Akiko Gold announces high grade silver in Utah JV drilling.Akiko Gold Resources (VSE See DOS/VSE. VSE - Virtual Storage Extended :AKI) reported high grade silver encountered by Chief Consolidated Mining (the property owner and initial operator) in the ongoing drilling program which is increasing known reserves of the New Burgin Burgin can refer to: People
Burgin' Deposit at the Tintic, Utah Project being joint ventured with the Korea Zinc Company. Hole CB-20 contained some of the most significant grades ever discovered in the Tintic Mining District. Hole CB-20 intercepted a 92 foot ore zone averaging 18.8 ounces silver per ton, plus 24 percent lead and 6.7 percent zinc. This included 11 feet assaying 90 ounces of silver per ton, plus 42 percent lead and 5 percent zinc (for a gross-in place value of approximately US$900 per ton). Hole CB-19 intercepted 9 feet assaying over 26 ounces of silver, while Hole CB-18 encountered a 26 foot intercept intercept in mathematical terms the points at which a curve cuts the two axes of a graph. averaging over 13 ounces silver per ton (including a 3.5 foot segment assaying at 70 ounces of silver). Hole CB-17 included 21.8 feet averaging 15.8 ounces silver, 15.6 percent lead and 3.6 percent zinc; while Hole CB-16 produced 26.5 feet of 14 ounces silver. The proven and probable reserves of the Tintic Project's New Burgin Deposit, before taking into account the 20 holes drilled to date by the joint venture, were calculated at 1.03 million tons of mineable ore containing 24 million ounces silver, 550 million pounds lead and 180 million pounds zinc (having a current in-place gross value approximating US$470 million). While new substantially increased reserves are being analyzed an·a·lyze tr.v. an·a·lyzed, an·a·lyz·ing, an·a·lyz·es 1. To examine methodically by separating into parts and studying their interrelations. 2. Chemistry To make a chemical analysis of. 3. and calculated, further underground drifting has commenced to establish drill station #6 at the northern perimeter The boundary of a system or network, which defines the inside and outside. It is typically determined by firewalls and addresses. See DMZ. of the central portion of the deposit for additional expansion drilling. Meanwhile, the parties are completing final details of their contemplated 3-way joint venture agreement and establishing a jointly owned operating company operating company A business that engages in transactions with outsiders. . Korea Zinc and Akiko are each earning 25 percent of the Project by funding US$5 million. Akiko funded the first US$ 2 million. Korea Zinc is funding the current US$2 million program and the next US$2 million of project expenditures which are expected to reach bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility. Akiko and Korea Zinc will then be responsible for the last US$4 million earn-in on a 3 to 1 basis. Akiko currently holds 250,000 shares of Chief Consolidated stock which closed trading last Friday on the 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 exchange at US$12.25 per share (giving Akiko a prospective market value for its Chief shares approximately equal to the balance of Akiko's earn-in responsibility). On Behalf of the Board of Directors "Stephen E. Flechner" President & Chief Executive Officer CONTACT: Akiko Gold Resources Ltd. Christine Reynolds, 604/689-0988 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion