Ambra Resources announces start of Marathon Gold Claims drilling program.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 24, 1997-- Publicly traded Ambra Resources Group Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : ABRG) has announced the start of the 1997 drilling program on its Marathon Gold Claims located on Vancouver Island Vancouver Island (1991 pop. 579,921), 12,408 sq mi (32,137 sq km), SW British Columbia, Canada, in the Pacific Ocean; largest island off W North America. It is c.285 mi (460 km) long and c. . Globe Drilling Ltd. has been contracted as the driller, and professional geologist Carl Verley will coordinate and supervise the drilling program. Verley's preliminary report to the company states that in the gold-, silver- and copper-bearing quartz quartz, one of the commonest of all rock-forming minerals and one of the most important constituents of the earth's crust. Chemically, it is silicon dioxide, SiO2. veins, values up to 1.29 oz./ton of gold are exposed in a trench trench: see ocean. in the granitic body, and contain anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. values in gold and copper, and are therefore a potential target for bulk-tonnage copper-gold deposits. In the process of completing a private placement for the drilling program, Alan Filson, Ambra's financial consultant, visited the Marathon Gold property on April 26, 1997. In order to complete his due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , Filson photographed the site, interviewed Verley and collected additional samples for independent testing. Chemex Labs Ltd. of North Vancouver North Vancouver, city (1991 pop. 38,436), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver, of which it is a suburb. Shipbuilding, woodworking, and the shipping of grain, lumber, and ore are the chief industries. tested these samples and issued certificate No. A9723083, which showed gold at 3.278 ounces per ton, silver at 11.7 ounces per ton and copper at 4 percent. The results showed great potential for a major gold deposit on the Marathon Claims. Previous fire assays taken by Ruza Resources Ltd. on Marathon samples have shown gold values as high as 19.040 ounces of gold per ton, silver at 64.60 ounces per ton and 4.7 percent copper. Averages of several samples taken indicate concentrations of 8.51 oz./ton of gold, 27.46 oz./ton of silver and 2.2% copper. Samplings taken by Dr. James J. Irwin, with a Ph.D in geology, confirmed an independent mineral analysis of the sulfide-bearing rock within the outcropping vein -- averaging 5.5 oz./ton of gold and 0.43 oz./ton of gold in pure quartz veinlets. Ambra has also staked three additional claims: Krystle-Ann 1, Krystle-Ann 2 and Krystle-Ann 3. These 1,800 acres of "Krystle Claims" surround the Marathon Gold Claims. In related news, Ambra announced that it had successfully completed a private placement for approximately $150,000 (U.S.) in exchange for 1.5 million shares of the company's stock. The funds are allocated for the Marathon Gold Drilling Program and for operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . Additional funding and private placements are being negotiated for Ambra's gas and oil properties. CONTACT: Ambra Resources Group Inc., Vancouver John Hickey, 800/698-3377 |
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