Columbia Gold Mines - Expedited Assay Confirms New Zone.VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 26, 1996-- COLUMBIA GOLD MINES (VSE See DOS/VSE. VSE - Virtual Storage Extended : COB) Columbia Gold Mines Ltd. reported today that initial, expedited assays from one diamond drill hole have confirmed highly encouraging copper-gold 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 a newly discovered "Upper Kona Horizon" at the company's Fyre Lake massive sulphide project in the Yukon. Hole 96-39 intersected a significant 17.3 metres (56.8 feet) of the Upper Kona zone as well as an additional 5.2 metres (17.1 feet) of the Lower Kona interval. KONA ZONE - UPPER & LOWER KONA ZONE HOLE ZONE INTERCEPT INTERVAL ASSAY (m) (m) Copper Gold (p.c.) (g/T) 96-39 Upper 34.1 - 51.4 17.3 1.91 0.59 includes 34.1 - 39.5 5.4 3.77 1.32 Lower 92.5 - 97.7 5.2 1.62 1.40 Results from Hole 39 support expectations that the Upper Horizon may contain higher grade mineralization over greater widths than those that have been encountered to date within the Lower Horizon. Within the Upper interval 10 additional holes have intersected mineralization over a strike length of 300 metres for which assays are awaited. Drilling in progress continues to extend precious and base-metal massive sulphide mineralization over an "open-ended" strike length now reaching 1,000 metres. Assay results also have been received for seven additional holes recently completed on the Kona Lower Horizon. Fifteen holes were previously reported on August 14. Holes 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. mineralization within the Kona Lower Horizon are listed below. Hole numbers not listed below through the series 17 to 29 did not 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. mineralization grading above 1.0 percent copper equivalent. LOWER KONA ZONE - DRILL HOLE SUMMARY HOLE INTERCEPT INTERVAL ASSAY (m) (m) Copper Gold Zinc (p.c.) (g/T) (p.c.) 96-18 65.1 - 70.1 5.0 2.24 1.57 0.55 96-19 67.0 - 72.6 5.6 0.74 1.12 0.80 96-21 71.7 - 78.3 6.6 1.77 1.26 0.73 96-23 75.8 - 80.0 4.2 1.40 1.29 0.41 96-24 11.0 - 14.0 3.0 1.10 0.71 1.25 96-28 65.8 - 72.9 7.1 1.02 0.82 0.28 96-29 56.0 - 59.5 3.5 1.17 1.00 2.34 The Fyre Lake Property, located within the Finlayson Lake District of southeast Yukon, has potential to host one or more significant polymetallic massive sulphide deposits. Two other massive sulphide deposits have been discovered over the last three years within the district. The Atna Resources-Westmin Wolverine wolverine or glutton, largest member of the weasel family, Gulo gulo, found in the northern parts of North America and Eurasia, usually in high mountains near the timberline or in tundra. deposit, 30 kilometres northeast of Fyre Lake, has published a geologic inventory of 3.1 million tonnes grading 1.27 percent copper, 1.87 g/T gold, 350 g/T silver, 1.43 percent lead and 12.99 percent zinc based on 15 holes drilled in 1995 with an average width of 6.2 metres. Industry observers anticipate opportunity for reserve expansion as drilling continues. The Cominco-owned ABM ABM: see guided missile. ABM - Asynchronous Balanced Mode deposit in the Kudz Ze Kayah area, 30 kilometres north of Fyre Lake contains a reported mine ore reserve (measured and indicated) of 11.3 million tonnes grading 0.9 percent copper, 1.3 g/T gold, 133 g/T silver, 1.5 percent lead and 5.9 percent zinc with an average width of 18 metres. Feasibility studies The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. are in progress at the ABM deposit. The Kona Zone is represented by intermittently exposed mineralization associated with a trend of 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. magnetic, electromagnetic and geochemical soils anomalies over a north-south strike length of 2.5 kilometres. Columbia Gold's 1996 drilling program of 50 holes drilled to date, along with 43 holes completed by prior workers in the 1960's, now indicates mineralization over 1.0 kilometres of the 2.5 kilometre-long Kona target. One drill rig is currently extending mineralization in a southerly direction while a second rig steps out in a northerly direction. ON BEHALF OF THE BOARD OF DIRECTORS Robert E. Swenarchuk Director Columbia Gold Mines Ltd. Symbol: COB (VSE resource board) Shares Outstanding 12.9 million Fully Diluted 19.1 million Trading Range Trading Range The spread between the high and low prices traded during a period of time. Notes: When a stock breaks through or falls below its trading range after several days of trading in a range, it usually means there is momentum (positive or negative) building. (July/August) CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $0.80 - $1.22 -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 not reviewed, and does not accept responsibility, for the accuracy or adequacy of this news release. CONTACT: Columbia Gold Mines Ltd. Brent Bagshaw, 604/687-4951 604/687-4991 (Fax) |
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