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Gold/Mining/Energy : ETC Industries - Gold - Peru -- Ignore unavailable to you. Want to Upgrade?

To: Michael M. Cubrilo who wrote (217)	5/1/1998 5:12:00 PM
From: Sergio R. Mejia	Read Replies (1) \| Respond to of 244

E.T.C. Industries Ltd - Chupaca drilling results E.T.C. Industries Ltd EIL Shares issued 10058940 1998-04-30 close $0.11 Friday May 1 1998 Mr. Kenneth Liebscher reports Further to news in Stockwatch Apr. 3, 1998, the company has completed its initial eight hole program of over 1,800 metres of reserve circulation drilling at the Chupaca project in Northern Ancash, Peru. Results of the first six drill holes have been received and are being evaluated by the company and its joint venture partner, Queenstake Resources. The eight hole reverse circulation program was designed to test the extension zones of the mineralization which are not readily exposed 3km to the northeast of the Pierina gold deposit of Barrick Gold. The holes were drilled at a horizontal incline to intersect the previous drill program of Queenstake. The main objective of this drill program was to cut through the Tectonic breccia zone in order to test for elevated gold values. Andes Drilling (Peru) SA was awarded the drill contract and it used a 750 4 x 4 Buggy drill rig with a cyclone assembly for the duration of the 1,855 metre drill program. Gold mineralization was encountered in all of the drill holes. Hole From To Interval Au Ag m m m g/t g/t 1 12.0 14.0 2 0.44 1.9 2 90.0 94.0 4 0.32 4.0 3 52.0 54.0 2 2.06 11.2 3 54.0 56.0 2 1.11 8.5 4 12.0 14.0 2 0.30 2.5 4 82.0 84.0 2 0.76 0.7 5 30.0 36.0 6 0.53 2.3 5 40.0 44.0 4 0.30 6.0 5 48.0 50.0 2 1.22 7.9 5 50.0 58.0 8 0.37 3.5 6 46.0 48.0 2 3.80 231.0 6 48.0 50.0 2 2.24 180.0 6 146.0 166.0 20 0.55 30.0 All the assay results of the first drill holes are being evaluated and the cores of holes 7 and 8 are being assayed. Further results will be forthcoming as they are received. The company has also begun negotiations with a major gold mining company to acquire additional property directly adjacent to the Chupaca project. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com