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Gold/Mining/Energy : Palmer Resources Ltd. (PMD.V) -- Ignore unavailable to you. Want to Upgrade?

To: John McDonald who wrote (132)	3/10/1998 1:23:00 PM
From: Ross Mickey	Read Replies (1) \| Respond to of 210

Gold exploration to proceed in Myanmar Palmer Resources Ltd PMD Shares issued 16,531,518 Mar 9 close $1.00 Tue 10 Mar 98 News Release Mr David Seymour reports Preliminary field work on Block 3/13 in the Union of Myanmar has located a number of targets for detailed gold exploration programs, and formal acceptance of the exploration block will take place at a signing ceremony on March 25. The company was the successful bidder over three rivals for Block 3/13 in the third round of bidding for exploration permits (EP) in the Union of Myanmar. The block is in the Kyaikto district of Mon State, 180km by road east-northeast of Yangon, and covers an area of 700 sq km. The preliminary program, consisting of orientation stream sediment and geochemical soil sampling, was completed in mid December and included examination of several areas of artisanal mining. Four local drainage systems with strongly anomalous gold results were located, as well as some copper, molybdenum, arsenic, antimony, and silver anomalies. Follow up work on these anomalies will begin as stream sediment sampling coverage of the entire EP is completed. These results include copper and gold anomalies away from areas of artisanal workings and evidence of skarn-type mineralization. The southern portion of the EP is currently the site of sporadic artisanal gold mining mainly concentrated in two open-cut workings 5km apart. The locals are exploiting quartz veins and stockworks developed at the intersection of northwest-striking splay faults and a major north-south fault zone, which are hosted by intensely altered metasediments and intrusive rhyolite. In the northern portion of the EP a quartz-sulphide vein, 400m long by 1m to 8m thick, is being exploited by artisanal miners using primitive underground methods. A grab sample of typical mineralized quartz-sulphide material from a working shaft returned an assay of 28 g/t gold. The regional geological setting comprises a folded sequence of Paleozoic age metasediments and metavolcanics intruded by Tertiary age rhyolites and associated volcanic breccia. The presence of Tertiary age igneous rocks may indicate an older, subduction-related magmatic arc. The northern continuation of the well documented Tertiary Sunda-Banda magmatic arc axis lies well to the west. The potential of this part of Myanmar to host gold bearing or other mineral deposits has only recently been recognized and the company's work will be the first systematic exploration work done in the region. Geological mapping has now commenced in the two main areas of artisanal mining, and will be extended northwards and southwards along the major fault and breccia zones. The project area has the geological signatures of porphyry-related and copper-gold skarn mineralization in addition to the mesothermal quartz-sulphide gold vein and stockworks systems already identified. The exploration program is designed to delineate some targets for preliminary core drilling before the onset of the monsoonal rains in June. Results from the continuing surface work will be released as compiled. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com