Anyone interested:
Minera Andes has just intercepted some very interesting stuff just north of Lejano, in an area where we have recently picked up more land. Greg
Santa Cruz silver/gold discovery
Minera Andes Inc MAI
Shares issued 19,216,133 Mar 24 close $2.30
Wed 25 Mar 98 News Release
Mr Allen Ambrose reports,
A reconnaissance drilling program by Minera Andes Inc has encountered high grade silver/gold mineralization in four holes, including hole EP-12 which cut 115 feet averaging 4.05 g/t (0.118 oz/t) gold and 617 g/t (18.00 oz/t) silver, at the 100% El Pluma/Cerro Saavedra property in Santa Cruz Province, Argentina.
In addition to results from the highest grade hole, EP-12, assays confirm that three other holes out of 1.7 widely scattered reverse circulation holes returned significant values in gold and silver. High grade gold and silver mineralization was intersected in three holes at the Saavedra West area, and high grade gold in one drill hole at the La Sorpresa area, about 11km north of Saavedra West. The precious metals occur as structurally controlled epithermal silver/gold mineralization of the low sulphidation, adularia-sericite type, similar in style to the mineralization at Round Mountain, Nevada, and Cerro Vanguardia, also in Santa Cruz Province, Argentina.
Significant Gold and Silver Intercepts
El Pluma/Cerro Saavedra, Argentina
Hole* TD From To ft Au Ag
ft ft ft ** oz/t oz/t
La Sorpresa
EP-1 165 40 50 10 0.145 0.210
110 120 10 0.080 0.137
Saavedra West
EP-12 430 120 235 115 0.118 18.00
Inc 135 160 25 0.197 47.48
Inc 170 185 15 0.517 43.90
Inc 200 230 30 0.012 4.46
235 265 30 0.004 1.53
EP-13 390 90 135 45 0.026 15.31
Inc 110 130 20 0.042 30.10
EP-15 490 330 345 15 0.047 4.55
* Holes EP-2 through 11, 14, 16, 17 contain anomalous to non-significant results.
** Quoted intervals may not necessarily represent true widths.
The El Pluma/Cerro Saavedra drill program of 6,165 ft (1,879m) tested four areas within a 15km by 4km mineralized trend. Mineralization within this trend appears to be controlled by northwest and northeast trending faults.
Only 20% of the mineralized trend has been explored to date. The property is in an area of relatively low relief, about 300 to 500 metres above sea level, which allows work to continue for most of the year. The property package consists of six cateo applications for mineral rights on 25,500 hectares.
Allen V. Ambrose, president, said "I am pleased to report our exploration success in southern Argentina. The property, discovered by Minera Andes less than a year, ago has progressed rapidly from finding high grade mineralization at the surface to drilling a discovery hole. Our drill is on the property and geologic work is in progress to lay the foundation for our next round of drilling."
Samples from all holes were prepared by Geolab Argentina SRL in Argentina and assayed by NA Degerstrom, Inc of Spokane, Washington. Gold and silver values were obtained by fire assay, and base metal values were determined by directly coupled plasma. Two other independent laboratories are conducting check assays on the significant drill intersections.
SAAVEDRA WEST
At Saavedra West, four widely-spaced holes totalling 1,760 ft (537m) tested a northwest trending mineralized structural zone at least 800m in length.
These holes were drilled along the trend and approximately perpendicular to the mineralized zone. Hole EP-12 contained 115 ft of 4.05 g/t gold and 617 g/t silver, including 25 ft of 6.77 g/t gold and 1,628 g/t silver. Hole EP-13, drilled 100m southeast of EP-12, showed 45 ft of 0.89 g/t gold and 525 g/t silver, including 20 feet of 1.44 g/t gold and 1,032 g/t silver.
Hole EP-15 was drilled 700m northwest of EP-12 on the same structural zone and cut 15 feet of 1.61 g/t gold and 156 g/t silver. Sub-economic
disseminated silver and gold mineralization was also found in all holes at Saavedra West. Precious metals occur in association with sulphide mineralization, silicification, quartz stockwork and quartz veining and strong illitic alteration. The mineralization is hosted by a sequence of Jurassic lacustrine epiclastic tuffs interbedded with carbonaceous shales and siltstones that may have been deposited in a caldera lake. The Jurassic host rocks are mostly covered by a thin cover of Quaternary sediments (less than 1m thick) and post-mineral Tertiary basalt (less than 10m thick). The northwest trending mineralized zone is open to the southeast and northwest under post-mineral cover. Within the limited area explored to date, Minera
Andes' geologists have located numerous geochemical, geophysical and
geologic targets that have yet to be drill tested.
The Saavedra West area has excellent exploration potential for extending and in-filling the mineralization cut in holes EP-12, EP-13 and EP-15 and for finding other high grade structures and widespread disseminated mineralization.
LA SORPRESA
At the La Sorpresa area, three reverse circulation holes totalling 885 ft (270m) were drilled. Hole EP-1,drilled to intersect a quartz vein with 15.4 g/t gold at the surface, cut two separate zones with 4.98 g/t gold over 10 ft and 2.74 g/t over 10 ft. The other two holes, EP-2 and EP-3,were designed to test geophysical anomalies and encountered a large Jurassic dacite porphyry intrusion that was probably the heat source for the hydrothermal mineralization at La Sorpresa. The mineralized zone at La Sorpresa is open ended to the northwest under post-mineral cover of sediments less than 10m thick and has excellent exploration potential.
EL PLUMA WEST
The El Pluma West area was drilled with eight holes totalling 2,860 ft (872m). Extensive zones of anomalous gold, silver, arsenic and mercury were encountered, and the drill results demonstrated that the mineralized system extends at least an additional 500m to the south beneath the thin (less than 20m) post-mineral Tertiary basalt cover that overlies much of the property. Drill results suggest that the mineralization exposed at El Pluma West represents the western portion ofa large hydrothermal system that extends beneath cover to the east.
SAAVEDRA CENTRAL
The Saavedra Central area was evaluated by two drill holes totalling 660 ft (201m). Hole EP17 contained anomalous gold and pathfinder elements over the entire length of the hole and confirmed that the extensive area of high level alteration and mineralization at Saavedra Central has additional exploration potential. Brian Gavin, vice-president of exploration, said, "I am extremely pleased
with the results of our reconnaissance drill program at El Pluma/Cerro Saavedra. We tested a wide variety of geologic, geochemical and geophysical targets with relatively few drill holes, and our strategy has paid off. Coupled with the immense size of the property D we are lucky to have a district-size property D the thin cover of basalt and surficial material has hindered the development of a more complete understanding of the geology in the short time since we discovered the prospect. We are just beginning to get a handle on the setting of the mineralization and the true potential of the property.
"The next round of exploration has begun and will be aimed at extending the zones of mineralization encountered to date, and at developing new targets beneath cover."
Minera Andes is a mining exploration corporation that controls
approximately 25 properties on about 570,000 acres of mineral exploration land in Argentina. Most of the properties are located in the Andean Cordillera and primarily contain gold, copper and silver exploration targets. To date, the corporation has reviewed more than 200 properties in Argentina, and is staffed with 10 geologists. Selected opportunities in other countries are under review.
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