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Gold/Mining/Energy : Gold & Gold Stock Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Eva who wrote (920)	12/4/2003 7:37:51 AM
From: bigbuk	Respond to of 29622

Holmer Gold releases Timmins gold assay results Holmer Gold Mines Ltd HGM Shares issued 41,330,024 Dec 3 close $0.59 Thu 4 Dec 2003 News Release Mr. John Robinson reports HOLMER GOLD MINES LIMITED: ADDITIONAL DRILL RESULTS CONFIRM RESOURCE EXPANSION AT THE TIMMINS GOLD DEPOSIT Holmer Gold Mines has released significant gold assay results from additional 25 drill holes and four wedge holes of the current gold resource expansion program on its 100-per-cent-owned Timmins gold project in Ontario. Three diamond drills are currently working on the property, which is under option to Lake Shore Gold Corp., the operator of the project. Dr. Sethu Raman, president of Holmer Gold, said: "The drilling results continue to show multiple gold zones with increasing grade and width that appear to confirm the potential of a gold mine on our Timmins property. In particular, the high-grade ultramafic zone could be larger than previously estimated. Lake Shore Gold is currently accelerating the multirig drilling program much sooner than expected." Additional drilling is under way on the adjoining property of Band-Ore Resources, which is also under option to Lake Shore. To date, two drill holes have been completed on the latter property and both have intersected the mineralized target. Under the terms of the Holmer-Lake Shore Gold agreement, Lake Shore Gold can earn an undivided 50-per-cent interest in the Timmins property by incurring exploration expenditure of $2.5-million, making cash payments of $250,000, issuing 150,000 Lake Shore Gold common shares over a three-year period and confirming that the property contains an indicated mineral resource of at least 500,000 ounces of gold. All adjoining properties within one kilometre from the property boundary acquired by Lake Shore, including Band-Ore option will become part of Holmer-Lake Shore Gold option agreement. Resource delineation program Holes TG03-04a and TG03-04b, TG03-11, TG03-19, TG03-19b, and wedge holes 97-50a and 97-50b, are all part of the continuing resource expansion program. The two wedge holes, 97-50a and 50b, were drilled on Section 4710E, as were previously released holes TG03-03 and TG03-04 (see news in Stockwatch Oct. 8, 2003), completing the delineation program on that section. These results confirm a large tonnage potential with mineralization in excess of five grams per tonne gold over 220 metres (0.15 ounce per ton gold over 721 feet) of dip length in the Footwall and Ultramafic zones at depths of 500 to 700 metres below surface. Both zones remain open. Hole 97-50a cut 7.9 grams per tonne gold over 2.6 metres and 12.6 grams per tonne gold over 3.8 metres, while 97-50b cut 7.4 grams per tonne gold over 5.3 metres, including 14.0 grams per tonne gold over 2.1 metres, as well as a deep intercept in the ultramafic intrusive of (uncut) 13.7 grams per tonne gold over 13.5 metres (0.4 ounce per ton gold over 44 feet), including 108 grams per tonne gold over 1.5 metres (3.15 ounce per ton over 4.9 feet). The wedges from TG03-04 were aimed at intercepting the Main zone at 400 metres below surface and cut narrow high-grade intercepts of (uncut) 175.4 grams per tonne gold over 1.5 metres (5.12 ounce per ton gold over 4.9 feet) and 330.5 grams per tonne gold over 1.5 metres (11.77 ounce per ton gold over 4.9 feet). Holes TG03-19 and TG03-19b were drilled to undercut hole 97-32 on Section 4825E and cut relatively weak zones in both the HW veins and Footwall zone with a best intercept of 5.5 grams per tonne gold over two metres in the Footwall zone. Hole From To Length Gold Section (m) (m) (m) (g/t) TG03-04a 419.9 421.5 1.5 175.4 4710E TG03-04b 420.9 422.3 1.5 330.5 4710E TG03-08 Abandoned due to azimuth TG03-11 404.7 406.8 2.1 7.4 4825E TG03-19 No significant results 4825E TG03-19b 615.0 616.1 1.1 5.6 4825E TG03-19b 625.2 629.0 3.9 1.4 4825E TG03-19b 638.0 639.0 1.0 10.7 4825E Includes 638.0 640.0 2.0 5.5 4825E TG97-50a 713.4 715.0 1.6 5.8 4710E TG97-50a 745.3 747.9 2.6 7.9 4710E Includes 745.3 746.8 1.5 12.4 4710E TG97-50a 752.2 753.8 1.6 6.8 4710E TG97-50a 760.4 764.2 3.8 12.6 4710E TG97-50a 937.7 939.2 1.5 9.8 4710E TG97-50a 937.7 938.2 0.5 26.9 4710E TG97-50b 708.1 710.3 2.2 5.0 4710E TG97-50b 746.3 751.6 5.3 7.4 4710E Includes 746.3 748.4 2.1 14.0 4710E TG97-50b 750.6 751.6 1.0 8.7 4710E TG97-50b 891.9 905.3 13.5 13.7 4710E TG97-50b 891.9 893.3 1.5 107.9 4710E Pit delineation program Holes TG03-12 to TG03-18 and TG03-20 to 33 were all drilled to fill in spaces in the near-surface drilling between sections 4912E and 5750E. The Main zone, a broad zone of strong quartz tourmaline veining, is close to surface between sections 4950E and 4912E, and was tested by holes TG03-23 to TG03-29. Drilling in these sections has confirmed the presence of wide zones of mineralization grading in excess of one gram per tonne gold at shallow depths. Holes TG03-13 to 18 and 20 to 22 tested a new area east of the Main zone where discrete high-grade quartz tourmaline veins and quartz carbonate veins, which are largely untested by drilling, have been exposed by stripping. Hole TG03-14 cut the V2 zone, with a cut grade of 15.8 grams per tonne gold over 4.5 metres (0.46 ounce per ton gold over 14.7 feet). (c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com