(COMTEX) B: Boulder Mining - Reconnaissance drilling confirms gold discovery and widespre
d evidence of a major IOCG system Website: bouldermining.com E-mail:
ouldermining(at)bouldermining.com ( Canada NewsWire )
VANCOUVER, Jan 23, 2004 (Canada NewsWire via COMTEX) -- John H. McAdam,
President of Boulder Mining Corporation (V:BDR) is pleased to announce the
results of the initial phase of a reverse circulation drilling program completed
in early December, 2003 at the Tevrede Iron Oxide Copper Gold ("IOCG") Project
in northwestern Namibia. This drilling program (2690 meters in 20 holes) was
designed to test some of the many IOCG targets outlined on the Tevrede Property.
Two holes (1, 2) were drilled in the Quartzite Ridge area. Hole 3 was drilled
into the Ponded Mag anomaly. Six holes (4, 14, 15, 16, 18 and 19) were drilled
in and around the ten square kilometre main gravity anomaly representing a
drilling density of less than one hole per square kilometer. Hole 5 was drilled
in the Western Breccia area. Three holes (6, 7 and 17) were drilled in the
Discovery Area. Six holes (8-13) were drilled over about a kilometer strike
length on the Azurite Hill gold zone and hole 20 was drilled in the Far East
anomaly.
HIGHLIGHTS OF THE DRILLING PROGRAM
1: AZURITE HILL GOLD DISCOVERY CONFIRMED:
The Azurite Hill gold zone is a structural corridor traceable on surface for
over 2 kilometers and located in the western portion of the property. The
structural corridor is defined by a series of previously announced high grade
gold surface grab samples which returned values of 10, 30.8, 51 and 88.5 grams
per ton (gpt) of gold. Hole 13 was drilled across a 60 meter wide strongly
sericite hematite altered corridor and was successful in confirming both the
high grade and possibly, the bulk tonnage potential of the system.
Three distinct multi-gram intervals (including a high grade meter wide interval
of 15.6 gpt gold) can be averaged into 21 m wide interval grading 1.15 gpt gold
beginning at a depth of 27 metres (includes low grade intervening material). The
breakdown of intersection is presented below:
------------------------------------------------------------
Hole 13 From - To Interval Gold Grade
(m) (m) (gpt)
------------------------------------------------------------
27 - 48 21 1.15
------------------------------------------------------------
including 27 - 32 5 4.04
------------------------------------------------------------
Including 27 - 29 2 9.79
------------------------------------------------------------
Including 42 - 43 1 2.30
------------------------------------------------------------
and including 47 - 48 1 1.05
------------------------------------------------------------
Hematite, a dense iron mineral, appears to be an important indicator of gold.
The hematite content within the sericite altered mineralized zone in Hole 13
ranges from 3 to 15 % but not in sufficient overall quantity as to standout in
the gravity survey. Importantly, the Azurite Hill corridor trends directly into
the center of a distinct gravity anomaly (possibly caused by the presence of
large quantities of hematite accompanied by gold) some 800 meters to the south
of Hole 13. This gravity anomaly has not yet been tested.
Hole 10 targeted the same corridor and was collared some 880 meters north of the
hole 13. intercept. Hole 10 intersected a similar alteration envelope around a
10 meter highly anomalous (up to 0.37 gpt of gold) mineralized zone. Although
the higher grade mineralization was not pierced by the drill hole, surface
samples of 88.5 gpt and 10.0 gpt gold in this area indicate the possibility that
better grades may be found with additional drilling.
2: WIDESPREAD EVIDENCE OF STRONG IOCG HYDROTHERMAL SYSTEM
The 20 holes were drilled over an area of approximately 45 square kilometers.
Most holes, encountered alteration assemblages and/or mineralization consistent
with an IOCG hydrothermal system. For instance:
- Hole 5 was, for its entire length of 118 m, in a hematite sericite
altered, well milled breccia. Most of the hole carried at least 5%
hematite with some sections running 10 % hematite. The nearest hole is
1.2 km away.
- Holes 6, 7, and 17 encountered widespread hematite and sericite
alteration over intervals exceeding 100 m and did encounter malachite,
chalcocite, and chalcopyrite mineralization. The highest copper assay
in these holes was 0.2% copper over 2 metres.
- Hole 15 intersected 77 m of sheared sericitized, chloritic, and
hematized granite.
- Hole 18 encountered strong magnetite mineralization (up to 12%) and
sericite +/- carbonate +/- chlorite +/- epidote alteration over the
entire 250 m hole length.
3: MINERALIZATION AND ALTERATION IN 5 OF 6 HOLES NOT INTENSE ENOUGH TO
EXPLAIN MAIN GRAVITY ANOMALY
Holes 4, 14, 15, 16, and 19 in the main gravity area intersected intervals of
alteration and mineralization consistent with an IOCG system but not in
sufficient quantity to explain the large gravity anomalies. More detailed
gravity work is planned to better define these anomalies.
CONCLUSIONS: This was a reconnaissance, first pass drill program that partially
tested several targets at shallow levels. The company is encouraged by the
drilling results which intersected numerous and significant intervals of
alteration and mineralization consistent with a large IOCG system. At Azurite
Hill, the hole 13 gold intercept located over 800 m from the nearest hole in the
same feature is a very promising start. The potential for the discovery of a
large IOCG deposit on the Tevrede Project is high and further work programs will
commence immediately.
EXPLORATION PLANS: Future exploration will target four high priority
areas;
i) Azurite Hill - The two kilometer long trend and the extension south into the
untested gravity build up will be the focus of a detailed surface program.
Further prospecting, mapping and geochemical work and expansion of the gravity
survey is warranted on the Azurite Hill zone before further drilling is
undertaken.
ii) Main Gravity Anomaly - Given that most holes in the 10 square kilometre main
gravity anomaly did not explain the gravity buildup, planning is underway to
detail the gravity features. The gravity survey was done originally at 250 m
stations on 500 m line spacing. Detailing will likely be done on 125 m centres
representing approximately a four fold increase in data density. This
information will be used to help plan the next drilling phase
iii) Gold Trend - Drainage samples which define the 5 kilometre long Gold Trend
ran up to 2.8 grams of gold per tonne. Elevated copper, iron, lanthanum,
thorium, uranium, nickel, molybdenum, potassium and cobalt are coincident with
this trend as well. The trend hosts intensely hematized, well milled breccia
bodies. A program of geochemistry, prospecting and mapping is being planned to
advance this target area to the drilling phase.
iv) Andesite Targets - A four kilometre long volcanic wedge located south of the
Quartzite Ridge is host to some strong copper and gold anomalies as detected by
the drainage survey. The volcanic wedge has a strong magnetic and gravity
signature and this environment is prospective for IOCG mineralization. The
presence of almost massive ferro-actinolite alteration as well as structurally
controlled chalcocite mineralization supports this hypothesis. Previous grab
sampling from this unit has yielded up to 9% copper. A program of geochemistry,
prospecting, mapping and detailed gravity is to be planned to further assess
this prospective area and develop drill targets.
Sampling and Assaying Procedures
Reverse circulation drill cuttings were tube sampled and approximately 4kg of
material taken. Quality control was provided by the inclusion of a duplicate
sample every 20 samples, and a staggered control / blank sample (made up from
homogenized material from a hole drilled into barren rock) also taken every 20
samples. All samples were dispatched to Analytical Laboratory Services lab in
Windhoek ("ALS") for preparation by crushing and pulverization to provide a 100g
pulp. Certain samples were analyzed at ALS only by AAS for copper and silver,
and by AA with aqua regia digestion for Au. Selected pulps were shipped to Acme
Labs in Vancouver for analysis by multi-element ICP and check assaying for gold.
Certain samples were analysed at Acme only. Finally, 57 samples that had been
analyzed at ALS (Windhoek) and at Acme Labs were also run for multi-element ICP
analysis at Chemex in Vancouver. The results released herein were derived from
Acme ICP analysis combined with Acme metallics gold assays on samples that ran
greater than 1 gram per tonne gold. As part of Boulder's analytical quality
control program, approximately 5% of analyzed samples are project standard
reference samples, approximately 5% are duplicates and approximately 4% are
blanks. This is addition to each laboratory's internal quality control work.
Nelson W. Baker, P.Eng., Vice President of Exploration and a director of Boulder
is the Qualified Person for this project under National Instrument 43- 101.
Boulder Mining is a growth oriented Canadian mineral exploration company based
in Vancouver, British Columbia. Boulder is exploring the promising Tevrede iron
oxide copper gold project in northern Namibia, the Breakaway nickel copper
project in the Ungava area of northern Quebec and the West Abitibi Lake Gold
Project in north eastern Ontario.
On behalf of the Board of Directors
Boulder Mining Corporation
"John McAdam""
President and Director
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
newswire.ca
CONTACT: For further information: please contact Brad Aelicks, VP Corp
rate
Finance, Boulder Mining Corporation at (604) 899-4300; In add
tion, the
corporation maintains a website at "www.BoulderMining.com"
News release via Canada NewsWire, Vancouver 604-669-7764
Copyright (C) 2004 CNW, All rights reserved
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KEYWORD: VANCOUVER
INDUSTRY KEYWORD: MNG
PCS
SUBJECT CODE: DSC
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