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Gold/Mining/Energy : Caribgold- CG:TSE -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (26)	4/6/1998 3:38:00 PM
From: Jesse	Read Replies (1) \| Respond to of 48

EXPLORATION UPDATE -- CHINCHAGA DIAMOND PROJECT, ALBERTA April 6, 1998 - Marum Resources Inc. has received from CaribGold Resources Inc. (TSE:CG) an interim report from APEX Geoscience Ltd. (APEX) on the Marum/CaribGold Chinchaga joint venture. During the period from March 5 to March 22, a total of eleven auger drill holes were completed by APEX at six separate targets within the 275,000 acre Marum/CaribGold joint venture project area. The intent of the drilling was to test overburden thickness and to obtain samples from basal till and bedrock in the vicinity of magnetic and/or physiographic anomalies defined by airborne and ground magnetic surveys. In each of the eleven holes (drill hole identifiers 8CH01 to 8CH11), both basal till and top of bedrock was cored using a continuous sample tube system which yields a 3-inch diameter core. Drill hole depths ranged from 12.3m to 40.5m, with bedrock intersected in each of the eleven drill holes. The maximum depth of overburden encountered was 9.4m. Interestingly, an impenetrable bedrock unit was encountered in two separate holes at Target 7. Attempts to penetrate the bedrock unit caused damage to the light drill. The program was terminated since repairs to the drill could not be completed before spring breakup related road closures. Preliminary observations from drilling indicate that Cretaceous-age shales, sands and mudstones were intersected. The stratigraphic units tested are likely similar in age and character to the succession of sediments that immediately surround or are intercalated with pyroclastic aprons associated with the Buffalo Head Hills kimberlites. At least three targets over an area of about 15 km in length yielded multiple thick pyroclastic ash horizons, up to 2.5m thick, which exhibit varying degrees of alteration. In addition to the pyroclastic horizons, several partly consolidated green sand units were intersected at each of the three targets that yielded the thick pyroclastic. The green color of the sands is due, in part, to the presence of green clay minerals. At this time, prior to analyzing the core, it is unknown whether any of the pyroclastic horizons or the green sand units are related to local mafic or kimberlitic volcanism. Drill holes 8CH09 and 8CH10, which were drilled at Target 7 approximately 10m apart, were terminated at 12.3m and 13.7m, respectively, due to encountering an impenetrable bedrock unit. Further exploration is planned to determine the origin and extent of the pyroclastic horizons, the green sand units and the impenetrable bedrock unit that was encountered at Target 7. At present, all of the drill core is in the process of being logged and sampled by APEX. Selected samples will be sent to the Saskatchewan Research Council for diamond and diamond indicator analysis. Results are expected in three to six weeks. Upon receipt of the preliminary drill results, a high resolution, 200m line spaced, fixed-wing, Spectra Geoscience airborne magnetic survey was immediately authorized to further define the drilled targets as well as other targets in nearby clusters. This 7,000-line km survey is a cooperative effort between Marum, CaribGold Resources Inc., and Micrex Development Corp (ASE:MIX). The survey area covers six townships of the Marum/CaribGold joint venture and 5.5 townships covering a combination of 100% Marum land and Marum/Micrex joint venture land. The flying portion of the survey is expected to be finished within a few days. Additional fieldwork on the Marum/Caribgold joint venture will begin as soon as the core analysis results are evaluated and the airborne geophysical survey results have been reviewed. This work will include sampling, auger drilling and rotary core drilling. Fieldwork, including possible drilling, on certain 100% Marum lands and a portion of the Marum/Micrex joint venture which are adjacent to all- weather roads will begin immediately upon receipt of the airborne geophysical survey results. SOURCE: Mr. Richard Boulay, President Marum Resources Inc. FOR FURTHER INFORMATION: Mr. Arness Cordick, Director Tel: (604) 602-1440 Toll Free: (800) 321-8564 or Calgary Office Tel: (403) 264-2220 Website: marumresources.com The information contained herein has neither been approved nor disapproved by any regulatory or exchange agency