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Gold/Mining/Energy : Western Copper Holdings Ltd. T.WTC -- Ignore unavailable to you. Want to Upgrade?

To: Elizabeth Andrews who wrote (317)	6/26/1998 10:47:00 PM
From: rdww	Read Replies (1) \| Respond to of 401

Elizabeth - what do ya make out of this NR - we're all dying to hear. Drilling results from Penasquito/San Nicholas Western Copper Holdings Limited WTC Shares issued 13,970,000 Jun 26 close $4.65 Fri 26 Jun 98 News Release Mr. John Campbell reports Exploration results have been received from the Chile Colorado zone contained within Western Copper's Penasquito property, as have the results of infill drilling at the San Nicolas deposit, a joint venture between Western and Teck Corporation. Penasquito Diamond drilling to date at Chile Colorado has defined an elliptical mineralized zone with minimum dimensions of 400 meters length, 250m width and 150m thickness. This zone, based on the average grade of eight diamond drill holes which penetrate it (PN-19, PN-26, PN-27, PN-28, WC-01, WC-03, WC-05 and WC-08), may contain a potential resource of 35 million metric tonnes averaging 0.3-0.5 g/t gold, 90 g/t silver, and 2.5-3.0 per cent combined lead-zinc. Roughly 5 million tonnes of the potential resource is expected, based on the eight drill holes, to be at the significantly higher grades of 0.5 g/t gold, 280 g/t silver and 7-8 per cent combined lead-zinc. Close spaced drilling will be required before this potential resource could be considered as drill indicated. The Chile Colorado zone is part of the much larger Penasquito property, acquired from Kennecott Exploration in March 1998 (see Stockwatch dated March 17, 1998. The silver-lead-zinc mineralization occurs in and around the intersection of north-south and north 70 degrees east structures in Caracol sandstones and shales adjacent to the Azul breccia pipe. A geophysical survey will begin in two to three weeks in an attempt to better define the resource area and optimize drill hole locations. Assays for the two most recent holes completed in the Chile Colorado zone, WC-5 (100m north of WC-3) and WC-8 (50m south of WC-3), are presented below. Chile Colorado Zone >From - To Interval Au Ag Pb Zn (metres) (m) g/t g/t % % Hole WC-03 153.1-252.3 99.2 0.38 189 2.15 2.48 Includes 168.9-220.1 51.2 0.56 312 3.57 4.11 Includes 178.5-195.6 17.1 0.58 406 4.76 5.20 WC-05 147.0-168.1 21.1 0.34 21 0.02 0.38 240.6-375.2 134.6 0.65 15 0.03 2.08 Includes 240.6-291.5 50.9 0.76 25 .03 1.83 Includes 342.0-372.6 30.6 0.74 15 0.04 3.67 WCC-08 164.0-209.6 45.6 0.13 68 1.06 1.41 San Nicolas Continuing infill drilling at 50m intervals is confirming both the continuity and grade of the San Nicolas deposit on which Western and Teck Corporation previously announced a preliminary mineable open pit reserve of 72 million tonnes containing 1.35 per cent copper, 2.27 per cent zinc, 0.53 grams of gold per tonne and 30 grams of silver per tonne. The assay results for eight recently completed diamond drill holes are presented below. These holes and the holes which were used in calculating the preliminary reserve, represent some of the most significant massive sulphide intersections ever drilled in North and South America. Of particular note is the exceptionally high grade copper mineralization in Hole SAL-70. >From - To Interval Cu Zn Ag Au (metres) (m) % % g/t g/t Hole SAL-67 171.6-409.0 237.4 1.07 1.06 16.8 0.43 Includes 171.6-187.5 15.9 0.54 5.23 39.1 1.09 and 256.5-373.5 117.0 1.60 0.53 15.0 0.25 Hole SAL-69 166.0-446.0 280.0 1.40 0.82 12.2 0.17 Includes 170.0-190.5 20.5 2.04 5.17 28.3 0.51 264.0-416.0 152.0 1.87 0.32 11.6 0.03 Hole SAL-70 153.8-291.5 137.7 3.56 2.38 31.5 0.23 Includes 153.8-188.0 34.2 1.46 7.96 53.5 0.82 Includes 188.0-291.5 103.5 4.25 0.53 24.3 0.03 381.5-479.5 98.0 1.69 0.46 6.5 0.09 Includes 388.5-421.0 32.5 2.92 0.05 5.7 0.06 Hole SAL-71 169.5-265.5 96.0 2.23 0.35 18.9 0.22 451.5-493.3 41.8 2.01 0.19 7.0 0.10 Hole SAL-73 199.0-397.2 198.2 1.26 1.34 22.8 0.42 Includes 199.0-214.5 15.5 0.91 8.13 123.6 1.78 Includes 301.5-397.2 95.7 1.92 0.20 11.3 0.04 Hole SAL-74 229.7-351.0 121.3 0.61 1.67 23.7 0.62 Includes 229.7-241.5 11.8 0.48 6.54 95.0 1.65 Includes 321.0-343.5 22.5 1.54 0.45 9.2 0.09 Hole SAL-75 250.4-302.5 52.1 0.36 3.85 71.4 1.15 Includes 250.4-278.5 28.1 0.36 5.45 90.2 1.16 Hole SAL-76 249.3-303.9 54.6 0.86 0.56 15.7 0.15 Includes 249.3-257.0 7.7 0.19 2.58 58.2 0.90 Includes 268.0-302.5 34.5 1.16 0.21 9.5 0.01 Exploration Plans San Nicolas Diamond drilling to determine the limits of the main massive sulphide deposit, as well as the lower copper zone, is continuing at San Nicolas. Diamond drilling of other geophysical anomalies within the El Salvador joint venture area is also scheduled for early July. Penasguito Plans include further definition of the Chile Colorado mineralization and initiation of exploratory work on three sites that have potential for Chile Colorado-style mineralization, including North Azul. Villa de Ramos Gravity surveying in the large (350,000 acre) Villa de Ramos property directly north of San Nicolas, has defined at least five discrete gravity anomalies in areas of favourable geology. Two of the anomalies have coincident reconnaissance IP anomalies; dipole-dipole IP surveys will begin on June 27 over the five anomalies. Drilling of these targets will begin in July. San Jeronimo At San Jeronimo, a key land acquisition has been completed which will allow drill testing of a coincident gravity, IP, and copper geochem anomaly; this anomaly will be drilled following completion of the Villa de Ramos drilling. San Pedro Geological mapping at the San Pedro project, an approximate 450,000 acre parcel acquired as part of the Kennecott alliance, 225km southeast of San Nicolas in similar volcanic rocks, has identified numerous copper showings and favourable felsic volcanic rocks. An RIP survey, followed by gravity, is scheduled for late July. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com