newswire.ca
San Telmo Resources Ltd. announces property update
VANCOUVER, May 26 /CNW/ - Mr. Chris Dyakowski, President of San Telmo
Resources Ltd., is pleased to announce that the nine properties that the
company has applied for in recent months in the Province of Santa Cruz,
Argentina are being processed by the Direccion de Mineria in Rio Gallegos,
Santa Cruz and formal granting of the concession rights is anticipated within
the next six months. The areas that were applied for have been reserved for
the Company and a preliminary evaluation of the properties has been conducted
with encouraging results having been announced.
San Telmo Resources Ltd. has acquired a 100% interest in 29,500 hectares
in the Deseado Massif region of Santa Cruz Province, Argentina. The
exploration targets for the area are structurally controlled low sulphidation
epithermal gold-silver deposits similar to the Cerro Vanguardia Mine
(Anglogold) and bonanza silver deposits similar to Blackhawk Minings'
(BHK:TSE) Manantial Espejo and Yamana Reources' (YRI:TSE) Bacon property.
The Eggs property is a single claim of 1450 hectares underlain by highly
altered Chon Aike formation rhyolitic ignimbrites and is located 2.5 km from
Yamana Resources' (YRI:TSE) Bacon property. Yamana announced on 25 May, 1999
spectacular drill results, including a 5.1 meter drill intercept of 3,972
oz/ton silver. The phenomenal grades of the silver pockets of Bacon's Veta
Marta can be compared with famous bonanza ore pockets found in historical
mining districts, such as Creede, Colorado and Comstock, Nevada (Yamana's News
Release of 25 May, 1999). San Telmo Reources anticipates that the Eggs
property will be the subject of a detailed field examination in the coming
months. (See property maps www.santelmoresources.com)
San Telmo's Crown Jewel/El Condor/Falcon package of 14,956 hectares is
located in the eastern part of the Deseado Massif epithermal gold-silver
district of Santa Cruz and is contiguous to Yamana's Martinetas property and
approximately 35 km from the Cerro Vanguardia gold mine. The previously
announced assay results of 3.41 g/t gold, 22.79 g/t gold and 131.93 g/t gold
obtained from the El Condor property (15 April news release) have created
significant interest from senior mining companies and several property visits
have been carried out recently.
SAN TELMO RESOURCES LTD.
(signed)
------------------------
C. Dyakowski
The Vancouver Stock Exchange has neither approved nor disapproved the
information contained herein.
|
