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Gold/Mining/Energy : Madison Enterprise, MNP/VSE -- Ignore unavailable to you. Want to Upgrade?

To: brian krause who wrote (192)	1/21/1999 11:20:00 AM
From: Dan P	Read Replies (1) \| Respond to of 285

Brian and others: Latest release from Madison: excellent results. To get a better table for the drill results, I suggest going to www2.cdn-news.com Dan disclaimer FOR FURTHER INFORMATION PLEASE CONTACT: Madison Enterprises Corp. Nell Dragovan Chairman (604) 331-8772 (604) 331-8773 (FAX) madison-enterprises.com No stock exchange has approved or disapproved the information contained herein. NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: MADISON ENTERPRISES CORP. VSE SYMBOL: MNP JANUARY 20, 1999 Madison Enterprises: Drilling Continues On The Mt. Kare Deposit VANCOUVER, BRITISH COLUMBIA--Madison Enterprises Corp. ("Madison") is pleased to announce results from recent exploration conducted on its Mt. Kare gold exploration project in Papua New Guinea. Diamond drilling expanded the Black Zone area and resulted in the discovery of limestone-hosted gold-silver mineralization - the Black Zone South Extension - a new type of mineralization for Mt. Kare. Overburden sampling resulted in the discovery, five kilometres to the northeast of the area of current drilling, of a significant placer gold area where 20 percent of the gold is crystalline in nature which suggests a local hardrock source. Sixteen holes were drilled within the Black Zone encountering the following intervals of significant mineralization: /T/ Hole# Section Dip from to Interval Au Ag Au eq. # deg. (metres) (metres) g/t g/t g/t 115 5+35E -45 0.0 6.0 6.0 0.18 40.5 0.92 28.5 70.5 40.5 0.80 13.1 1.04 incl 36.0 46.5 10.5 1.35 27.0 1.84 116 5+35E -80 0.0 78.0 78.0 2.83 26.3 3.31 incl 40.5 55.5 15.0 11.78 58.8 12.86 118 5+60E -85 0.0 51.0 51.0 1.03 162.8 4.02 incl 4.5 10.5 6.0 0.63 937.5 17.82 88.5 109.5 21.0 0.92 3.3 0.98 119 5+60E -50 0.0 93.0 93.0 1.34 84.2 2.88 incl 0.0 78.0 78.0 1.52 100.1 3.35 121 6+45E -50 0.0 24.0 24.0 1.46 60.2 2.56 incl 0.0 7.5 7.5 1.10 169.0 4.19 122 6+45E -85 0.0 19.5 19.5 0.73 88.2 2.35 incl 0.0 9.0 9.0 0.51 165.5 3.55 57.0 112.5 55.5 1.89 11.7 2.11 incl 57.0 66.0 9.0 1.54 50.6 9.64 123 4+60E -45 12.0 75.5 63.5 3.81 45.2 4.64 incl 12.0 34.5 22.5 4.50 62.9 5.65 and 40.5 75.5 35.0 4.00 40.9 4.75 124 4+60E -55 15.0 75.0 60.0 2.24 68.9 3.50 incl 15.0 39.0 24.0 0.14 112.8 2.21 and 48.0 54.0 6.0 4.60 86.5 6.19 and 58.5 70.5 12.0 8.37 65.8 9.58 126 4+60E -70 30.0 33.0 3.0 3.05 63.5 4.22 42.0 84.0 42.0 3.21 33.1 3.81 incl 52.5 78.8 25.5 5.08 41.2 5.83 127 4+60E -85 76.5 136.5 60.0 1.34 63.3 2.50 incl 76.5 94.5 18.0 1.19 134.4 3.65 142.5 147.0 4.5 0.32 45.7 1.16 130 4+05E -80 48.0 133.5 85.5 7.20 71.6 8.51 incl 61.5 114.0 52.5 10.39 97.2 12.17 132 4+30E -60 19.5 27.0 7.5 0.50 79.8 1.97 43.5 114.0 70.5 3.81 84.2 5.35 incl 43.5 49.5 6.0 0.37 89.8 2.02 and 60.0 96.0 36.0 6.92 137.0 9.49 133 4+30E -75 33.0 36.0 3.0 Tr 29.0 0.53 76.5 100.5 24.0 3.60 42.3 4.37 109.5 118.5 9.0 2.15 19.0 2.50 136 4+30E -90 123.0 144.0 21.0 0.42 38.5 1.13 incl 123.0 130.5 7.5 0.38 53.8 1.37 and 135.0 142.5 7.5 0.70 47.8 1.57 138 4+90E -60 60.0 63.0 3.0 3.48 6.7 3.60 69.0 75.0 6.0 1.35 133.8 3.80 /T/ The engineering firm of Watts, Griffis and McOuat has estimated a 23 percent increase in the mineral resource previously attributed to the Black Zone which now totals 2.3 million tonnes grading 2.9 g/t gold, 110 g/t silver or 4.9 g/t gold equivalent at a 1.5 g/t gold equivalent cut-off (using uncut assays). Ten diamond drill holes tested the discovery of a new style of limestone-hosted mineralization in the Black Zone South Extension over a 110 metre strike extent of the kilometre long target. Significant gold, silver and base metal mineralization, typical of the main Black Zone target, were encountered. Deeper drilling in this area encountered strong pyrite mineralization. Further drilling is planned to evaluate this highly prospective target. Significant mineralized intervals are outlined in the following table: /T/ Hole Azimuth Dip from to Interval Au Ag Au eq. # degrees degrees (metres) (metres) g/t g/t g/t 109 270 -45 46.5 67.5 21.0 1.92 8.9 2.09 incl 46.5 51.0 4.5 2.75 19.0 3.10 111 270 -65 126.0 133.5 7.5 2.34 33.9 2.96 163.5 168.0 3.0 1.26 2.6 1.31 213.0 216.0 3.0 0.54 10.5 0.73 117 270 -60 1.5 7.5 6.0 0.73 12.2 0.96 58.5 66.0 7.5 0.73 5.6 0.83 78.0 84.0 6.0 0.49 17.3 0.81 125 270 -70 0 4.5 4.5 0.90 10.6 1.09 201.0 202.5 7.5 0.87 14.5 1.14 131 270 -45 4.5 13.5 9.0 1.40 6.6 1.52 135 270 -45 49.5 52.5 3.0 1.86 4.9 1.94 /T/ The four holes drilled within the Lower Maratani target returned anomalous results up to 1.5 metres, grading 1.86 g/t gold, 1.4 g/t silver or 1.89 g/t gold equivalent. Of the two remaining holes, only hole 140 intersected anomalous mineralization at the southern extremity of the Central Zone. Concurrently with its diamond drill program, Madison has commissioned an independent property-wide placer evaluation. Five kilometres northeast of the area of current drilling, overburden sampling has revealed an alluvial/colluvial gold prospect. Samples of sub-crop at the base of overlying gravels contain visible gold. Very significantly, up to 20 percent of this gold occurs as 'fresh' platey specks and nuggets which appear to be derived from a local hardrock source. This exciting new discovery will be the focus of an aggressive surface exploration program aimed at defining the relationship between the surface gold showings and the underlying magnetic anomalies in order to develop targets for diamond drilling. In-fill and expansion drilling is continuing with two rigs on the Mt. Kare project. Of particular interest is Hole 146 which was completed this week. Hole 146, drilled approximately 85 metres from Madison's hole 5, has intersected coarse crystalline gold which appears to be related to the same structure which hosts the bonanza-grade gold encountered in hole 5 (which returned 2,141 g/t gold and 677 g/t silver over 4.5 metres) On behalf of the Board of Directors of MADISON ENTERPRISES CORP. Nell Dragovan, Chairman Map available upon request -30-