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Latest press release:
Miguela assay results
Essex Resource Corporation ESX
Shares issued 22,608,285 Mar 13 close $3.65
Fri 14 Mar 97 News Release
Ms Barbara Dunfield reports
The company has received assay results from the final seven holes of the
phase I drill program at the Miguela and El Porvenir concessions in Eastern
Bolivia. During 1996 the phase I drill program at Miguela successfully
identified at least two volcanogenic massive sulphide horizons which
underlie the near surface gold deposit discovered at the A zone.
Evaluation of the drill core has confirmed that the mineralization is
closely related to a least two felsic volcanic centres and is classed as a
volcanogenic massive sulphide deposit. Two mineralized horizons have been
identified; the A-1 horizon (formerly referred to as the West shear) and
the A-2 horizon (formerly referred to as the East shear).
Hole M-96-19, at the A-1 horizon, encountered two massive sulphide zones.
The upper zone from 110.8m to 112.8m depth returned 2.0m grading 3.4%
copper, 14.3 g/t silver, 0.4 g/t gold and 0.27% zinc. The lower zone, from
120.70m to 122.3m, intersected 1.6m with grades 0.03 g/t gold, 10.55 g/t
silver, 0.48% copper and 3.54% zinc.
Hole M-96-20 was drilled oh the A-2 horizon and encountered a sulphide zone
from 147.8m to 150.9m returning 3.1m grading 44.0 g/t silver, 1.45% copper,
0.44 g/t gold, 0.9% zinc and 0.8% lead. This interval includes a 0.73m
section that ran 98.4 g/t silver, 5.2% copper, 0.5 g/t gold, and 3.27%
zinc.
Hole M-96-24 encountered three zones of semi-massive to massive sulphides
in the A-2 horizon. The upper most zone from 39.6m to 54.9m returned 15.3m
with grades of 1.4 g/t gold and 8.1 g/t silver. A second zone between 53.3m
and 60.1m returned 6.8m with grades of 0.3 g/t gold and 40.3 g/t silver.
The lower zone between 66.8 and 69.4 returned 2.6m with grades of 0.43 g/t
gold, 3.64 g/t silver and 1.0% copper.
Due to difficult drilling conditions hole M-96-18, drilled at the south end
of the A-2 horizon did not reach the massive sulphide target zone.
Holes M-96-21, 22 and 23 were drilled to investigate the broad induced
polarization anomaly that traced the mineralized felsic horizon south
toward the El Porvenir concession. Resistivity measurements of the core
indicate that these holes did not intersect the source of the IP anomaly. A
trial horizontal loop electromagnetic survey was completed late in the 1996
season over the zones of known mineralization that lie within the IP
anomaly at the A zone and has proved an effective exploration tool for
defining massive sulphide targets. An extensive horizontal loop survey over
both the Miguela and El Porvenir concessions will commence shortly and will
be used to identify priority drill targets for massive sulphide
mineralization within the broad IP anomaly at El Porvenir.
Although many difficulties due to poor drilling conditions were encountered
with the drilling program at Miguela, the company is pleased with the
results. At the A zone, drilling tested the A-1 horizon for over 300m of
strike length and to a depth of approximately 100m, and the mineralization
remains open both along strike and to depth. The massive sulphide
mineralization at the A-2 horizon has been intersected over approximately
150m of strike length and to a depth of around 150m, and is also open along
strike and at depth. The mineralization in the A zone is characteristic of
many large Pre-Cambrian volcanogenic massive sulphide deposits and the gold
values returned from both the A-1 and A-2 horizons are significantly higher
than the average gold grade of similar massive sulphide deposits
world-wide.
Reconnaissance geological mapping just prior to the onset of the wet season
in December identified two new felsic volcanic centres, similar to the A
zone. One is in the south central portion of the El Porvenir concession;
the other lies approximately 1500m north of the A zone. Both are priority
targets for 1997.
The company is pleased with the results of the first full year of
exploration at Miguela and initial exploratory work on the El Porvenir
concession which has identified a near surface oxide gold deposit as well
as a new volcanogenic massive sulphide camp in the Pre-Cambrian Shield of
Eastern Bolivia. These are significant discoveries in an area of high
mineral potential. The 1997 field program will commence in early April with
emphasis on the delineation of the near surface oxide gold deposits at
Miguela and El Porvenir. Essex is well positioned in eastern Bolivia with
eight concessions totalling 74,000 hectares, and is well financed with in
excess of $15 million in the treasury.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
Cheers,
Pahww |
