May 10, 1999 the VSE accepted for filing, the Joint Venture and Subscription agreement dated March 19,1999 between International Capri
Resources Ltd., International Capri Resources, S.A. de C.V. ("ICRM"), Silver King Resources, Inc. (formally known as Arngre, Inc.) and Zacualpan
Minerals, LLC.. International Capri Resources will sell to Silver King Resources, Inc. 60% of the capital stock of ICRM (38,214 shares), and to
Zacualpan minerals , LLC., 20% of the capital stock of ICRM (12,738 shares). ICRM is a wholly owned subsidiary of International Capri Resources
Ltd., which owns rights on Mexican properties in the Zacualpan Mining District. In consideration for this Joint Venture, Silver King Resources Inc.
has deposited with ICRM, US$393,750 and Zacualpan Minerals, LLC. has deposited with ICRM US$131,250 to fund exploration and development
expenditures by ICRM.
International Capri Resources Ltd.
Silver King Resources, Inc.
Per: "Alan Stier"
Per: "Stephen Harington"
__________________________
__________________________
Alan P. Stier, President
Stephen Harrington, President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the Adequacy of the
contents of this news release |
