CaribGold Starts Diamond Drilling Program in Cuba.TORONTO--(BUSINESS WIRE)--Oct. 16, 1998--CaribGold Resources Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CG) reports that it has commenced a 12,000-foot 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 on its 82-square-kilometer Jacinto Project near Camaguey, Cuba. The drill program, which is being carried out in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the recommendations of an independent scoping study, will consist primarily of fill-in drilling to broaden and better define the 395,000 ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. gold resource of the Elena quartz quartz, one of the commonest of all rock-forming minerals and one of the most important constituents of the earth's crust. Chemically, it is silicon dioxide, SiO2. vein system. Pursuant to an agreement with GeoMinera S.A, the Cuban government mining authority, exploration of the Jacinto Project is currently being funded by CaribGold and GeoMinera on a 50-50 basis with CaribGold as operator. CaribGold has budgeted about U.S.$500,000 towards this exploration program. The Jacinto Project drill program will utilize two diamond drills and is expected to be completed in four to six weeks. A full evaluation of the results should be available early in the first quarter of 1999. At this time CaribGold continues to have an involvement in two exploration joint ventures for diamonds in Alberta and one in Saskatchewan. Overall exploration results have shown modest success however, due to the current investment climate regarding the funding of mineral exploration companies, it is unlikely that CaribGold will continue with these programs beyond current commitments. |
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