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Gold/Mining/Energy : Canuc Increases High Grade Gold Production in Ecuador -- Ignore unavailable to you. Want to Upgrade?

To: Winzer who wrote (73)	3/5/1998 4:31:00 AM
From: Winzer	Read Replies (1) \| Respond to of 493

Good (insider type)volumes probably loading up for the pending announcement re the decision to start mining. Some more information at the bottom of this PR. Golden Boy results Canuc Resources Corp CANC Shares issued 41,505,294 Mar 2 close $0.15 Tue 3 Mar 98 News Release Mr Hubert Mockler reports The following results have been released by ProAm Explorations on the first diamond drill hole (DDH 97-1) of a multi hole program on the Golden Boy project near Winnipeg, Manitoba, in which the company has an option to earn 10% working interest. The drill hole, sited to test a gravity high occurrence running roughly parallel to the axis of the Golden Boy structure, was completed to a depth of 475 metres (1,577 feet). The targeted Precambrian rocks were intersected in this inclined hole at a vertical depth of 88.4 metres (290 feet). Within the interval from 179 to 475 metres (587 to 1,577 feet) down the bore hole, widespread disseminated sulphides were reported, including pyrite, pyrrhotite and some chalcopyrite, hosted in fine grained mafic volcanic rocks. Several intervals with strong alteration were noted. ICP analysis of the drill core indicates anomalous copper and gold with elevated levels of chromium throughout the length of the hole. Short (1m) intersections of gold mineralization assaying up to 2.5 grams (0.075 oz) of gold per ton occurred in the intervals with alternation. These results are interesting and encouraging in the context of potential volcanic Au-Cu mineralization. However, ProAm intends to pursue its original objectives to explore, as a first priority, for nickel-copper and platinum group metals (PGM) mineralization in ultramafic rocks. The rocks intersected in the drill hole were not dense enough to qualify the gravity anomaly. The new density data allows ProAm to refine its model significantly. Aeromagnetic responses have also been analyzed and refined within the context of the model and ProAm expects to collar the next hole shortly. This exploration program may well be one of the most important developments taking place in Canada this year and is expected to yield exciting results. A report on the company's 69 hectare gold project in Nambija, Ecuador, is currently being prepared by an independent geological consultant. The company expects that this report will be completed by early March and anticipate that it will recommend early production for Gold Star mine. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com