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For any that might follow the speculative jr. gold issues Northern Crown Mines (NCW-V) might deserve a closer look over the months ahead. At the company's Guadalupe De Les Reyes gold project in Sinola State Mexico NCW has indicated a resource of approx. 500,000 ounces of gold with 15,000 metres of drilling in 163 holes. At the 59 square km Guadlaupe project the company has identified over 13.7km of host epithermal structure that could host a minimum of 1 million ounces of gold along with the high grades of silver associated with the deposit. The Zapote zone is the most advance with a resource now est. in the range of 300,000 -350,000 ounces defined in 87 holes. Significant intercepts include - 57.9m grading 2.49 g/t au - 16.0 g/t ag - 32m grading 3.28 g/t au - 21.8 g/t ag - 23.8m grading 3.35 g/t au and 27.7 g/t ag - the Zapote zone will see further fall 96 definition drilling with a prefeasibily study to begin in mid 1997. Excitement runs high at the Guadalupe mine structure where historical production yielded 525,000 ounces of gold and 41 million ounces of silver from prior underground workings. Along the 2500m structure the first 22 holes have meet with encouraging results in two zones over 1,100 metres apart. Highlights include 67.4m grading 2.29 g/t au - 39.7g/t ag - 61m grading 2.26 g/t au - 105.8 g/t ag 29m grading 3.59 g/t au and 44 g/t ag. Northern Crown Mines (NCW-V) has 12.1 million shares o/s 16.0 million f/d with approx. $2 million in the treasury the company is now in the process of kicking off a huge 20,000 metre drill program at the Guadalupe project set to begin in October with an objective of expanding the bulk tonnage low-cost heap-leachable reserves to 1 million plus ounces along with a possible production decision for the Zapote zone. Currently with a market cap of about $C20 million and reserves of 500,000 ounces this would put gold in the ground at approx. C$40 per ounce. Not too bad of a floor to support current C$1.40 share levels. For more info on this exciting undervalued jr. exploring for gold/silver in the Sierra Madre the company can be reached at 800-403-2988 - IR - Brent Bagswell. james - NCW shareholder | ||||||||||||||
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