Argosy Mining Pukanec Project Update.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Nov. 25, 1996-- Argosy Mining Corp.(VSE See DOS/VSE. VSE - Virtual Storage Extended AGO.) Argosy has completed its drilling program on a two square kilometre 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:
To date, surface exploration and 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 at Pukanec has centered on a 2 by 1 kilometre area of gold-silver 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. , known as Agras-Biela Bana, located in the near surface halo of a deep copper porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. system. The system includes a central granodioritic stock and numerous porphyry and rhyolite rhyolite, fine-grained light-colored acidic volcanic rock. Rhyolite is chemically the equivalent of granite, and is thus composed primarily of quartz and orthoclase feldspar with subordinate amounts of plagioclase feldspar, biotite mica, amphiboles, and pyroxenes. dikes that intrude intrude, v to move a tooth apically. andesite andesite Any member of a large family of rocks that occur in most of the world's volcanic areas, mainly as surface deposits and to a lesser extent as dikes and small plugs. . At surface, the gold-silver mineralization is marked by hundreds of old, now inaccessible, near-surface mine workings. The dumps at these workings contain hydrothermally altered host rock and quartz vein material that averages 1 to 2 g/t gold with high silver credits. Argosy completed 66 trenches totalling about 7,200 metres across the areas of old surface workings. A number of linear gold-bearing zones were defined indicating potential for the discovery of porphyry-type mineralization. The diamond drilling program tested, at depth, the gold-silver mineralization encountered in the trenches. A total of 21 holes were drilled, totalling 3,198.5 metres. The drilling results indicate that gold-silver mineralization is not of the disseminated type. Long intervals within many of the holes contain hydrothermally altered rock and fracture-controlled pyrite pyrite (pī`rīt) or iron pyrites (pīrī`tēz, pə–, pī`rīts), pale brass-yellow mineral, the bisulfide of iron, FeS2. or limonite limonite (līm`ənīt) or brown hematite (hĕm`ətīt, hē`–), yellowish to dark brown mineral, a hydrated oxide of iron, FeO(OH)·nH2 but without significant gold or silver assays. The drilling at Agras-Biela Bana has demonstrated that the gold- silver mineralization is associated with shallow dipping quartz veins with thicknesses ranging from 2 to 50 metres. The gold distribution is localized in intercepts 3 to 6 metres wide within portions of the quartz veins. Assays have been received from all sections of drill core that are quartz veined. The significant intercepts are as follows:
Drill Total
Hole Depth From To Length Gold Silver (g/t)Gold
(m) (m) (m) (m) (g/t) (g/t) Equivalent
(x)
AP-2 158.0 5.9 9.5 3.6 1.16 103.2 2.45
18.4 21.8 3.4 1.51 104.1 2.81
AP-3 159.5 9.4 11.8 2.4 0.51 61.0 1.27
AP-3A 199.0 17.6 19.8 2.2 0.81 93.0 2.00
AP-10 134.0 2.0 5.0 3.0 1.53 10.9 1.67
AP-15 223.0 14.0 20.0 6.0 0.83 11.5 0.97
29.0 32.0 3.0 1.80 12.1 1.95
AP-15A 209.0 44.0 50.0 6.0 2.55 104.7 3.86
AP-21 203.5 62.1 66.1 4.0 1.12 61.0 1.88
AP-22 65.0 15.0 18.0 3.0 1.71 29.6 2.08
AP-27 163.0 9.0 10.0 1.0 2.21 1.9 2.23
AP-30 140.0 32.0 36.5 4.5 0.88 52.3 1.53
(x) calculated gold value including the silver credit
Follow-up work at Pukanec will consist of an interpretation of the geological controls of the hydrothermal hydrothermal, hydrothermic relating to the temperature effects of water, as in hot baths. system, a geochemical survey, a geophysical interpretation and relogging/assaying of old holes drilled during porphyry copper exploration. Argosy's exploration program has concentrated entirely on the southern sector of the Pukanec property. Historic areas of gold production located 10 kilometres north of the drill area are yet to be explored and drill tested. West of Pukanec, Argosy owns 100 percent of a 93.8 square kilometre license centered on Nova Bana. Exploration will begin on the evaluation of old gold mining areas south of a large rhyolite dome, an environment analogous to Argosy's Kremnica Project. The major geological control is a north-south fault set that sub-parallels the Kremnica system. The initial program will consist of mapping and sampling the old workings to generate targets for drill evaluation in 1997. Mr. Yale Simpson, Chief Executive Officer, states: "The Pukanec property has been established to be significantly gold-bearing at surface, yet is challenging us in building a resource. Our Kremnica property, on the other hand, which was a secondary target prior to drilling, is far ahead of expectations and, justifiably, will be a major focus of our 1997 activity." ON BEHALF OF THE BOARD signed by "Y.R. Simpson" YALE R. SIMPSON, President 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 604/ 689-5079 (FAX) 1-800-851-7423 |
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