Argentina Gold Announces Start of 1997/1998 Gold Exploration Program.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Sept. 11, 1997-- Argentina Gold Corp.(VSE See DOS/VSE. VSE - Virtual Storage Extended ARP) Argentina Gold Corp. (the "Company") is pleased to announce the start of the 1997/1998 exploration season in the Andes of Argentina along the border with Chile. The Company has properties encompassing over 560,000 hectares which cover the extension of Chile's rich El Indio Gold Belt into Argentina. Several of the Company's projects have attracted joint ventures with majors Barrick Gold Barrick Gold Corporation TSX: ABX NYSE: ABX is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units (RBU's) located in Australia, Africa, North America and South America. Corp. and WMC WMC Winter Music Conference WMC Weill Medical College (Cornell University) WMC Wisconsin Manufacturers and Commerce (Madison, WI) WMC Westchester Medical Center WMC Western Mining Corporation Limited. It is early spring in Argentina and nearly 250 kilometres of snow covered access roads are now being opened up. These roads permit access to the 3 key project areas where the Company will focus its exploration efforts this season: Veladero, El Carmen There are many toponyms called Carmen or El Carmen. See also Carmen (disambiguation).
VELADERO Veladero is the Company's most significant and exciting property. It's under joint venture with Barrick Gold Corp. who hold a 40 percent non-operating interest. At the northern end of Veladero, the Company has, in previous exploration programs, outlined a large geophysical anomaly coincident with a gold geochemical anomaly (2.8 by 3.4 kilometres) and alteration zone, which was named Cerro Pelado. Within Cerro Pelado there a several target areas, including a 2,000 by 500 metre zone of re-brecciation known as Filo Federico. This target was tested at the very end of last season, and it was here that Hole 55 intercepted 168 metres of gold 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. grading an average of 2.7 grams per tonne. The hole ended in strong mineralization. Please see attached map. The strongly fractured and rebrecciated lithologies at Veladero host gold and silver mineralization as both fine grained sulphides in silica and oxides filling joints, voids and fractures. These eruption breccias are very similar to those present at the Pascua and Tambo deposits in Chile and constitute the main type of ore host where mineralization has been encountered on the El Indio Gold Belt. The Pascua deposit is less than 10 kilometres from the Company's Cerro Pelado area and has a proven and probable gold reserve of over 10 million ounces and a further 6.7 million ounces classified as mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. material. The Company has prepared a 20,000 metre drilling program which will initially focus on the Filo Federico target area. The geological, geochemical and geophysical evidence shows a large potential for economic gold mineralization at this and other northern Veladero targets. The results from last season support intense drill testing and geological modeling to be the focus of the 1997/1998 season aiming for the definition of an economic deposit. Drilling is expected to commence in October. EL CARMEN This property is also under joint venture with Barrick Gold Corporation who have a 60 percent interest and are the operator. Last season 5 holes were drilled which returned geologically promising results but without significant gold intercepts. This season a CSAMT CSAMT Controlled-Source Audio-Magnetotelluric Technique geophysical survey Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. will be conducted to cover the Cerro Amarillo, Rojo Grande and Breccia breccia: see conglomerate. breccia Coarse sedimentary rock consisting of angular or nearly angular fragments larger than 0.08 in. (2 mm). Breccia commonly results from processes such as landslides or geologic faulting, in which rocks are fractured. Oportuna targets. A 3,000 metre drilling program will follow and, if results warrant, a further 3,500 metres of drilling is planned. RIO FRIO Rio Frio is a property under joint venture with WMC Limited. They are the operator of the project and hold a 60 percent interest. The Company recently received a cash payment of U.S. $ 1.5 million as per the terms of the joint venture agreement which provides for a minimum cumulative expenditure obligation of U.S. $22 million by June 30, 2000. Exploration will begin with a geophysical program of predominantly Induced Polarization with a possible CSAMT survey. A 2,500 to 3,000 metre drilling program will follow to test targets at Rio Frio Norte, Centro and Sur. WMC Limited recently surrendered other properties, known as Poposa and Olivares, from the joint venture to Argentina Gold's full responsibility. -0- ON BEHALF OF THE BOARD "J. Patricio Jones", President -0- NOTE: Location map available from the Company at the phone number listed below. -0- The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CONTACT: Argentina Gold Corp. Sophia Shane, 604/689-7842 |
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