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Gold/Mining/Energy : Paramount Ventures & Finance -- Ignore unavailable to you. Want to Upgrade?

To: Flea who wrote (660)	4/14/1998 8:09:00 PM
From: Ed Pakstas	Read Replies (1) \| Respond to of 4884

Porphyry copper mineralization discovered at Pachamamita project Paramount Ventures & Finance Inc PVF Shares issued 27,591,374 Apr 14 close $0.61 Tue 14 Apr 98 News Release Mr James Owen reports Several zones of Tertiary porphyry copper/gold/molybdenum mineralization have been discovered in the Province of Salta, Argentina, approximately 120km N-NE of the El Alisal complex and approximately 100 km S-SE of the city of Salta. The mineralized system is collectively known as the Pachamamita project. At the site, intensely altered, mineralized, porphyritic andesite rocks of Tertiary age are associated with Cambrian basement rocks. The main bodies of andesite are close to the intersection of a major N-S trending thrust fault, which separates the Sierra Pampeana and SubAndina geological provinces, and a major NW-SE transcurrent fault. This geological environment is similar to that of the El Alisal complex. Regional scale stream geochemistry, which has been completed over an area of approximately 20km x 18km, has identified several porphyry centres with anomalous values of copper, gold and molybdenum. Reconnaissance mapping and chip sampling of outcrops have been completed in three of these areas, the El Tapado zone, the El Tapado dyke zone and the Campana Horco zone. Results from the El Tapado zone indicate a mineralized andesite porphyry body, with an aerial extent of 2km x 2.5km, with elevated values of copper, gold and molybdenum. In the El Tapado dyke zone results from rock chip sampling indicate the presence of mineralized dykes with elevated values extending into the Precambrian host rocks over an area of about 2km x 3.5km. The Campana Horco zone is a second body of mineralized andesite porphyry with elevated values of copper, gold and molybdenum and an aerial extent of about 3km x 4km. Table 1 lists the minimum, maximum and average rock geochem values for copper, gold, molybdenum and zinc obtained so far in the above three zones. Follow-up exploration of the project area is scheduled to begin immediately. The initial work will consist of detailed geological mapping and fill-in rock and soil sampling of the anomalous areas and the completion of airborne and ground geophysical programs, with the object of establishing drill targets. The Pachamamita project consists of a 21,500 ha area. Paramount has the rights to 18,200 ha of the area and has signed letters of intent to acquire an interest in the remaining lands. According to the terms of a joint venture Paramount can earn up to a 95% interest in a 3,000 ha mine by expending 1,850,000 pesos over a four year period. Paramount can also acquire the rights to another mine in the Pachamamita project by making option payments totalling 1,500,000 pesos over the four year period. The Pachamamita project area is within 41km of the Panamerican Highway, and 17km of Route 68, which connects Salta and the village of Cafayete. Existing rail lines also pass within 41km of the site. An ample year-round supply of water exists at the site and a 13.2 km transmission line passes within 8km of the site. TABLE I No. Values Cu Au Mo Zn Samples ppm ppb ppm ppm Campa Horco 30 Minimum 22 2.5 1.5 39 Maximum 53000 28 345 2069 Average 6967 4 19 271 Tapado Dyke 79 Minimum 7 215 1.5 20.2 Maximum 13000 4726 6 3961 Average 219 50 2 1.5 Topado zone 14 Minimum 15 6 4 1.8 Maximum 254 315 125 714 Average 85 42 26 76 Paramount is in discussion with several major mining companies regarding possible joint ventures on its Argentinean properties. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com