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Gold/Mining/Energy : Canadian Rocket Red's Picks -- Ignore unavailable to you. Want to Upgrade?

To: Natasha_Kidd who wrote (3086)	2/4/2003 6:45:13 PM
From: Rocket Red	Respond to of 19697

Pacific Minerals Inc (C-PMZ) - News Release Pacific Minerals releases 217 project drill results Pacific Minerals Inc PMZ Shares issued 33,714,993 Feb 4 2003 close $ 1.61 Tuesday February 4 2003 News Release Mr. Rui Feng reports PACIFIC MINERALS' DRILLING CONFIRMS WIDESPREAD GOLD MIN ... Pacific Minerals has provided results from core drilling and metallurgical testing on its 217 gold project, located in Inner Mongolia, China. The drilling program at the main northeast gold zone (NGZ) has confirmed the continuity of the gold mineralization and demonstrated excellent economic potential for the development of a large, low-cost, open-pittable gold deposit. Preliminary metallurgical test results indicate the viability of using low-cost heap leaching or vat leaching method to recover the gold. Based on the results from the recent drilling, the tenor and grade of gold mineralization at the 217 project appear similar to that at the Fort Knox gold mine in Alaska, which has open pit mineral reserves of approximately 123 million tonnes grading approximately 0.96 gram gold per tonne. In 2002, the Fort Knox produced about 440,000 ounces of gold at a cash cost of approximately $200 (U.S.) per ounce. Drilling results The 2002 drill program tested the main NGZ, which is about 1,600 metres long and up to 200 metres wide. The NGZ is part of a larger mineralized zone that has been traced in outcrop for at least 4,000 metres. Twenty core drill holes, totalling 4,300 metres, were drilled between section lines 9900E and 10700E. The drilling clearly demonstrates that the gold mineralization is continuous at the NGZ, with the mineralized zone about 100 metres wide and extending downdip at least 280 metres. The NGZ is open both along strike and downdip. Two other holes, totalling 500 metres, tested two significant geophysical targets (GT) situated immediately to the south of the NGZ, and one hole was drilled to test the farthest western portion of the southwest gold zone (SGZ) (see the 2002 drilling plan map on the company's Web site). The SGZ, which is approximately 3,000 metres long, will be drill tested in 2003. SUMMARY OF CORE DRILLING RESULTS FOR THE 2002 EXPLORATION PROGRAM Line/ Hole/ East (m)/ North Dip Interval Interval Gold (m) (deg.) (m) (m) (g/t) 9900E DDH27 9896.65 9751.3 45 94.20-123.0 28.80 1.330 157.50-178.94 21.44 1.110 9900E DDH28 9897.65 9777 60 149.00-195.50 46.50 0.760 9950E DDH30 9949.52 9783.8 45 89.49-115.58 26.09 0.790 10000E DDH11 9999.05 9751.8 48 8.65-126.40 117.75 0.910 incl. 8.65-41.57 32.92 1.260 10050E DDH29 10046.8 9819.7 60 156.17-260.48 104.31 0.840 incl. 175.70-191.26 15.56 1.300 10050E DDH26 10047.3 9806.6 45 80.84-181.12 100.28 0.800 10100E DDH13 10098.9 9779.1 45 33.20-72.00 38.80 0.760 126.95-151.35 24.40 1.010 incl. 126.95-133.30 6.35 2.000 10100E DDH14 10098.5 9829.1 65 158.10-330.23 172.13 0.880 incl. 158.10-176.95 18.85 1.550 282.55-295.07 12.52 1.740 10150E DDH25 10150.6 9841.9 60 123.60-227.00 103.40 0.910 incl. 183.86-195.43 11.57 1.520 260.56-278.02 17.46 1.010 10200E DDH15 10197.1 9770.9 45 4.00-31.48 27.48 1.010 38.52-51.66 13.14 0.880 66.17-97.50 31.33 0.770 10250E DDH24 10248.1 9837.9 45 104.00-150.76 46.76 0.850 10300E DDH16 10297.3 9824.5 45 58.30-165.10 106.80 0.780 incl. 58.30-80.32 22.02 1.460 10300E DDH17 10297.1 9847.6 60 126.18-232.38 106.20 0.950 173.30-182.57 9.27 1.410 10350E DDH23 10349.2 9848.1 45 83.70-125.00 41.30 1.400 incl. 100.84-113.49 12.65 2.380 136.16-171.13 34.97 0.760 10400E DDH12 10400 9832.9 45 47.93-88.08 40.15 0.900 incl. 47.93-57.51 9.58 1.570 10450E DDH18 10451.1 9849.4 45 60.50-89.00 28.50 0.770 106.80-128.77 21.97 0.890 10500E DDH19 10496.9 9872.1 45 58.64-130.70 72.06 1.010 incl. 58.54-66.0 7.36 2.920 10650E DDH20 10652.6 9873 45 29.84-52.00 22.16 0.850 85.31-110.90 25.59 0.850 10650E DDH21 10648 9904.8 60 140.00-171.70 31.70 0.780 10700E DDH22 10700.2 9897.5 60 71.0-97.63 26.63 0.870 124.00-147.14 23.14 0.740 SGZ DDH33 7207.89 9751.2 45 112.30-122.30 10.00 1.48 GT DDH31 10208 9453.4 45 no mineralization GT DDH32 7208.77 9750.7 45 no mineralization The recovered HQ-size drill core (95-per-cent recovery rate) was split by rock saw. Half was sampled in one-metre-to-two-metre intervals. The remaining half of the split is stored on site for inspection. Samples were crushed to minus 10 meshes in size at a nationally certified Chinese laboratory near Beijing. Crushed samples of 500 grams were then shipped to ASL Chemex Ltd. in Vancouver, B.C., for final analysis. The samples were assayed for gold by screened metallic fire assay to minimize any nugget effect. Metallurgical test results Preliminary metallurgical tests were conducted by SGS Lakefield Research Limited in Lakefield, Ont., on both sulphide and oxide samples to determine the general ore composition and to evaluate the metallurgical response. One tonne of sulphide composite was obtained through old drill core from multiple locations. An oxide composite was obtained from samples taken from several surface mining pits. The testwork included a standard bond ball mill grindability test, gravity separation on the sulphide composite, cyanide leaching on both sulphide and oxide samples, and cyanide leaching on the sulphide-gravity tailing. Results of the heap leach tests will be released when results are received. The cyanidation-leaching test on the sulphide samples yielded a gold recovery of 97.7 per cent. A similar gold recovery (97.2 per cent) was achieved with a combined process of gravity separation and cyanidation at similar grind size (70 metres), in which 58.8 per cent of gold can be recovered by gravity methods. Direct cyanide leaching on oxide composite sample achieved a gold recovery of 87.7 per cent. The preliminary test results indicate that the metallurgical properties of the 217 gold project are simple and gold can be effectively extracted with low-cost processes. The test results have enhanced the potential economic viability of the project. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com old url (better for printing)