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Troops, Check this out. Since the news release, this baby has peeked at $1.20 and closed at $1.10 on 14 Sep 99. The press release is from Canada Stockwatch. Sulliden Exploration Inc - Sulliden makes new discovery in Peru Sulliden Exploration Inc SUE Shares issued 9,769,507 1999-09-08 close $0.4 Thursday Sep 9 1999 Mr. Alain Vachon reports Sulliden Exploration has discovered at surface a new epithermal gold-silver system on the Santo Toribio property three kilometres directly to the south of the Pierina mine, district of Ancash, Peru. The Pierina mine, fully owned by Barrick Gold Corp., has proven reserves totalling 7.2 million ounces of gold with an operating cost of $50 (U.S.) per ounce. The Santo Toribio property, which consists of 48 mining concessions covering approximately 934 hectares, can be easily reached by a road from the town of Huaraz, 10 kilometres to the southeast. Between the months of April to August, 1999, Sulliden has carried out a first phase of exploration that has consisted of geological surveys, rock geochemical survey (663 samples) including trenches and shallow exploration pits and a petrographical study with thin section examinations and spectrometer analysis (PIMA and SEM). Geologically, the property consists of two blocks that are overlain by Tertiary volcanic rocks of the Calipuy formation, porphyritic intrusions, and pre-Calipuy sediments. These units are the same as those occurring on the Pierina mine property, three kilometres to the north. Exploration work carried out during this first phase has delineated two mineralized areas of interest within the south block. The best grades obtained on this block are summarized on the following table. Sample Mineralization Au Ag g/t g/t 736944 5% py 5% ars 17.10 823.9 736960 5% arsenate 1% ars 16.25 403.8 736952 10% lm-hm 13.13 668.5 736852 5% arsenate 10% ars 11.01 49.5 736669 20% sp 30% ars 15% py 9.54 323.1 736670 15% ars 5% py 5.89 165.2 736953 10% vn 5% lm 5.53 138.1 736522 15% py 4.98 630.8 736914 15% go-hm 4.61 199.2 736125 hm-go 4.32 613.8 736668 10% py 4.16 355.7 736748 py-hm 2.72 1755.2 736765 10% hm-go 1.94 1256.6 736508 5% gn 5% sp 5% py 3% ars 1.63 1360.5 736962 10% sp-gn 1% py 1.56 860.8 736665 15% py 3% sp 10% gn 1.42 699.5 736523 30% sp 2% ars 5% gn 1.31 476.3 Located near the western boundary of the property, the first area is a silica cap measuring approximately 300 by 500 metres, characterized by the presence of several quartz-silica veinlets within volcanic and porphyritic rocks that have been strongly leached. The surface alteration is combined with a strong multielement geochemical anomaly (gold-silver-arsenic-antimony-lead) covering most of the silica cap, and grab samples from the silicified porphyry yielded up to 2.08 grams per tonne Au and 302.1 g/t Ag. Moreover, three one-metre thick quartz-sulphide veins have returned values up to 11.01 g/t Au and 1755.2 g/t Ag. The second area of interest is in the eastern part of the south block and consists of an orthogonal network of at least 12 high-grade gold-silver quartz-sulphide veins occurring within a 400 by 700 metre envelope of argilized volcanic rocks. This envelope is strongly outlined by a multielement geochemical anomaly (gold-silver-arsenic-antimony-lead-zinc). These veins trend northeasterly and northwesterly and, as in the case of the La Rubia, may reach up to four metres in thickness and 200 to 300 metres of strike. The La Rubia vein is particularly characterized by silica sinter and vuggy silica textures that are diagnostic features of an epithermal low-sulphidation system developed close to the surface. Most of these veins are composed of quartz-carbonate-hematite-goethite and variable amounts of pyrite-sphalerite-stibnite-arsenopyrite-galena that may form semi-massive to massive sulphides. Petrographical studies have identified the presence of myargirite, boulangerite and tetrahedrite, all silver-rich sulphide complexes, and arsenate, a gold-rich sulphide complex. These veins have yielded gold and silver grades of up to 17.1 g/t Au and 1360.5 g/t Ag in the Boliche area and 16.25 g/t Au and 668.5 g/t Ag in the La Rubia area. As reported in Stockwatch March 11, 1999, Sulliden holds an option to acquire a 50-per-cent interest in the property by incurring $2.5-million (U.S.) in exploration expenditures and making cash payments of $1.2-million (U.S.) payable to Minera Santo Toribio SA, of which $1.15-million (U.S.) is due on September, 2002, or at the date of exercise of this option, subjected to regulatory approval. Sulliden's management is very enthusiastic following the results of its first surface exploration program and, is currently preparing a drilling program scheduled to begin in mid-October. This program will test the two mineralized areas of interest discovered during the first phase of work. The new discovery of a gold-silver epithermal low-sulphidation system on the Santo Toribio property clearly demonstrates the tremendous potential of this property next to the Pierina mine infrastructures. The surface grab and channel samples were analyzed at the laboratory of Intertek-Bondar Clegg in Vancouver, B.C., Canada. Gold and silver values were determined by fire assay gravimetric. The grades for other metals have been obtained using standard ICP technique. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing) | ||||||||||||
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