Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Sun River Mining (SUNR) -- Ignore unavailable to you. Want to Upgrade?

To: javajake who wrote (1592)	10/27/1999 5:57:00 PM
From: zenin	Read Replies (1) \| Respond to of 1650

Wednesday October 27, 3:57 pm Eastern Time Company Press Release Sun River Releases Drilling Results for Clavo Rico Project, Honduras DENVER--(BUSINESS WIRE)--Oct. 27, 1999-- SUN RIVER MINING, INC. (OTCBB: SUNR - news), in early August of 1999 completed a reverse circulation rotary drilling program on the Clavo Rico Property, southern Honduras. The drilling program tested oxide gold mineralization in the main shear zone currently undergoing production by Compania Minera Cerros del Sur, S. de R.L. de C.V., and a suspected satellitic zone located approximately 1,000 feet to the north. A total of 1,286 feet of drilling and twelve drill holes were completed, consisting of six drill holes in each of the two indicated target areas. WILLIAMS TUNNEL AREA In the main shear zone, all six holes were drilled from a single large drill site excavated near the hanging wall of the shear zone and approximately 95 feet vertically above the currently active mine entry (Williams Tunnel). Two of the six drill holes entered mine voids left by earlier underground workings and were unable to test a complete cross section of the mineralized zone. Results of the completed holes in the main shear zone are tabulated below. Hole Direction Inclination From To Interval Gold Assay, No. (degrees) (Feet)(feet) (feet) oz./ton 4 S 8 degrees E -80 degrees 0 54 54 0.060 4 S 8 degrees E -80 degrees 74 108 34 0.030 5 S 8 degrees E -43 degrees 0 70 70 0.115 7 S 50 degrees E -44 degrees 0 52 52 0.018 7 S 50 degrees E -44 degrees 61 96 35 0.016 8 S 67 degrees W -43 degrees 16 86 70 0.072 9 S 40 degrees W -47 degrees 0 93 93 0.070 Drill hole 4, inclined at an angle of -80 degrees directly beneath drill hole 5, passed through the top of an active mine opening (stope) and re-entered bedrock for some 34 feet before being terminated. Above the stope the hole penetrated 54 feet of oxide mineralization; below the stope, the hole recovered 34 feet of largely unoxidized footwall mineralization. Drill hole 6 encountered mine workings at 50 feet depth and was terminated; the recovered interval of 50 feet yielded an average gold grade of 0.031 oz./ton. Drill hole 7 did not recover drill cuttings from 52 to 61 feet depth (passed through top of open stope). NORTH EXTENSION In the newly confirmed northern zone, previously referred to as the North Extension, a total of six holes were drilled. These drill holes substantiated earlier investigations by Sun River geological personnel that indicated the northern mineralization is derived from the upper part of the main zone, and has been relocated to its present position by low angle faulting and/or landslide displacement. Drill holes 1 and 2 are approximately 45 feet apart, and drill hole 2 was oriented and inclined so as to pass under drill hole 1 at a depth of approximately 40 feet and continue on to test the mineral zone to the north. Drill hole 3 is located approximately 100 feet south of hole number 2. Drill hole 10/10a is located approximately 270 feet southwest of hole number 1. Drill holes 11 and 12 are located approximately 380 and 550 feet south of hole number one. Results from the completed holes with significant intercepts are tabulated below. Hole Direction Inclination From To Interval Gold Assay, No. (degrees) (Feet) (feet) (feet) oz./ton 1 Vertical Vertical 20 73 53 0.026 2 N 11 degrees W -45 degrees 10 80 70 0.067 10a Vertical Vertical 0 49 49 0.035 10 Vertical Vertical 55 79 24 0.020 Drill hole 3 was abandoned at 23 feet in material grading 0.015 oz./ton gold due to lack of return circulation. Drill hole 11 penetrated the edge of the mineralized zone and encountered gold grades of less than 0.015 oz./ton. Drill hole 12 fell outside the mineralized block and penetrated a thick section of essentially barren residual soils and clay. Analysis of the drilling results has confirmed Sun River's original interpretation that the mineral potential at Clavo Rico should be capable of supporting production at a rate of approximately 4,000 ounces of gold per year, for a minimum mine life of four to five years. Although the present drilling program did not encounter the very high grade intercepts as historically mined at Clavo Rico (multi-ounce), it is the opinion of management that such bodies will be encountered in mining, and if encountered, would ultimately add to the projected grade and total ounces of gold recovered. In addition, Sun River geological personnel remain confident that presently known and untested oxide gold targets on the mine property could add substantially to the presently defined gold mineralization. One target along the westerly extension of the main shear zone, the area above the now collapsed Clavo Rico tunnel, is thought to have the potential to host an oxide gold resource equal to, or greater than, the presently identified mineralized zones. Additional information regarding Sun River is available on the Company's web site at www.sunrivermining.com. ON BEHALF OF THE BOARD OF DIRECTORS Steven R. Davis, President & CEO Sun River Mining, Inc. 350 Indiana St., Suite 800 Golden, CO 80401 Tele: 303/384-3415 Contact: Sun River Mining, Inc., Golden Steven R. Davis, 303/674-3071 E-mail: geosrdavis@att.net