NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: YAMANA RESOURCES INC.
TSE SYMBOL: YRI
APRIL 21, 1999
Yamana Reports Newest Bacon Drilling Results
SPOKANE, WASHINGTON--Yamana Resources reports that its latest
drilling campaign on its 100 percent owned Bacon property in Santa
Cruz, Argentina, did not meet its objective of more than doubling
the previously reported silver resource for the North Bacon
epithermal vein system (see Yamana press release March 1, 1999).
Sixty-eight new drill holes for 4,423 meters tested 11 of 17
quartz veins (see Map A attached and Table 1 and Map B on Yamana's
Web site). Most of the holes hit silver vein mineralization, but
generally of subeconomic grades. Drilling indicates the existence
of four additional silver shoots at North Bacon, albeit of lower
grades than the Veta Martha Silver Shoot (See Table 2 on Yamana's
Web site). These four silver shoots require additional drilling
for resource definition, with the R-4 Zone the most promising. A
fifth potential silver shoot in the Veta Medio area did not
receive any new drilling.
R-4 Zone - Diamond drill hole (DDH) 118 intersected 2.6 meters
(2.21 meters true thickness [tt]) of 1,648 g/t Ag and 1.18 g/t Au,
52 meters down the dip of the vein (see Map C on Yamana's Web
site). Twenty-five meters to the west of DDH 118, previously
reported DDH 76 intersected 2.7 meters (2.28 meters tt) of 922 g/t
Ag and 1.16 g/t Au, 40 meters below surface, indicating an
east-plunging shoot like the adjacent Veta Martha Silver Shoot.
Veta Martha Oeste - DDH 103 hit 3.2 meters (2.43 meters tt) of 292
g/t Ag and 0.78 g/t Au, 54 meters below the surface, and DDH 104
hit 3.0 meters (1.73 meters tt) of 327 g/t Ag and 0.68 g/t Au, 32
meters below the DDH 103 intercept at 86 meters (see Map D on
Yamana's Web site). This potential silver shoot is open to depth
and includes previously reported RC 82 (3.40 meters tt of 380 g/t
Ag and 0.42 g/t Au). Additionally, DDH 109 and nearby drill holes
define a separate, but limited silver shoot 50 meters east of DDH
103. DDH 109 intersected 3.95 meters (3.15 meters tt) of 261 g/t
Ag and 0.18 g/t Au, 32 meters below the surface.
Veta Nordeste - RC 148 hit 3.0 meters (1.25 meters tt) of 253 g/t
Ag and 0.24 g/t Au, following up on previously drilled DDH 62
having 4.0 meters (1.41 meters tt) of 573 g/t Ag and 0.55 g/t Au,
leaving this possible silver shoot open to the east.
Far North Bacon - RC 86 encountered 3.0 meters (2.25 meters tt) of
574 g/t Ag and 0.11 g/t Au at a depth of 48 meters on the western
limit of drilling on the Far North vein. DDH 145 intersected 2.0
meters (1.40 meters tt) of 164 g/t Ag beneath RC 86 at a depth of
92 meters. Nevertheless, the potential ore shoot remains open to
the west.
Drilling of most of the other quartz veins, which carried good
surface precious-metals values, proved disappointing. On the
Argenta Centro vein complex, an intercept of 2.0 meters (1.55
meters tt) of 4 g/t Ag and 0.49 g/t Au also contains 4.5 percent
Zn and 1.6 percent Pb, indicating promise for base- plus
precious-metals.
Little additional drilling was done on the Veta Martha Silver
Shoot. DDHs 116 and 117 hit weakly mineralized vein underneath the
Veta Martha Silver Shoot at 98 meters below surface, the best
interval showing 2.6 meters (1.62 meters tt) of 73 g/t Ag.
Importantly, however, DDH 114, located 125 meters west of the Veta
Martha Silver Shoot, hit 1.9 meters (1.55 meters tt) of 364 g/t Ag
with 0.43 g/t Au, 50 meters below the surface. Resource expansion
possibilities exist in this direction.
Richard Walters, President of Yamana, says,"Although this program
fell short of our objectives, the possibility for further
expansion of the silver resource of the Veta Martha vein system
still remains open in several localities, and especially at depth.
Our drilling has adequately explored it only to 100 meters below
surface. Beyond that, only DDHs 128 and 129 penetrated the vein at
150 meters and 120 meters, respectively. Notably, DDH 128 struck
an epithermal vein of 10.5 meters true thickness, which is
strongly anomalous in silver (16 g/t) and indicates that other
silver shoots could occur deeper in the vein system."
Walters' remarks come with the knowledge that the geologically
similar, nearby Manantial Espejo precious-metals vein system
carries a major portion of its announced drill-indicated resource
(89 million silver- equivalent ounces) on the Maria silver vein at
depth largely beneath subeconomic silver mineralization. The
thickest and richest part of the Maria silver vein occurs between
180 and 220 meters below surface where there is a flexure in the
quartz vein. Similar geologic factors could control silver
mineralization in the Veta Martha vein system. DDHs 128 and 129
are Yamana's deepest holes thus far.
Previously, Yamana reported drill results for a bonanza-grade
silver pocket (Trench 16 zone) in the top of the Veta Martha
Silver Shoot (see Yamana news release March 8, 1999). Check assays
have been received from Acme Analytical Laboratories Ltd. of
Santiago, Chile, with results falling within statistically
acceptable standards (see Table 3 on Yamana's Web site). This
verifies the initial results of Yamana's Bema lab facility. All
assays reported herein are also from Bema Lab.
The size of the bonanza-grade silver pocket(s) has not yet been
determined and is the subject of continuing evaluation. Yamana
anticipates it could be of sufficient substance to have a positive
material impact on the drill-inferred resource of the Veta Martha
Silver Shoot and on the economics of the Bacon project.
Metallurgical testing of the Veta Martha Silver Shoot is
advancing. A final report from Pittsburgh Mineral & Environmental
Technology, Inc. (see Yamana Press Release January 25, 1999) has
been received. Dr. Wolfgang Baum, Chief Mineralogist, concludes,
"Assuming a carefully designed process flowsheet with adequate and
careful liberation, the bulk of the metals mineralization should
be amenable to physical concentration. Some high-grade ore samples
should also be amenable to pre-concentration using a well-tailored
gravity separation."
Additionally, arrangements have been made with Lakefield Research
Chile S.A. to conduct a preliminary metallurgical program
consisting of grindability, flotation, gravity, and concentrate
cyanidization tests on Bacon drill cores. Results are expected in
about three months. Yamana is doing a mine plan and internal
economic analysis for development of the Veta Martha Silver Shoot
and expects to reach a prefeasibility stage when the Lakefield
metallurgical study is completed.
Yamana Resources Inc. is a Canadian minerals exploration company
primarily focused on precious metals in Argentina.
FORWARD-LOOKING STATEMENTS: This news release includes certain
forward- looking statements within the meaning of Section 21E of
the United States Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, included in
this release, including, without limitation, statements regarding
potential mineralization and resources of the silver deposit on
the Bacon property and Yamana's future plans are forward-looking
statements that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate,
and actual results and future events could differ materially from
those anticipated in such statements. Forward-looking statements
are based on the estimates and opinions of management on the date
the statements are made, and Yamana does not undertake any
obligation to update forward-looking statements should conditions
or managements' estimates or opinions change.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Yamana Resources Inc.
Amy Martin
Investor Relations Coordinator
(509) 838-6615
(509) 838-0714 (FAX)
Home Page: yamana.com
E-mail: amartin@yamana.com
There is a map available by contacting the company at the number
above or by accessing CCN's Internet Website at |
