Thursday, February 12, 1998
FOR IMMEDIATE RELEASE
Release: Series 3 Release 096
MONGOLIA GOLD RESOURCES ANNOUNCES THE
RESULTS FROM THE 1997 FIELD PROGRAM, ALTAI PROJECT,
WESTERN MONGOLIA
Mongolia Gold Resources Ltd. (VSE:MGR) (the "Company") announces that it has received results from its 1997 exploration program of reconnaissance mapping and geochemical sampling on the Altai Project. The project area comprises 1 million hectares in 5 licenses in western Mongolia.
Seventeen significant gold showings have been selected for follow-up work based on host geology, and anomaly size, intensity, or both.
The Company is pleased with the extent and consistency of some of these anomalies. The general geological setting, host-rocks and associated elements indicates that the potential to discover large, bulk-mineable disseminated gold mineralization is good. Elevated gold values have been identified in silicified and decalcified limestones, silicified fuschite-bearing siltstones, silicified black siltstones, and fluorspar-bearing jasperoidal breccias. The licenses cover portions of a tertiary extensional domain that has resulted in the development of a basin and range topography. The underlying geology includes a complex of thrust sheets including Paleozoic shelf and marine sequences, Paleozoic intrusions and Mesozoic shelf and lacustrine deposits, all overlain and intruded by Mesozoic and Tertiary igneous rocks. The table below summarizes these showings:
ZoneName Length(meters) Width(meters) Gold(ppb) Associated elements
Banz 1,600 200 227 B, V
Car N/A N/A 61 Cu, Pb, Zn, Cd, V,
Hill N/A N/A 56 Pb, Zn, Ag, As
Mil 2,380 580 1080Ba As
Tsogt 1,200 170 96 W, Hg,
Zag N/A N/A 274 Cu, Pb, Zn, Ag,
AN2 4,800 600 20 Cu, Pb, Zn, Ni, Co, As, Sb, V, Hg
Camp 1,000 200 693 Ag
Ich 1,400 500 65 V, Bi
Khan 1,300 200 146 Ag
Zil 1,300 200 68 V, Cr, Bi
Gher 400 200 184 As
Camel N/A N/A 259 Sb, As, Ag, Cu
Hump 400 200 103 Bi, Sb, As
Yak 1200 300 43 Hg, Tl, W, V, Sb, As, Co, Ni, Ag, Cu
Sheep N/A N/A 229
Goat 1,600 400 52 As, Ag
Note: Length and width are in meters, represent minimums. N/A=not applicable, generally is unmeasured or represents a single sample. Gold is reported in parts per billion and represents maximums. Associated elements are geochemically anomalous, up to several percent, include: Ag=silver, As=arsenic, B=boron, Ba=barium, Bi=bismuth, Cd=cadmium, Co=cobalt, Cu=copper, Cr=chromium, Hg=mercury, Ni=nickel, Pb=lead, Tl=thallium, V=vanadium, W=tungsten.
In addition, several zones of anomalous silver, nickel, copper lead and zinc were identified during the course of this program. These will be examined during future exploration on the properties.
The Altai Project covers a belt of favorable geology that extends from Kazakhstan through Mongolia and into Russia, and hosts several multimillion ounce gold deposits on either side of Mongolia.
All samples were collected under the direction of Canadian geologists. Suitable duplicate samples were collected to ascertain local and laboratory variations. Samples were prepared at an independent Canadian-owned laboratory in Mongolia, and analyzed at Acme Laboratories in Vancouver, an ISO9002 certified laboratory. Check analyses were conducted and confirmed reported results.
On Behalf of the Board of Directors
"David R. Webb"
Dr. D.R. Webb
President
For More Information:
Advanced Strategies
Ian Klassen/Douglas A. Horne - 1-800-681-2877
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. In addition, this release is not for distribution to U.S. Newswire Services or for dissemination in the United States. |
