NP; Got a mention in the following. bigbuk
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Here is THE DAILY PROSPECTOR for February 9, 1999, straight from the
editorial desk of The Prospector
New York Gold Bid: $289.10 (+0.50) New York Silver Bid: $5.62 (-0.03)
NORTH AMERICA
Atlas Mining (ALSM:NASDAQ BB) purchased most of the outstanding shares
of the Nevada-based Olympic Silver Resources, giving Atlas control of
the mining assets held under Olympic's Mexican subsidiary, Minera
Argentum. For a share exchange at a cost of about 750,000 shares,
Atlas brought a silver resource to its shareholders of almost 3.0
ounces/share by adding the Mexican properties, which include the 14.4
million ounce resource at the San Acacio mine. (Feb 8/99)
Ontex Resources (ONT:ASE) and Metalore Resources (MET:TSE) announced
partial results of holes drilled on the 592-claim Beardmore-Geraldton
gold property in Ontario. (See The Daily Mining News for Feb 8/99 for
more details)
Due to continued success at its Sleeping Giant and Beaufor gold mining
operations in Quebec, Aurizon Mines (ARZ:TSE,ME) reported that proven
and probable mining reserves increased in 1998 to 255,800 ounces of
gold. The company also calculated that mineral resources at its other
gold projects increased to 778,000 ounces of gold. Mining reserves
increased by 21% compared to last year and Aurizon says the average
gold grade at Sleeping Giant increased to 12.0 g/t gold, representing
a 50% increase over the last five years. (Feb 8/99)
Results of the second hole drilled on the Siscoe gold property in
Quebec confirmed the presence of the close-to-surface mineralised
zone, reported Dynacor Mines (DYN:ME). Hole 98-05 was drilled 36 m
away from hole 98-03, which intersected 0.17 grams per tonne (g/t)
gold over 9.0 m, 1.40 g/t gold over 10.0 m and 7.10 g/t over 3.0 m.
Hole 98-05 intercepted the zone between 60.0 and 63.8 m and returned
0.365 g/t gold over 1.0 m, 6.193 g/t gold over 1.5 m and 10.675 g/t
gold over 1.3 m (Feb 8/99)
Strike Minerals (STRK:CDN) reported results from drilling on its
Shiningtree gold properties in the Tyrrell Township of Ontario.
Results included 0.053 oz/t gold over 39.0 ft, 0.028 oz/t gold over
221.0 ft, 0.070 oz/t gold over 80.0 ft, 0.170 oz/t gold over 13.0 ft,
0.110 oz/t gold over 17.0 ft, 0.070 oz/t gold over 49.0 ft and 1.050
oz/t gold over 4.90 ft. The company stated that the properties cover a
large deformation zone up to 500 ft wide, which remains drill untested
on strike and at depth. (Feb 8/99)
LATIN AMERICA
Ecuadorian Minerals (EMC:TSE) signed an agreement with Compagnie
Generale de Matieres Nucleaires (COGEMA) regarding the Paccha gold
property in Ecuador. The ground covered by the COGEMA concession
occupies 2 km² and an additional 4 km² of adjacent open
ground, which was purchased by Ecuadorian, making a total property
holding of 6 km². The original COGEMA concession is subject to a
3% NSR. (Feb 8/99)
MacMillan Gold (MMG:TSE) announced that results of trenching and
surface sampling identified drill targets on the Armonia gold property
in Peru. (See The Daily Mining News for Feb 8/99 for more details)
Altai Resources (ATI:TSE) recently concluded an agreement with Barrick
Gold's (ABX:TSE,ME,NYSE) Peruvian subsidiary, Minera ABX
Exploraciones, regarding Altai's Rodeo gold property in Peru. The
agreement says that the property will be held in a joint stock
company, owned 85% by Barrick and 15% by a subsidiary of Altai. To
maintain its interest, Barrick must spend US $1.5 million on the
property before July 1, 2003.(Feb 8/99)
Barrick Gold (ABX:TSE,ME,NYSE) recently informed its joint venture
partner, Queenstake Resources (QTR:TSE), of its finds from the initial
program on the Uchcumachay gold property in Peru. Five of the nine
holes drilled returned no significant values and only a few intervals
found than 0.1 g/t. The best result was 0.232 g/t gold, found in hole
UCH-06. Queenstake said the results were disappointing. (Feb 8/99)
ASIA
Minco Mining & Metals (MMM:TSE,VSE) and Teck (TEK.A,TEK.B:TSE,ME,VSE)
announced that the underground diamond drilling program on the White
Silver Mountain base metal project in China is progressing well. (See
The Daily Mining News for Feb 8/99 for more details)
AUSTRALASIA
Exploration drilling discovered high-grade silver/copper
mineralisation on Indochina Goldfields' (ING:TSE,ASX) Sekatak project
in Indonesia. (See The Daily Mining News for Feb 8/99 for more
details)
OIL AND GAS
Westhope Capital (WHCC:CDN) announced that the Clearbeach natural gas
venture, in which it owns a 20% working interest, encountered natural
gas in well #4. The company reported that the well is flowing at a
rate of 454,000 cubic feet/day (mcfd) from a 20 m section. The well is
the first of two planned development wells and Westhope says that
based on previous information provided by the operator and confirmed
by an independent geological evaluation, proven and probable reserves
are 0.344 billion cubic feet per well. (Feb 8/99)
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