Bearcatbob, Dont know if this has been reported yet:
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: YAMANA RESOURCES INC.
TSE SYMBOL: YRI
APRIL 7, 1998
Yamana Resumes Drilling and Expands Land Position Around
Lejano
SPOKANE, WASHINGTON--Yamana Resources Inc. resumed exploration
drilling on its wholly owned, high-grade silver Lejano property
(see Yamana release February 18, 1998) at Santa Cruz Vanguardia,
Argentina, on April 4th. Yamana has also dramatically expanded its
land position around Lejano, to cover prospective mineralization
identified by its geological team. Six new cateos have been
lodged, totaling 598 square kilometers, bringing the land position
in the western silver district of the Santa Cruz precious-metals
province to about 1,005 square kilometers (see map). After
adjusting its land package to reflect its new focus on this
emerging silver district, Yamana now holds 21 properties (19
cateos and 2 Manifestations of Discovery) in the prospective
Deseado Massif of Santa Cruz (see Yamana release March 3, 1998),
for a total of approximately 1,350 square kilometers.
Yamana's Argentine crew is conducting the drilling, using the
Company's own drill, supported by a Canadian drill consultant, who
helped design and build the drill rig. This drilling has three
objectives: to provide an initial test of newly identified surface
showings at Broken Hill and East Ridge; to extend the strike
length of the South Ridge discovery; and to conduct infill
drilling on South Ridge.
The anticipated 50 to 60 reverse-circulation drill holes total
about 2,500 meters. Most of the holes will be about 50 meters in
depth, with some penetrating up to 100 meters.
Drilling began at the higher elevations in the northeastern
portion of the prospect, at Broken Hill, and will proceed
southward through East Ridge to South Ridge. The drilling will
track along the 4-kilometer-long arcuate structural zone
controlling the mineralization at Lejano.
The Broken Hill drill target is a subcropping zone of gossan
(oxidized massive sulfides) around the margins of the hill.
Yamana's geologists describe Broken Hill, a prominent topographic
feature about 150 meters in diameter, as an intrusive rhyolitic
plug which is highly geochemically anomalous in silver, lead and
manganese. This rhyolitic intrusion is thought to be one of the
heat engines driving the hydrothermal system which deposited
mineralization in the arcuate structural zone. Other similar
intrusives are thought to underlie the mineralized areas at depth,
especially at East Ridge.
The East Ridge drilling target is a zone of intensely silicified
and mineralized volcanic beds. The silica-soaked lithologies are
ubiquitously anomalous in precious metals, and contain an array of
fracture fillings of gossans which assay as high as 8.77 g/t Au
and 2,151 g/t Ag (see Yamana release March 17, 1998). Yamana's
geologists believe these altered and mineralized rocks form a cap
over a strong underlying sulfide system similar to what has been
discovered on South Ridge.
Once initial tests have been completed on these new areas, the
drilling effort is scheduled to be shifted to South Ridge, the
site of the initial discovery of bonanza-grade silver with gold
and base metals. There, plans call for extending the strike
length, followed by infill drilling as a first step in planning
for a subsequent deep diamond core drilling program which, in
turn, would allow building an inferred resource.
Dick Walters, Yamana's Exec. VP and COO, stated, "We will finish
as much of this program as we can, barring unforeseen drilling
problems, before winter sets in, probably about mid-May."
Meanwhile, Yamana's geologists have found other gossanous zones,
the most promising of which lies on the western edge of South
Ridge near an alluvial basin. This and other covered areas will
first be explored using geophysics.
Yamana has contracted Quantec Geofisica Argentina SA to complete a
geophysical survey over Lejano in search of concealed bodies of
sulfide mineralization within the arcuate structure over an area
of at least 10 square kilometers. This work is expected to start
in about a week and to take three more weeks to complete.
The geophysical team will utilize an advanced Induced
Polarization/Resistivity (IP) technique developed by Quantec IP of
Canada known as Realsection(tm). This involves a two-phase process
of reconnaissance and detailed follow-up using a tuned gradient
array IP survey. While this technique is capable of searching much
deeper, the Lejano survey is designed with the capacity to search
the first 200 meters of the earth's crust. Realsection(tm) IP was
responsible for the recent discovery of the El Salvador-San
Nicolas massive sulfide deposit in Mexico made by Teck and Western
Copper.
Walters noted that this type of survey offers better resolution at
depth and, in contrast to conventional IP, it shows the real depth
of the anomaly and provides a more accurate depiction of
subsurface geophysical properties. "Normally, it takes weeks
before the IP data can be analyzed and used to help set drill
targets," he said. "Because it works in real time, Realsection
allows our project geologist and Quantec's geophysicist to
continuously interact during the survey and select targets for
detailed geophysical follow-up, and even drilling, on the spot."
Yamana has also retained the consulting services of Dr. Peter L.
Siems, Professor Emeritus from the University of Idaho School of
Mines, an internationally recognized authority on hydrothermal
alteration features associated with orebodies. He will soon be on
site to begin a study of Lejano's ore mineralogy, lithology and
hydrothermal alteration aspects. Yamana will eventually use his
findings in metallurgical studies, in determining the genesis of
the deposit, and in providing exploration support in the ongoing
search for hidden orebodies around Lejano.
Yamana Resources Inc. is a Canadian exploration company holding
interests in projects in Argentina, Chile, Paraguay, Papua New
Guinea, Indonesia and Washington state.
FORWARD-LOOKING STATEMENTS
This News Release includes certain "forward-looking statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included in this release,
including, without limitation, statements regarding potential
mineralization and reserves, exploration results, and future plans
and objectives of Yamana, are forward-looking statements that
involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from
those anticipated in such statements. Certain important factors
that could cause actual results to differ materially from Yamana's
expectations include the uncertain reliability of geochemical data
and the interpretation thereof and other factors disclosed under
the heading "Risk Factors" and elsewhere in Yamana's documents
filed from time to time with The Toronto Stock Exchange, the
United States Securities and Exchange Commission and other
regulatory authorities. All subsequent written and oral
forward-looking statements attributable to Yamana or persons
acting on its behalf are expressly qualified in their entirety by
this notice.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Yamana Resources Inc.
Greg W. Taylor
Vice President, Corporate Development
(509) 838-6615
(509) 838-0714 (FAX)
Home page: yamana.com
E-mail: gwtaylor@yamana.com
There is a map available by contacting the company at the number
above or by accessing CCN's Internet Website at
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