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Patrician Goldmines seems to be a great repeat K-'bottomfish' to play Ghana. I was surprised there wasn't a group already started. Less than 10mil share OS, I believe. The stock is at a year low so it surely doesn't have much downside! Check out their website at: goldcorner.com Here's their quote and chart courtesy of magnanimous Stockwatch: chart.canada-stockwatch.com Has anybody seen this PXX news release that came out today (after close)? I'll post it and watch for your comments. (I'm a shareholder) I read it as "keep your eye on me" - here it is: ------------ GOASO RESULTS ENCOURAGING ORLEANS, Ontario, March 31 /CNW/ - Patrician Gold Mines Ltd. (``Patrician'') has recently completed an 18 hole auger drilling programme on a 2km long gold soil anomaly on its Goaso property in southwestern Ghana. Results are encouraging for this stage of exploration. Two section lines of nine holes each were completed at either end of the anomaly. Hole spacing was 50m apart and the average hole depth was 12m. Higher assay values and the amount of quartz found in the laterite are directly proportional to the strength of the gold in soils from the surface sampling programme. Several holes were abandoned prematurely as they could not penetrate quartz veins at depth. In one section, a 200m long quartz train is traceable through the lateritic profile on the down slope side of the indicated source of the mineralization. Anomalous gold value in quartz-bearing laterite is suspected to be originating from a narrow vein, lode gold style of mineralization. Hole spacing is still too broad to accurately pin point the source of the mineralization. As the augering system is not designed for penetrating quartz veins in saprolite, the true indication of actual grade potential has not been established. Anomalous gold values received to date range from 0.86 to 0.27 g/t gold. Gold values are higher as the suspected source of the mineralization is approached. Auger drilling starts again this week which will entail pin pointing the source of the indicated quartz vein mineralization by tighter auger hole spacing, plus test the remainder of the soil anomaly at 100 to 200m line intervals. Additional geological and mineralization information will be gleaned from surface trenching. HOMASI A soil sampling programme to complete sampling on a 100 x 50m grid interval will be finished in May. PRIVATE PLACEMENT Subject to regulatory approval, Patrician has completed a $150,000 private placement of 465,750 units at $0.32 per unit. Each unit consists of one common share and one common share purchase warrant. The warrant exercise price is $0.32 and the expiry date is 30 June 1998. The placement was with China Clipper Gold Mines Ltd., which will own, after this placement, 843,750 common shares and 843,750 warrants for a 12.5% ownership (fully diluted) in Patrician. The proceeds will be used to complete the auger bit drilling programme on Goaso, and the sampling programme on Homasi. The Alberta stock Exchange has neither approved nor disapproved of the information contained herein. -0- 03/31/97 For further information: Robin B. Dow, HBA, MBA, FCSI, President, Orleans, ON, Phone: (613) 834-7708, Fax: (613) 834-7827, or Mike Schuss, V.P. Special Projects, Vancouver, B.C., Phone: (604) 608-6988 -------------------------------------------------------------------------- Release sent courtesy of Canada NewsWire Portfolio Email. | ||||||||||||||
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