AKIKO GOLD ENCOUNTERS GOLD ZONE AT UTAH SILVER DEPOSIT.VANCOUVER, BC--(BUSINESS WIRE)--May 18, 1995-- Underground reserve expansion drilling is ongoing on the western side of the high-grade silver/lead/zinc New Burgin Deposit in Tintic, Utah. Review and analysis of historic drill logs and 1995 drill results suggest that this western sector contains a gold enriched zone approximately 200 feet wide and six hundred feet long running north/south in conjunction with silver/lead/zinc mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . Hole CB-6, drilled southeast from the southwestern drill station, encountered 26.5 feet of mineralization averaging 0.22 ounces gold per ton with 3.2 ounces silver, 4.3 percent lead and 10.5 percent zinc zinc, metallic chemical element; symbol Zn; at. no. 30; at. wt. 65.38; m.p. 419.58°C;; b.p. 907°C;; sp. gr. 7.133 at 25°C;; valence +2. Zinc is a lustrous bluish-white metal. It is found in Group 12 of the periodic table. . This was part of a 40 foot intercept intercept in mathematical terms the points at which a curve cuts the two axes of a graph. averaging 0.19 ounces of gold per ton. Hole CB-5 encountered a gold bearing dike Dike, in Greek religion and mythology Dike: see Horae. dike, in technology dike, in technology: see levee. dike Bank, usually of earth, constructed to control or confine water. intruded in·trude v. in·trud·ed, in·trud·ing, in·trudes v.tr. 1. To put or force in inappropriately, especially without invitation, fitness, or permission: into this western sector at the projected point of intersection intersection /in·ter·sec·tion/ (-sek´shun) a site at which one structure crosses another. intersection a site at which one structure crosses another. with the silver/lead/zinc mineralization, and reported 16 feet of 0.03 ounces gold, including 9 feet of 0.05 gold. Historic Burgin drilling records indicate that Hole B-31 located approximately 150 feet south of CB-6 intersected 26.5 feet of 0.1 ounces gold and 15 feet of 0.4 gold. Four hundred feet north of CB-6, drill logs indicate that Hole SB-1 reported 55 feet of 0.08 ounces gold including 8 feet of 0.2 gold. Though very encouraging, it is too early to estimate the gold potential of the Deposit. Reserve expansion drilling, which has already increased thick zones of known silver/lead/zinc reserves to the northeast and to the east/southeast, is now continuing in the west and will commence in the primary expansion area next month. The north drift has been extended 300 feet for this purpose to the NW boundary of the Deposit in order to provide access to drill along strike and down dip where geologic analysis indicates that the silver/lead/zinc reserves should double to triple in size. Mineable reserves were previously calculated to contain 1.14 million tons averaging over 19 ounces silver per ton, 22 percent lead and 7.5 percent zinc. Two of the thickest and highest grade intercepts in that reserve are situated near that NW perimeter. An expanded reserve calculation is anticipated this summer with bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility early next year. The Company must invest US$1 million by May 31, 1995 in the stock of the landowner, Chief Consolidated Mining, at US$4 per share (currently trading on NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on near US$8/share) in order to continue funding this work and earning its 50 percent joint venture interest (and right to become operator at feasibility). Akiko expects to announce necessary financing next week (based upon subscriptions for Chief and Akiko shares). -0- On Behalf of the Board of Directors "Stephen E. Flechner" President & Chief Executive Officer CONTACT: Stephen E. Flechner, 604/689-0988 604/687-3797 (fax) |
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