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Gold/Mining/Energy : BALACLAVA MINING (BIL.V) -- Ignore unavailable to you. Want to Upgrade?

To: Baba 2 who wrote (71)	7/25/1998 7:30:00 PM
From: chevalier	Respond to of 139

I wouldn't worry about it just yet as the drop was on no volume. No one seems to care but that is the summer doldrums for you

To: Baba 2 who wrote (71)	7/28/1998 3:04:00 PM
From: rdww	Read Replies (1) \| Respond to of 139

some nice looking trench results - looking forward to drilling season El Corazon exploration progress Balaclava Mines Inc BIL Shares issued 6,488,892 Jul 27 close $0.87 Tue 28 Jul 98 News Release Mr. Simon Ridgway reports The company has released an update on developments at the El Corazon property in northern Ecuador. To date, four prospective gold zones have been outlined within the property. They are located in an east-northeast belt associated with a regional structure clearly visible from air photography of the region. Following are the recent exploration work and sample results from two of these mineralized zones, the Tres X and El Paraiso zones. The company will report on the work under way on the other zones identified to date on the property upon receipt of results. Tres X Zone Previous drilling includes 45 narrow (BQ) d/d holes at the southern end of the Tres X ridge. Although the results of this drilling returned excellent intersections, almost all of the holes were vertical or angled to the north, leaving untested veins trending in that direction. However, this drilling confirmed that the high-grade structures at El Corazon carry values at depth and that the volcanic breccia that hosts the gold-bearing structures is also mineralized in areas and can carry values of more than 1 g/t Au. Trenching conducted by previous operators at the completion of the drill program intersected some high-grade veins on the ridge. To test for further high-grade structures, the company has conducted a series of hand pits and trenches in the immediate area of Gramalote and Yucal. New mineralized zones were exposed. Preliminary results suggest that there are four basic structural orientations on the Tres X ridge zone, with a fifth complex area that can be described as a quartz blow-out. The basic orientations and information are as follows: N5-30W Trend: Identified in six trenches, tested along nine zones, representing 127m of strike length with panel sample widths of 1.6m averaging 8.7 g/t Au. N45-65W Trend: Identified in three trenches, tested along seven zones, representing 89m of strike length with panel sample widths of 1m averaging 35.7 g/t Au. N20-30E Trend: Identified in two trenches, tested along three zones, representing 80m of strike length with panel sample widths of 1m averaging 94.88 g/t Au. N80W Trend: Identified in one trench, tested along four zones, representing 52m of strike length with panel sample widths of 1m averaging 5.6 g/t Au. Complex NE: Exposed in a pit 30m south of the initial Gramalote discovery zone. A composite chip sample of an area 10m x 10m averaged 94 g/t Au. Exposure in the ridge area is nil, jungle cover and soil development mask the mineralization. The number of gold bearing structures located by the limited hand-trenching conducted on the ridge to date is extremely encouraging. The next stage of work on the ridge will require mechanized trenching were possible, and drill testing of the high-grade structures. The potential for the Tres X ridge to host a (plus) 1,000,000 ounce gold deposit hosted in high-grade structures amenable to low-cost selective mining is considered excellent. El Paraiso Zone No trenching or drilling has been conducted previously at El Paraiso even though geochemical and geophysical surveys undertaken outlined sizeable coincident anomalies. Recent work in the area by the company, both interpretive and field work, suggests that the El Paraiso prospect area has the potential for a bulk mineable gold deposit of significant proportions. Recent mapping at El Paraiso by the company has located an acid-leached, vuggy lappili tuff unit poorly exposed in two of the creek beds that cut through the area. Sampling at these locations has returned values of 8 g/t Au in a 2m panel sample and 1.4 g/t Au in a chip sample. Upon review of the core from the Trex X drill program, a similar leached lapilli tuff unit was intersected in four of the drill holes, all four holes returned significant gold values throughout this unit: RVC-030 18.0m at 2.51 g/t Au RVC-034 24.0m at 3.72 g/t Au RVC-034s 24.5m at 2.48 g/t Au RVC-061 11.0m at 7.73 g/t Au Geological mapping, geochemistry and geophysics all indicate an area of silicified tuffs 2.5km long-trending to the east-northeast having an average width of 400m. Stratabound mineralization, grading up to 14 g/t gold, is hosted by an acid-leached tuff located on the eastern side of the Trex X ridge. This bedded unit presents potential for a near surface open-pit ore body. Other exposures of a similar leached lapilli tuff unit have been mapped 500m to the east in the creek beds of the El Paraiso zones, where it has also returned significant gold values. Exploration at El Paraiso will focus on this potential. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com