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The latest new release, anyone own this??? <h2>Madison Enterprises Corp - News Release </h2><h2>Papua New Guinea; drilling at Mt Kare project very slow</h2><p> <tr><td>Shares issued 6209925<td align=right>1997-03-07 close $5.2</td></tr> <tr><td>Friday Mar 7 1997<td align=right>News Release</td></tr> s Nell Dragovan reports The Mt Kare property is contiguous to the Porgera Mine property, which is one of the largest producing gold mines in the world (average annual production of one million ounces gold per year over the last six years), and where current reserves and resources including past production total in excess of 24 million ounces of gold. The various styles of mineralization identified at both Porgera and Mt Kare are very similar in geologic setting, age, mineralization and structural controls. THe company's geologic interpretation of Mt Kare indicates the potential existence of a gold deposit of similar scope and style to that found at Porgera. The progress of the company's drilling program, although much slower than initially anticipated, has just now accelerated with the commencement of drilling by Falcon Drilling of Prince George, BC, in late February. To date, the company has completed seven holes, totalling 1,100 metres, testing two sites in areas where limited prior drilling and significant past (1987-1990) and present alluvial/colluvial gold panning activity have taken place. Field descriptions indicate that all holes completed display good continuity and predictability and have successfully intersected favourably altered and mineralized stratigraphy generally near the depths anticipated by Madison. In addition to the sulphide mineralization, each hole has intersected at least one occurrence of visible gold, With some holes containing multiple occurrences. Concurrent with the diamond drilling, the company has started a detailed geologic and structural mapping, surface trenching and auger geochemical sampling program over the area of primary interest. This work, in conjunction with drilling data, is enhancing the company's understanding of both large-scale and small-scale controls on the mineralization. One highlight from the company's geologic mapping is the confirmation of the field location of CRA's roscoellite trench (where the average from eleven CRA grab samples returned 182 g/t gold and 1,170 g/t silver) and the confirmation that two previous drill holes completed by CRA (planned to test the CRA roscoellite trench) had limited chance of intersecting this mineralization, as the drill holes were oriented parallel to the quartz-roscoellite trend. Field evaluation of scattered exposure here has identified an area of quartz-roscoellite in excess of 50 by 150 metres in extent. Sample results from this quartz- roscoellite outcropping returned up to 58.1 g/t gold and 1900 g/t silver. The company is presently preparing drill pads to appropriately test the quartz-roscoellite-gold mineralization in this area and its continuity. The following listing outlines some of the new surface grab and chip channel sample results obtained from five of the ten mineralized zones identified to date within the large 1.1km by 1.6km gold geochemical anomaly where the company's present drilling is focused. Zone Sample Type Au Ag No. (g/t) (g/t) ----- ------- ----- ----- ----- Red 173958 Grab 2.4 56 Red 173959 0.5m* 6.3 11 Green 173043 Grab 10.4 11 Green 173050 1.3m* 4.9 17 Yellow 173998 3.0m* 3.7 49 Yellow 173996 3.0m* 13.0 32 Zone Sample Type Au Ag No. (g/t) (g/t) ----- ------- ----- ----- ----- Purple 173014 2.5m* 3.4 42 Purple 173009 Grab 13.5 120 Roscoe. 173987 Grab 38.9 270 Roscoe. 173982 Grab 58.1 670 Roscoe. 173055 1.5m* 2.7 1000 Roscoe. 173061 1.5m* 5.4 1900 *Chip channel sample In addition, the company's regional auger-soil sampling program has extended (by some 2.5km to the northeast) the 1.6km multi-element geochemical anomaly at Mt Kare, where drilling and trenching is currently underway. Included within this extended trend is a distinct gold geochemical anomaly, measuring a minimum of 300 by 1300 metres, containing peak auger soil values of 60.0 g/t and 210.0 g/t gold. This anomaly is 2.0 kms to the northeast of present drilling. In addition, preliminary interpretation of the Aerodat airborne magnetic and radiometric survey has outlined favourable targets for follow-up evaluation. Compilation of the various types of available information (geological, geochemical, geophysical, structural) suggests a very strong correlation between old and new drilling information, surface geochemical trends, magnetic anomalies, intrusives, regional structure, as well as former and current colluvial mining activity (where in excess of one million ounces of gold was produced over a 2-1/2 year period from 1988 to 1990) all localized within the one by six km area of primary interest. Due to the slow drilling progress between November and late February, and the six week delay in the arrival of the Canadian drill rigs, the company is not able to provide results for a representative grouping of holes from various target zones, as was originally expected at this time. The company is confident that drilling production will improve greatly in the future, with drilling results available for upcoming batch releases at regular intervals - approximately six weeks to two months. The first drilling results, representing four target zones, should be available for mid-April. <tr><td colspan=2>(c) Copyright 1997 Canjex Publishing Ltd. canada- stockwatch.com</td></tr></table> | ||||||||||||||
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