Barramundi Reports Encouraging Results from the Wandoo Project.VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 1, 1996-- The Directors of Barramundi barramundi see lates calcarifer. Gold Ltd. ("Barramundi") (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). BAM Bam (bäm), town (1996 pop. 70,100), Kerman prov., SE Iran, on the intermittent Bam River. Located on the western edge of the Dasht-e Lut, Bam is a trade center in a henna-growing region. Dates and other fruits are also grown; camels are raised. .) are pleased to announce the following results and project updates, and the appointment of new Officers of the Company. - PROJECT UPDATES WANDOO PROJECT - QUEENSLAND, AUSTRALIA The Wandoo project is located near the historic mining town of Chillagoe, 160 km west of the port city of Cairns Cairns, city (1991 pop. 64,463), Queensland, NE Australia, on Trinity Bay. It is a principal sugar port of Australia; lumber and other agricultural products are also exported. The city's proximity to the Great Barrier Reef has made it a tourist center. . The 789 square km project area comprises four Exploration Permits for Minerals, one granted Mining Lease and one Mining Lease Application. In addition to the tenements originally held under the terms of the existing option agreement, the Queensland Department of Mines and Energy has offered Barramundi's project vendors two new contiguous Exploration Permits totalling an additional 642 square km. An application has also been lodged for a third new Exploration Permit adjoining the original tenements of an additional 312 square km. As previously reported, Barramundi has been drill testing the first soil anomalies identified at three 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. pipe systems identified by work to date. A total of 36 shallow reverse circulation percussion percussion /per·cus·sion/ (per-kush´un) the act of striking a part with short, sharp blows as an aid in diagnosing the condition of the underlying parts by the sound obtained. drillholes or "scout" holes totalling 1200 metres have been completed in this phase of the program. Samples were collected at two metre intervals through a cyclone cyclone, atmospheric pressure distribution in which there is a low central pressure relative to the surrounding pressure. The resulting pressure gradient, combined with the Coriolis effect, causes air to circulate about the core of lowest pressure in a and riffle splitter and analysed by Australian Laboratory Services Pty Ltd PTY LTD Propriety Limited (company structure in Australia) . in Townsville, Queensland
In October, portions of three of the eight breccia pipes previously identified were tested during the preliminary "scout" drilling of geochemical anomalies. The holes were all inclined to intersect In a relational database, to match two files and produce a third file with records that are common in both. For example, intersecting an American file and a programmer file would yield American programmers. the sub-vertically oriented 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. in the breccia pipe model. As a result of the short length and dip of the holes, the true depth tested is typically less than 20m. The influence of oxidisation and weathering on gold grade remain unknown in this near surface zone. Of the 36 holes sampled, 33 returned anomalous values below the geological and geochemical anomalies they targeted. The grades in these anomalous zones are encouraging and consistent with grades in the genetic models described in Barramundi's prospectus relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc its IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . These include the large tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. and profitable open pit gold operations at Kidston and Mt. Leyshon in Queensland - mines which each produce more than 200,000 oz per year at grades in the range of 0.5 to 1.5 g/t. The Company is very encouraged by the results and intends to expand the size and scope of exploration on the project. More detailed information on individual drillholes and sampling results is provided below. EMPIRE BRECCIA SYSTEM A total of thirteen holes were drilled below the Empire geochemical anomaly. Breccia was observed in all eight drillholes along a single 150m traverse which extended between the contacts of the main intrusive breccia pipe. Anomalous mineralization was intersected in all holes with best intersections of 1.82 g/t over 10.0m. -0-
RC Intercepts - Empire Breccia Pipe
(greater than 0.3 g/t Au, greater than 0.30 percent Cu)
HOLE COORD(x) DIP(degrees) FROM LENGTH GRADE
/AZIM(x)
WDH 1 8 095 500N -57/070 2.0m 12.0m 0.30 percent Cu
/202 491E
WDH 2 8 095 465N -50/076 0.0m 10.0m 0.74 percent Cu
/202 509E
WDH 3 8 095 467N -55/084 40.0m 22.0m 1.00g/t Au
/202 528E
WDH 4 8 095 473N -55/079 2.0m 10.0m 1.82g/t Au
/202 555E
WDH 5 8 095 470N -55/081 26.0m 12.0m 0.54g/t Au
/202 591E
WDH 7 8 095 801N -55/075 0.0m 22.0m 0.34g/t Au
/202 640E
PINNACLES BRECCIA PIPE (EASTERN ZONE)
A total of seven holes were drilled below the Pinnacles
geochemical anomaly, five returned anomalous gold values from
sections of breccia:
RC Intercepts - Pinnacles Breccia Pipe (Eastern Zone)
(greater than 0.1 g/t Au)
HOLE COORD(x) DIP(degrees) FROM LENGTH GRADE
/AZIM(x)
WDH 16 8 094 448N -55/133 0.0m 12.0m 0.60g/t Au
/202 006E
WDH 17 8 094 462N -55/133 14.0m 10.0m 0.10g/t Au
/201 993E
WDH 18 8 094 469N -60/313 0.0m 10.0m 0.13g/t Au
/202 990E
WDH 19 8 094 570N -55/046 0.0m 18.0m 0.11g/t Au
/202 052E
WDH 20 8 094 558N -55/045 0.0m 30.0m 0.10g/t Au
/202 041E (EOH)
PINNACLES BRECCIA PIPE (WESTERN ZONE)
Mineralised rhyolite breccia was intersected in four of
six holes drilled along a single 100m traverse over part of the
recently defined Pinnacles West geochemical anomaly:
RC Intercepts - Pinnacles Breccia Pipe (Western Zone)
(greater than 0.1 g/t Au)
HOLE COORD(x) DIP(degrees) FROM LENGTH GRADE
/AZIM(x)
WDH 23 8 094 432N -55/308 0.0m 30.0m 0.10g/t Au
/201 560E (EOH)
WDH 24 8 094 423N -55/313 0.0m 30.0m 0.14g/t Au
/201 588E (EOH)
WDH 25 8 094 411N -55/308 0.0m 30.0m 0.17g/t Au
/201 601E (EOH)
WDH 26 8 094 395N -55/316 0.0m 30.0m 0.18g/t Au
/201 610E (EOH)
MT. WANDOO BRECCIA PIPE
Two of five holes within the Clementine prospect in this
breccia system returned unexpectedly high lead, zinc and silver
results which may be related to mineral zonation associated with
potential gold mineralization:
RC Intercepts - Mt. Wandoo Breccia Pipe
(greater than 0.10 percent Pb, greater than 0.10 percent Zn,
greater than 5g/t Ag)
HOLE COORD(x) DIP(degrees) FROM LENGTH GRADE
/AZIM(x)
WDH 30 8 094 133N -55/321 0.0m 30.0m 0.16 percent Pb
/198 912E (EOH)
0.16 percent Zn
8.0 g/t Ag
WDH 31 8 094 121N -55/325 14.0m 22.0m 0.13 percent Pb
/198 921E
0.16 percent Zn
6.0g/t Ag
(x)Note: Australian Metric Grid, EOH = end of hole
g/t = grams per tonne
ONGOING EXPLORATION - WANDOO PROJECT An additional drill rig will extend the shallow reverse circulation program with an additional 35 holes, each 30 metres in length. Also, a new drilling campaign, including a 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 program is set to commence in mid-November 1996. It will initially comprise a total of five cored holes, each 300 metres in length. These holes will test geology and grade continuity at depth. Reconnaissance geochemical stream sediment sampling and prospecting activities will be continued over the existing Exploration Permits. An additional 120 line km of gridding was recently completed over the Empire, Pinnacles and Wandoo breccia pipe systems in preparation for additional detailed geochemical soil sampling and geological outcrop mapping. Plans are in place for an 11,000 line km low-level, high-density, fixed-wing magnetic/radiometric survey set to commence in mid- November 1996. This data will assist in regional mapping and the identification of buried intrusive centres and associated breccia- pipe systems. LONGLINE long·line n. A heavy fishing line usually several miles long and having a series of baited hooks. long PROJECT - YUKON, CANADA The Longline Project lies 60 km north of Beaver Creek Beaver Creek may refer to numerous places, mainly stream and towns. The USGS database records 658 waterways and 19 populated places using the name in the United States and numerous others using related forms like Beaver Creek Ditch, Beaver Creek Swamp, Beaver Creek Lake, Beaver near the Yukon- Alaska border and comprises 270 claims covering 59 square km. Barramundi's exploration is following-up the recent identification of a shallow dipping, gold bearing system in the headwaters of rich placer (alluvial al·lu·vi·al adj. Of, relating to, or found in alluvium: alluvial soil; alluvial gold. alluvial Adjective of or relating to alluvium Noun ) creeks. Results from a total of 2637 rock and soil samples sent to Chemex Laboratories in Vancouver are currently being compiled and integrated into a digital database. Regional soil geochemical results have returned maximum values of 800 ppb ppb abbr. parts per billion (0.80 g/t) gold against a background of 5 ppb. The sources of these gold values have yet to be determined. Recent sampling by Barramundi of granodiorite-hosted quartz veins at Swamp Creek Swamp Creek is a tributary of Perkiomen Creek in Montgomery County, Pennsylvania in the United States. Swamp Creek joins Perkiomen Creek above Schwenksville. See also
The presence of such anomalous gold values in the alteration envelopes surrounding the high grade veins has not been previously recognised or recorded. Barramundi's project geologists are currently compiling the information collected from the summer field season's work program and will define preliminary targets for diamond drilling in early 1997. The project has strong genetic parallels to the intrusion-hosted Fort Knox Fort Knox [for Henry Knox], U.S. military reservation, 110,000 acres (44,515 hectares), Hardin and Meade counties, N Ky.; est. 1917 as a training camp in World War I. It became a permanent post in 1932. In the steel and concrete vaults of the U.S. deposit located in Alaska. Fort Knox is 210km west of the Longline Project and has a gold reserve of 4.1 million oz currently being developed. HUNKER hun·ker intr.v. hun·kered, hun·ker·ing, hun·kers 1. To squat close to the ground; crouch. Usually used with down: hunkered down to avoid the icy wind. 2. DOME PROJECT - YUKON, CANADA The Hunker Dome Project is centred on the historic Klondike placer goldfield Goldfield, small town, SW Nev., a former gold-mining center. Gold was discovered there in 1902, and after an early period of disappointment, large yields of high quality gold were extracted. and comprises 505 square km held under 2500 claims representing the largest ever assembled by a single company on the goldfield. Barramundi believes that it has developed a geologic model and an integrated exploration program that could define the source(s) of the Klondike's placer gold. Barramundi has collected more than 200 reconnaissance stream sediment samples upstream of placer workings, and the evaluation of this data has identified several drainage systems Noun 1. drainage system - a system of watercourses or drains for carrying off excess water system - instrumentality that combines interrelated interacting artifacts designed to work as a coherent entity; "he bought a new stereo system"; "the system consists of a displaying gold values ranging from three to 15 times background. This data, combined with mapping information acquired during the latest field season, will assist in identifying target areas for detailed follow-up in 1997. Approximately 1700 C-horizon soil orientation samples were collected from the JAE JAE Journal of Applied Econometrics JAE Journal of Architectural Education JAE Journal of Aesthetic Education JAE Jump If Above or Equal JAE Journal of Architectural Engineering JAE Java Application Environment JAE Junta Autónoma de Estradas block of claims on a 100m x 50m grid pattern. Assay data are currently being compiled and integrated into a digital data base. Values of up to 800 ppb (0.80 g/t) gold have been identified in addition to a coherent anomaly measuring 900m x 400m, with a peak value of 550 ppb gold. Some anomalous soils are coincident co·in·ci·dent adj. 1. Occupying the same area in space or happening at the same time: a series of coincident events. See Synonyms at contemporary. 2. with sulphide sulphide: see sulfide. and gold-bearing quartz veins and their alteration envelopes which were discovered during mapping of 1000 metres of new trench exposure. Systematic rock chip sampling of these exposures by Barramundi has yielded maximum values of 32.0 g/t gold from quartz veins and 3.7 g/t gold from alteration zones. Host rocks within the grid area are a continuous sequence of chloritic chlo·rite 1 n. A generally green or black secondary mineral, (Mg,Fe,Al)6(Si,Al)4O10(OH)8 schists. Graphitic graph·ite n. A soft, steel-gray to black, hexagonally crystallized allotrope of carbon with a metallic luster and a greasy feel, used in lead pencils, lubricants, paints, and coatings, that is fabricated into a variety of forms such as molds, bricks, horizons within the schists were noted during trench mapping and a ground VLF-EM survey will be undertaken in 1997 to fully delineate these conductive conductive having the quality of readily conducting electric current. conductive flooring flooring or floor covering made specially conductive to electrical current, usually by the inclusion of copper wiring that is earthed horizons. A 12,000 line km low- level, high-density heliborne hel·i·borne adj. Carried or transported by helicopter: heliborne troops. magnetic survey is planned over the entire claim block for early 1997. APPOINTMENT OF OFFICERS The Board of Directors is pleased to announce the appointment of two officers to the Company. JOHN HALEY John Haley former Little Rock lawyer, former attorney for Jim Guy Tucker and Jim Guy Tucker's co-defendant. On February 20, 1998, John Haley pleaded guilty to one misdemeanor count tax fraud to the Internal Revenue Service. IS APPOINTED AS CHIEF FINANCIAL OFFICER John Haley, FCA FCA Abbreviation for the Free Carrier is appointed as Chief Financial Officer as of October 15, 1996 and is based in Vancouver, BC. Mr. Haley has 15 years work experience, including 12 years in Australia with the international chartered accounting firms Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing & Co, and Coopers and Lybrand. The majority of this time was as a corporate tax advisor A tax advisor is a financial expert especially trained in tax law. Some countries require tax advisors to verify the balance sheets of companies above a certain size. Individuals usually require tax advisors to minimize taxation, to avoid learning the details of tax law in specialising in the mining industry, where his clients included several large Australian mining companies. His chartered experience also included a year in the Sydney Corporate Advisory Division of Coopers & Lybrand. His work experience also includes investment banking, acting as a Director, Company Secretary and Chief Financial Officer for a mining exploration group, and, for the last five months, acting as an advisor to Barramundi Gold Ltd. He holds a Bachelor of Commerce The Bachelor of Commerce is a bachelor's degree in business management, accounting and economic fields. The degree is also known as the Bachelor of Commerce and Administration (BCA). degree, a Master of Business Administration, and a Diploma from the Securities Institute of Australia. He is a Fellow of both The Institute of Chartered Accountants char·tered accountant n. Chiefly British Abbr. CA A member of one of the institutes of accountants granted a royal charter. in Australia and the Australian Taxation Institute, and an Associate of The Securities Institute of Australia. SARA-LANE SIREY IS APPOINTED AS COMPANY SECRETARY Sara-Lane Sirey, LLB LLB abbr. Latin Legum Baccalaureus (Bachelor of Laws) LLB Bachelor of Laws [Latin Legum Baccalaureus] Noun 1. . is appointed as Company Secretary as of October 15, 1996. Ms. Sirey is a lawyer with Ogilvie and Company and is based in Calgary, Alberta. She has been involved in a variety of securities offerings and is also a director of a public company based in Calgary. Ms. Sirey obtained her LLB from the University of Saskatchewan The University of Saskatchewan (U of S) is a coeducational public research university located on the east side of the South Saskatchewan River in Saskatoon, Saskatchewan, Canada. The University is celebrating its centennial year in 2007. .
WANDOO PROJECT DRILLHOLE DATA SUMMARY, OCTOBER 1996
Empire Breccia Pipe
HOLE COORD DIP/AZIM FROM LENGTH GRADE
(degrees)
WDH1 8 095 500N/202 491E -57/070 2.0m 12.0m 0.30
percent Cu
WDH2 8 095 465N/202 509E -50/076 0.0m 10.0m 0.74
percent Cu
WDH3 8 095 467N/202 528E -55/084 40.0m 22.0m 1.00g/t Au
WDH4 8 095 473N/202 555E -55/079 2.0m 10.0m 1.82g/t Au
WDH5 8 095 470N/202 591E -55/081 26.0m 12.0m 0.54g/t Au
WDH6 8 095 476N/202 621E -60/076 2.0m 28.0m 0.001g/tAu
WDH7 8 095 801N/202 640E -55/075 0.0m 22.0m 0.34g/t Au
WDH8 8 095 483N/202 655E -55/076 0.0m 30.0m below
(EOH) detection
WDH9 8 095 293N/202 477E -55/267 0.0m 30.0m below
(EOH) detection
WDH10 8 095 301N/202 477E -55/084 0.0m 36.0m 0.02g/t Au
(EOH)
WDH11 8 095 302N/202 398E -55/087 0.0m 30.0m 0.02g/t Au
(EOH)
WDH12 8 095 301N/202 516E -55/092 0.0m 30.0m 0.03g/t Au
(EOH)
WDH13 8 095 299N/202 531E -53/091 0.0m 30.0m 0.00g/t Au
(EOH)
Pinnacles Breccia Pipe
HOLE COORD DIP/AZIM FROM LENGTH GRADE
(degrees)
WDH14 8 094 422N/202 038E -55/130 0.0m 30.0m 0.02g/t Au
(EOH)
WDH15 8 094 443N/202 025E -55/132 0.0m 30.0m 0.04g/t Au
(EOH)
WDH16 8 094 448N/202 006E -55/133 0.0m 12.0m 0.60g/t Au
WDH17 8 094 462N/201 993E -55/133 14.0m 10.0m 0.10g/t Au
WDH18 8 094 469N/202 990E -60/313 0.0m 10.0m 0.13g/t Au
WDH19 8 094 570N/202 052E -55/046 0.0m 18.0m 0.11g/t Au
WDH20 8 094 558N/202 041E -55/045 0.0m 30.0m 0.10g/t Au
(EOH)
Pinnacles West Breccia Pipe
HOLE COORD DIP/AZIM FROM LENGTH GRADE
(degrees)
WDH21 8 094 495N/210 515E -55/327 0.0m 30.0m below
(EOH) detection
WDH22 8 094 457N/201 544E -55/331 0.0m 30.0m 0.04g/t Au
(EOH)
WDH23 8 094 432N/201 560E -55/308 0.0m 30.0m 0.10g/t Au
(EOH)
WDH24 8 094 423N/201 588E -55/313 0.0m 30.0m 0.14g/t Au
(EOH)
WDH25 8 094 411N/201 601E -55/308 0.0m 30.0m 0.17g/t Au
(EOH)
WDH26 8 094 395N/201 610E -55/316 0.0m 30.0m 0.18g/t Au
(EOH)
Mt. Wandoo Breccia Pipe System: Clementine Prospect
HOLE COORD DIP/AZIM FROM LENGTH GRADE
(degrees)
WDH27 8 094 169N/198 865E -55/337 0.0m 30.0m 0.02g/t Au
(EOH)
WDH28 8 094 153N/198 888E -55/312 0.0m 30.0m 0.03g/t Au
(EOH)
WDH29 8 094 144N/198 901E -55/314 0.0m 30.0m 0.03g/t Au
(EOH)
WDH30 8 094 133N/198 912E -55/321 0.0m 30.0m 0.05g/t Au
(EOH)
0.16
percent Pb
0.16
percent Zn
8.0 g/t Ag
WDH31 8 094 121N/198 921E -55/325 14.0m 22.0m 0.01g/t Au
0.13
percent Pb
0.14
percent Zn
6.0 g/t Ag
Lu Lu Prospect
HOLE COORD DIP/AZIM FROM LENGTH GRADE
(degrees)
WDH32 -50/154 0.0m 30.0m 0.00g/t Au
(EOH)
WDH33 -55/333 0.0m 30.0m 0.01g/t Au
(EOH)
WDH34 -55/359 36.0m 6.0m 0.31g/t Au
52.0m 4.0m 0.13g/t Au
Aurum Prospect
HOLE COORD DIP/AZIM FROM LENGTH GRADE
Zoe (degrees)
WDH35 8 092 703N/209 339E -55/004 12.0m 8.0m 0.15g/t Au
Josephine
WDH36 8 092 770N/211 042E -55/354 0.0m 30.0m 0.01g/t Au
(EOH)
CONTACT: Barramundi Gold Ltd. Scott Broughton, 604/ 681-7136 604/ 681-7120 (FAX) Bob Burban, Melbourne, Australia, 03/9606 0233 03/ 9606 0393 (FAX) |
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