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Gold/Mining/Energy : ETC Industries - Gold - Peru -- Ignore unavailable to you. Want to Upgrade?

To: pete meyer who wrote (188)	3/7/1998 12:25:00 PM
From: Eashoa' M'sheekha	Read Replies (1) \| Respond to of 244

CHUPACA (Last Drill Program)1996. The Company's initial 6 hole, 1,447 metre drill program has been completed. All 6 of the diamond drill holes intersected gold mineralization. A number of spikes (1.5 metre sections) above 1 gram/tonne gold were achieved. The best intersection was in Hole 3 with 17.4 metres of 0.9 grams/tonne gold from a depth of 14.9 to 32.3 metres. The diamond drill holes were sited based on alteration, structure and geochemical results from surface and road trench sampling. The drill holes were spaced unevenly. Three holes (#'s 1, 3 and 5) were located at the extreme south end, within 200 metres of the property boundary. Hole #2 was 300 metres northwest, Hole #6 was 500 metres farther northwest along the main N 40 W structural trend. Hole #4 was drilled east of the main trend on a lobe of alteration probably caused by cross faulting. Preliminary conclusions confirm that gold appears to be related to silica and pyrite in brecciated and sheared volcanic rocks. It is now evident that the main northwest structural trend is cut by cross faulting, and volcanic or explosive vents may have exerted some control on gold concentration. This is in addition to the significant ore control exerted by the contact between the volcanic rocks and underlying sediments. Targets at Chupaca continue to be bulk open pittable deposits, and bonanza, high grade lenses which may occur at major structural intersections. A thorough evaluation and interpretation of surface and drill hole data is underway to determine where to continue exploration at Chupaca.