Argosy commences 1997 Kremnica Drilling.VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 20, 1997-- Argosy Mining Corp. (VSE See DOS/VSE. VSE - Virtual Storage Extended :AGO.) Argosy Mining Corp. is pleased to announce that it has engaged GeoPrieskum International s.r.o., a Slovak drilling company, and Voest Alpine as subcontractor One who takes a portion of a contract from the principal contractor or from another subcontractor. When an individual or a company is involved in a large-scale project, a contractor is often hired to see that the work is done. , to conduct Argosy's 1997 drilling program in the Slovak Republic. Voest Alpine is Austria's largest drilling contractor. The first of two drilling rigs is being mobilized and will commence exploration drilling at the Wolf Prospect on the Kremnica property in early March. A second drill will be mobilized in April. The Wolf Prospect is an area of extensive medieval gold workings located at the intersection of the northern extension of the Sturec vein structure with an east-west trending vein set. At this locality 1. locality - In sequential architectures programs tend to access data that has been accessed recently (temporal locality) or that is at an address near recently referenced data (spatial locality). This is the basis for the speed-up obtained with a cache memory. 2. open pit and underground mine workings follow both vein sets, giving rise to a broad area of surface mining that constitutes a bulk mining target. In the Wolf target area, the Sturec vein structure has an estimated width of 100 metres and a strike length of at least 300 metres. The east-west trending zone of intersecting in·ter·sect v. in·ter·sect·ed, in·ter·sect·ing, in·ter·sects v.tr. 1. To cut across or through: The path intersects the park. 2. veins appears to be 200 metres wide. Six reconnaissance rock chip samples taken at the close of the 1996 program returned highly anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. values. The best samples assay 2.16 g/t, 3.26 g/t and 19.0 g/t gold in quartz-veined 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. and 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. . These samples carry silver values of 25.4 g/t, 31.7 g/t and 135.0 g/t respectively. -0- Chip Sample g/t Au g/t Ag Wolf 1 0.07 0.8 Wolf 2 0.30 6.2 Wolf 3 3.26 31.7 Wolf 4 1.72 42.7 Wolf 5 2.16 25.4 Wolf 6 19.00 135.0 -0- Argosy's President, Yale Simpson, reports that the importance of the Wolf target is that it has the same structural setting and surface indications as the Sturec Deposit, located 1.5 kilometres to the south along the Sturec vein system. Argosy completed 5,800 metres of drilling at Sturec in 1996, and resource calculations in progress will demonstrate a significant increase in the previously defined resource of 428,000 equivalent ounces of gold. The commencement of the 1997 drilling program is being accelerated to test the Wolf Prospect. The first drill holes will be sited to test the north-south structure, beneath a 50-metre long zone open pit. A second set of holes will test the east-west trending Wolf vein set. To reduce the time required to obtain assay results for the ongoing drilling operations, Argosy has purchased sample preparation equipment for an on-site sample preparation facility. The company's core and reverse circulation samples will be reduced in size to minus-10 mesh and split at Kremnica so that smaller, but representative samples can be sent directly by air to assay laboratories in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Chemex Laboratories of Canada is assisting Argosy with designing the sample preparation facility and will help train the personnel required to operate the facility. -0- NOTE TO EDITORS: 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., Vancouver Yale R. Simpson, 604/689-5529 604/689-5079 (FAX) 800/851-7423 |
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