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

To: George Castilarin who wrote (121)	1/13/1999 10:19:00 AM
From: coolslug	Read Replies (1) \| Respond to of 139

Balaclava's El Corazon phase II drill program begins Balaclava Mines Inc BIL Shares issued 12,200,000 Jan 12 close $0.63 Wed 13 Jan 99 News Release Mr. Simon Ridgway reports The phase II drill program on the El Corazon project in Ecuador has commenced. The company aggressively explored the property during 1998 and this current drill program is a follow-up to promising drill results reported in Stockwatch Oct. 23, 1998. Diamond drilling began Jan. 12, 1999 and approximately 10 holes are scheduled. The El Corazon property is known for its abundance of high-grade gold occurrences and has seen over 80 diamond drill holes. The Tres X zone is the focus of this current work program and the targets are bonanza-style gold veins. The latest drilling reported by the company included BCD-13 which intersected an impressive 48.9 grams per tonne gold across 23.7 metres. In order to pursue the zone interested in BCD-13, the company commissioned a structural study of the Tres X zone using a recognized structural geologist. This work was completed during December and indicated the presence of a 500 metre long zone of stratiform, one to 10 metre wide bodies of quartz-pyrite-sericite alteration. These bodies host wide intervals of 0.5 to 2 grams per tonne gold. However, the multiple high-grade drill intersections are invariably found where this alteration is overprinted or crosscut by a stockworking of quartz veins. It is areas of this array of quartz veining which carry the high-grade gold values. Previous drilling has been focused on the stratiform altered bodies and may have significantly understated the economic potential of the property. As stated in the final report by the structural geologist, the viability of the project likely rests on a warranted determination of whether previous drilling on the property has significantly under-reported gold values because of the geometry of mineralized stockwork veinlets within their lower grade altered hosts, and because of the historic direction of drilling designed to intersect those hosts. The company plans to test this structural hypothesis, as well as several other intriguing targets on the property. Drill results will be reported on a timely basis. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com