Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC) -- Ignore unavailable to you. Want to Upgrade?

To: Edward J. Frankman who wrote (75)	4/29/1998 8:43:00 PM
From: John Fairchild	Read Replies (1) \| Respond to of 397

It appears fairly obvious that AMC is eager to advance this property. They have already meet their minimum spending deadline of US$500k which had to be spent in exploration by Dec 31/98. Phase II drilling was not part of their 98 objective but it looks like they will have the cash to carry on. Just for comparison purposes I thought I would post GIT's first drill results from last year - This stock was up in the $8 range as most of you will recall. GITENNES EXPLORATION INC. - DRILLING CONFIRMS GOLD MINERALIZALTION AT VIRGEN VANCOUVER, March 24 /CNW/ - Gitennes Exploration Inc. (ASE - GIT) is pleased to report on the initial results of its exploration program at the Virgen Property in north-central Peru. Assay results have been received for 5 of 13 diamond drill holes. All holes were drilled from a common setup, located in the northern extension of the Zona Rio Suro. Core drilling has proven difficult owing to the highly fractured, oxidized and porous nature of the host quartzite. Core sample recoveries are generally below that which is acceptable to give representative assay values. Assays are calculated using weighted averages, based on individual sample intervals averaging 1.5 m in length. Hole Number From... to... Length Grams/tonne Length Ounces/Ton (metres) (metres) Gold (feet) Gold V97-1 21.75 - 36.27 14.52 3.243 47.6 0.095 V97-2 21.33 - 76.50 55.17 1.114 180.9 0.033 including 21.33 - 32.50 11.17 2.086 36.64 0.061 V97-3 14.07 - 104.24 90.17 1.546 295.8 0.045 V97-4 25.30 - 32.00 6.70 3.648 22.0 0.106 V97-5 16.40 - 21.03 4.63 1.451 15.2 0.042 - Hole 97-1 recovered virtually no core to 21.75 meters. The hole was abandoned at 36.27 meters due to stuck rods. - Hole 97-2 was a re-drill of 97-1, with a 1 meter step-back. It recovered no core to 21.33 meters and was abandoned at 76.50 meters due to stuck rods. - Hole 97-3 recovered no core to 14.07 meters, and less than 5% from 104.24 to 129.53 meters, after which it exited the host quartzite breccia. High grade gold values encountered after 104.24 meters (up to 28.65 g/t or 0.836 oz/T) have uncertain significance at this time. - Hole 97-4 recovered virtually no core to 25.30 meters, and from 32.00 to 75.89 meters. The hole appears to have been in breccia throughout its length. It was abandoned at 75.89 meters due to stuck rods. - Hole 97-5 recovered no core to 16.40 meters. It entered a block of massive quartzite at 21.03 meters and remained in it to the end of the hole at 131.36 meters. Only low gold values were encountered here. Drill road access work on the southern Zona Rio Suro has uncovered a 100 meter long extension to the main mineralized breccia body. Roadcuts expose fresh rock, which return the following assay values: Length Grams/tonne Length Ounces/Ton (metres) Gold (feet) Gold 25.1 21.01 82.4 0.613 23.7 2.746 77.7 0.080 43.8 2.719 142.0 0.079 In-fill roadcut sampling elsewhere has also yielded strong surface values: Length Grams/tonne Length Ounces/Ton (metres) Gold (feet) Gold 31.1 2.610 102.7 0.076 19.0 5.901 63.1 0.172 As previously announced in January, 1997, surface exploration has found a second area of gold mineralization 1200 meters east of the Zona Rio Suro. Outcrop exposure is poor, however several new samples are promising, including 15.0 meters grading 2.620 g/t and 6.2 meters grading 1.064 g/t gold. This prospect, known as El Centro, is being actively explored, along with the intervening area which is underlain by highly altered volcanic breccia. These initial results are very encouraging. Grades and dimensions are in line with other deposits in the region, including Newmont's 51.35% - owned Yanacocha Mine (1.51 g/t or 0.044 oz/T) and Barrick Gold's Pierina Deposit (3.29 grams/tonne or 0.096 oz/T). Further results will be released upon receipt of assay results for the remaining 8 holes, at which time the Company will provide a more detailed technical synopsis of the program. It is hoped that this will be available by mid-April. Work on the Virgen Property is continuing, and drilling is expected to resume in mid to late April with a second drill rig added to the program. A copy of the drill + surface sample map is available from the company on request. Jerry Blackwell President The Alberta Stock Exchange has neither approved or disapproved of the information herein contained.