Argosy -- Update on Gold Exploration Programs -- Slovak Republic Kremnica Phase One Drilling Program Complete.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--Sept. 23, 1996-- Argosy Mining Corp. is pleased to provide an update on its gold exploration programs in Slovakia Slovakia (slōvă`kēə, slōvä`kēə) or the Slovak Republic, Slovak Slovensko (slô`vĕnskô), republic (2005 est. pop. , Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. . The company is conducting diamond core drilling Diamond core drill bits are used to bore large holes in brick, concrete and stone. They are not generally used in other materials. The bit consists of a metal cylinder, usually relatively soft steel mounted on an arbor. on its Kremnica Kremnica (German: Kremnitz, Hungarian: Körmöcbánya) is a town in central Slovakia. It has some 5,700 inhabitants. and Pukanec Pukanec (German: Bagganz, Hungarian: Bakabánya) is a village and municipality in the Levice District in the Nitra Region of southern Slovakia. properties and has initiated exploration on its other exploration license areas, which total 1,009 square kilometres Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
The Kremnica property is an epithermal gold-silver vein system discovered in about the tenth century and operated as an open cut and underground mine until the early 1970s. The veins generally trend north-northeast north-north·east n. Abbr. NNE The direction or point on the mariner's compass halfway between due north and northeast, or 22°30  east of due north.adj. , dip steeply to either the east or west and are up to 60 metres (196.8 feet) thick. Production since 1328 has totalled 1.48 million ounces of gold and 6.70 million ounces of silver. There are tens of kilometres of underground workings. Subsidence subsidence, lowering of a portion of the earth's crust. The subsidence of land areas over time has resulted in submergence by shallow seas (see oceans). Land subsidence can occur naturally or through human activity. into these workings, plus open cut mining, has resulted in a pit known as the Sturec Depression, which is at least 600 metres (2,000 feet) long, up to 200 metres (650 feet) wide and 80 metres (260 feet) deep (see map). Government funded exploration in the 1970s and 1980s defined a near-surface resource of 8.33 million tonnes (9.16 million tons) grading 1.45 g/t (0.0425 oz/ton) gold and 11.6 g/t (0.339 oz/ton) silver. The resource calculation was done by GEOGMS of Prague Prague (präg, prāg), Czech Praha, Ger. Prag, city (1993 pop. 1,216,500), capital and largest city of the Czech Republic and former capital of Czechoslovakia, on both banks of the Vltava (Ger. Moldau) River. in the early 1990s. The majority of this resource is located at Sturec South, where resources were calculated from the surface down to an average depth of 80 metres (262 feet) based on information from numerous crosscuts mined specifically to generate ore reserve data. About 23 percent of the overall resource is located in smaller resource blocks at Sturec North. Argosy has completed its first phase drilling campaign at Kremnica. This drilling was designed to confirm the continuity and build confidence in the GEOGMS resource blocks, to define a resource zone between the Sturec North and Sturec South resource blocks, and to test the vein zone, at depth, below the Sturec South resource block. Twenty-nine holes totalling 3,632 metres (11,900 feet) of drilling were completed by the drilling contractor, Boart Longyear Longyear may refer to:
The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . Of the 29 core holes drilled to date, assays are pending for 14 holes due to logistical lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation delays in core processing, transportation, and assaying backlogs at SGS SGS Société Générale de Surveillance SGS Symantec Gateway Security (appliance) SGS School of Graduate Studies SGS Subgrid Scale SGS Singapore Government Securities SGS Shell Global Solutions analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. laboratories in France. Results for 10 holes are complete and partial results have been received for five drill holes. The map locates the drill holes. The attached drill hole data sheet summarizes assay results received to date; assay intervals include both 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. rock and mineralized material backfilled from previous mining. Drill holes AS- as- pref. Variant of ad-. 4.1.1, AS-4.1A, AS-4.1B, AS-4.5A, AS-4.5B, AS-4 and AS-4D tested the continuity of mineralization within the northern part of the Sturec South resource block. The results to date are shown on the attached drill hole table and Section A-A' and indicate that the grade and continuity of the deposit is as expected. Drill holes AS-1, AS-2, AS-2.1A, AS-3.1A, AS-3.1B and AS-7 were drilled to test for gold-silver mineralization below the known Sturec South resource block. Attached Section B-B' clearly shows that this drilling has successfully indicated that potentially open-pittable mineralization does extend below the known resource block. Hole AS- 3.1.A which intersected 43.1 metres (141.4 feet) averaging 2.5 g/t (0.073 oz/ton) gold, nearly doubles the known depth of mineralization at the 1,230,000 South section. Drill holes AS-5, AS-5.1A, AS-5.1B, AS-5.1.1A, AS-5.1.1B, AS-6, AS- 6.1A, AS-8 and AS-8.1B were drilled to test the area between the Sturec South and Sturec North resource blocks. Two 1991 horizontal holes drilled from underground sites, VKB-3R and VKB-7, intersected mineralization in veins and mine backfill back·fill n. Material used to refill an excavated area. tr.v. back·filled, back·fill·ing, back·fills To refill (an excavated area) with such material. . Hole VKB-3R intersected 46 metres (151 feet) averaging 4.0 g/t (0.117 oz/ton) gold and 42.6 g/t (1.24 oz/ton) silver. Hole VKB-7 intersected 33.0 metres (108.2 feet) averaging 1.4 g/t (0.041 oz/ton) gold and 9.5 g/t (0.277 oz/ton) silver. The drilling done in 1991 and this year by Argosy indicates that the area between the Sturec North and Sturec South resource blocks contains important mineralization not included in the GEOGMS resource estimate. Drill holes AS-9.1A, AS-9.1B, AS-10, AS-11, AS-12 and AS-13 were drilled to test the Sturec North resource area. The results to date here appear to indicate that the gold-silver mineralization in this area thins from about 10 metres (33 feet) at the south end of this area to about one metre metre In poetry, the rhythmic pattern of a poetic line. Various principles have been devised to organize poetic lines into rhythmic units. Quantitative verse, the metre of Classical Greek and Latin poetry, measures the length of time required to pronounce syllables, (3.3 feet) at the north end. A number of the drill holes above and east of the Sturec vein zone intersected hanging wall veins up to about five metres (16 feet) across. Additional drilling will be required to assess these zones. Argosy has planned a second phase of drilling for Kremnica which will include about 20 drill holes and expects that this drilling will be initiated in mid-October n. 1. the middle part of October. Noun 1. mid-October - the middle part of October period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" after Department of the Environment approval. This program will follow up on the successful results along the segment of the Sturec vein zone drilled to date, test this vein zone to the south of the Sturec South resource block, and provide an initial test of the Katarina Katarina may refer to: In geography:
Assays in old adits, and one old drill hole, support the presence of additional potentially ore-grade, near-surface mineralization for about 400 metres (1,300 feet) to the south of the Sturec South resource block. The exploration potential of the Katarina area is supported by old mine plans showing numerous, inaccessible inaccessible Surgery adjective Unreachable; referring to a lesion that unmanageable by standard surgical techniques–eg, lesions deep in the brain or adjacent to vital structures–ie, not accessible. See Accessible. underground workings that trend in various directions, potentially indicating crosscutting cross·cut·ting n. A technique used especially in filmmaking in which shots of two or more separate, usually concurrent scenes are interwoven. Also called intercutting. veins or a stockwork-like zone over an area 600 metres (2,000 feet) long by 250 metres (820 feet) wide. Assay information on the old maps indicates that some of the workings are in potentially ore-grade mineralization. The company believes that it is defining mineralization that will substantially add to the gold-silver resource calculated by GEOGMS and intends to commission a new resource calculation this winter based on both the old and Argosy's new exploration data. Additional metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. and engineering studies will be necessary to clarify or modify certain cost and metal recovery assumptions made by GEOGMS. First phase diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral is continuing at Argosy's Pukanec Project, located 35 kilometres south of the Kremnica Project. About 20 holes are planned for this phase of drilling. Six diamond drill holes have been completed to date beneath the Agras and Biela Bana BANA, n.pr an acronym for benzol-arginine napthylamide. See also benzol-arginine naphthylamide. zones. Partial assays have been received for the first two holes, which are located in the Agras zone and none are available yet for the Biela Bana zone. Comprehensive drilling results will be released upon completion of this phase of drilling and receipt of final assays. Argosy's President, Yale Simpson Simp·son , Sir James Young 1811-1870. British obstetrician and a founder of gynecology. He is also known for introducing the use of chloroform as an anesthetic. , stated that: "The drilling data received to date at Kremnica has substantially increased our confidence that we will achieve our initial objective to prove up a resource of 1,000,000 ounces of gold." -0- ARGOSY MINING CORP.--KREMNICA DRILLING RESULTS
Drill Total Depth From To
Hole m ft m ft m ft
--------- ----- ----- ---- ----- ----- ------
AS-1 200.0 656.0
AS-2 120.0 393.6
AS-2.1.A 200.0 656.0
AS-3.1.A 165.0 541.2 54.1 177.4 62.4 204.7
65.6 215.2 69.6 228.3
80.0 262.4 123.1 403.8
AS-3.1.B 65.5 214.8
AS-4 43.0 141.0
AS-4.D 116.0 380.5
AS-4.1.A 68.0 223.0 2.5 8.2 4.2 13.8
18.6 61.0 68.0 223.0
AS-4.1.B 86.0 282.1 19.0 62.3 74.0 242.7
AS-4.1.C 120.0 393.6 8.5 27.9 13.5 44.3
34.3 112.5 35.3 115.8
62.3 204.3 63.2 207.3
72.3 237.1 73.3 240.4
77.6 254.5 78.6 257.8
84.8 278.1 86.6 284.0
102.8 337.2 103.8 340.5
111.2 364.7 112.2 368.0
AS-4.1.1 47.0 154.2 2.0 6.6 33.0 108.2
39.0 127.9 42.5 139.4
AS-4.5.1.A 182.0 597.0
AS-4.5.1.B 45.0 147.6
AS-5 250.0 820.0 61.1 200.4 63.0 206.6
99.3 325.7 100.3 329.0
103.1 338.2 104.0 341.1
115.6 379.2 117.0 383.8
126.4 414.6 128.4 421.2
133.6 438.2 151.8 497.9
158.0 518.2 166.5 546.1
AS-5.1.A 92.0 301.8 7.5 24.6 9.7 31.8
25.7 84.3 26.7 87.6
57.4 188.3 90.5 296.8
AS-5.1.B 126.5 414.9
AS-5.1.1.A 56.0 183.7
AS-5.1.1.B 22.5 73.8
AS-6 173.0 567.4
AS-6.1.A 179.0 587.1
AS-7 182.0 597.0
AS-8 144.0 472.3
AS-8.1.B 120.5 395.2 39.6 129.9 40.6 133.2
50.0 164.0 61.4 201.4
74.2 243.4 78.6 257.8
91.8 301.1 92.8 304.4
105.8 347.0 108.3 355.2
AS-9.1.A 150.0 492.0 26.3 86.3 37.2 122.0
AS-9.1.B 140.5 460.8 54.3 178.1 56.3 184.7
138.9 455.6 139.8 458.5
AS-10 139.0 455.9 60.9 199.8 73.6 241.4
80.5 264.0 87.9 288.3
AS-11 150.7 494.3 65.5 214.8 66.5 218.1
75.5 247.6 76.5 250.9
AS-12 135.5 444.4
AS-13 113.5 372.3 85.5 280.4 86.5 283.7
Drill Length Au Ag Assay
Hole m ft g/t oz/ton g/t oz/ton Status
----- ---- ----- ---- ------ ---- ------ -------
AS-1 Pending
AS-2 Pending
AS-2.1.A Pending
AS-3.1.A 8.3 27.2 1.74 0.051 N.Y.A. Partial
4.0 13.1 2.70 0.079 N.Y.A.
43.1 141.4 2.48 0.072 N.Y.A.
AS-3.1.B Pending
AS-4 Pending
AS-4.D Pending
AS-4.1.A 1.7 5.6 1.83 0.053 16.60 0.485 Complete
50.4 165.3 2.57 0.075 20.19 0.590
AS-4.1.B 55.0 180.4 2.36 0.069 19.31 0.564 Partial
AS-4.1.C 5.0 16.4 0.65 0.019 13.88 0.405 Complete
1.0 3.3 2.07 0.060 3.30 0.096
0.9 3.0 2.03 0.059 14.60 0.426
1.0 3.3 1.28 0.037 6.80 0.199
1.0 3.3 2.42 0.071 14.30 0.418
1.8 5.9 1.20 0.035 13.03 0.380
1.0 3.3 3.10 0.091 2.00 0.058(x)
1.0 3.3 2.99 0.087 20.70 0.604
AS-4.1.1 31.0 101.7 1.64 0.048 13.00 0.380 Complete
3.5 11.5 0.75 0.022 5.46 0.159
AS-4.5.1.A Pending
AS-4.5.1.B Pending
AS-5 1.9 6.2 3.51 0.102 8.02 0.234 Partial
1.0 3.3 5.74 0.168 22.00 0.642
0.9 3.0 1.64 0.048 2.00 0.058(x)
1.4 4.6 16.50 0.482 118.00 3.446
2.0 6.6 1.20 0.035 17.60 0.514
18.2 59.7 1.64 0.048 18.99 0.555
8.5 27.9 1.68 0.049 25.44 0.743
AS-5.1.A 2.2 7.2 1.88 0.055 14.10 0.412 Complete
1.0 3.3 2.52 0.074 9.50 0.277
33.1 108.6 1.56 0.046 15.90 0.464
AS-5.1.B all assays less than 0.5 g/t Partial
AS-5.1.1.A Pending
AS-5.1.1.B Pending
AS-6 Pending
AS-6.1.A Pending
AS-7 Pending
AS-8 Pending
AS-8.1.B 1.0 3.3 1.35 0.039 20.90 0.610 Complete
11.4 37.4 1.96 0.057 53.82 1.572
4.4 14.4 0.70 0.020 1.34 0.039
1.0 3.3 3.31 0.097 2.10 0.061
3.0 9.8 0.83 0.024 1.73 0.051
AS-9.1.A 10.9 35.8 0.86 0.025 28.83 0.842 Complete
AS-9.1.B 2.0 6.6 0.79 0.023 14.60 0.426 Complete
0.9 3.0 1.24 0.036 18.20 0.531
AS-10 12.7 41.7 1.40 0.041 36.04 1.052 Partial
7.4 24.3 2.18 0.064 10.73 0.313
AS-11 1.0 3.3 1.23 0.036 2.30 0.067 Complete
1.0 3.3 5.96 0.174 8.00 0.234
AS-12 all assays less than 0.5 g/t Complete
AS-13 1.0 3.3 10.10 2.00 0.058(x)Partial
N.Y.A. = not yet available (x) less than 2.00 g/t Ag; less than 0.058 oz/ton Ag ON BEHALF OF THE BOARD Yale R. Simpson, President Note to Editors: Location maps available from the company at the phone number listed below. 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 neither approved nor disapproved the contents of this News Release. CONTACT: Argosy Mining Corp. Yale R. Simpson, 604/689-5529; 800/851-7423 |
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