Corriente Resources - Large Gold Project Acquired in Peru.VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 12, 1996-- CORRIENTE RESOURCES (VSE See DOS/VSE. VSE - Virtual Storage Extended , TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CTQ) Corriente Resources has acquired an option to purchase a 100 percent interest in the Chama Property, located in southern Peru, 250 kilometres northwest of Arequipa. The Chama Property comprises twelve mineral claims totaling 9,450 hectares, which overlie a 7 x 11 kilometre area. The property contains an extensive clay-iron-silica alteration zone developed in volcanic host rocks over a 2 x 5 kilometre area. Within this alteration zone is a 1 x 1 kilometre zone of strong silica alteration, which Corriente has found to contain very encouraging gold and silver values in rock. This 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. represents an important new discovery by Corriente. To date, Corriente has taken 29 representative rock samples of the silica zone. The samples were taken every 50 metres along grid lines spaced 100 metres apart. The samples average 0.4 g/t Au, and four of them occur within a range of 1.0 - 2.5 g/t Au. The gold appears to be associated with a strongly oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. silica breccia zone within an Upper Tertiary rhyodacite complex. A major program of geological mapping and rock sampling is currently underway to further evaluate the occurrence. The widespread disseminated gold values are hosted by rock which looks amenable to heap leaching, and it occurs as a prominent silicified si·lic·i·fy v. si·lic·i·fied, si·lic·i·fy·ing, si·lic·i·fies v.tr. To convert into or impregnate with silica. v.intr. To become converted into or impregnated with silica. hill which would be ideally suited to bulk mining. A second, similarly altered occurrence occurs on the Chama property, 3.5 kilometres to the southeast. Evaluation of this target is also underway. The Chama Property option agreement requires cash payments totaling 1.2 million dollars over 3 years, with payments amounting to $15,000 in the first three months, and $45,000 in the following three months. Kenneth R. Shannon, President -0- Note to Editors: The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and 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). have neither approved nor disapproved of the information contained herein. CONTACT: Corriente Resources Inc. Mr. Dan Carriere, 604/687-0449 604/687-0827 (Fax) INTERNET: http://www.info-mine.com/corriente/ |
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