Cueva Blanca, Peru Drill Program -- Gold Mineralization to Depth Confidentially Agreements Signed.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 8, 2000 St. Elias Mines Ltd. (the "Company")(CDNX CDNX See Canadian Venture Exchange (CDNX). trading symbol Trading symbol See: Ticker symbol V.SLI (Scalable Link Interface) A multi-GPU interface from NVIDIA for connecting two or four NVIDIA display adapters together for faster graphics rendering on one monitor or two monitors. and US Clearing Symbol SELSF) is pleased to provide the following update with respect to the ongoing drill program at the Cueva Blanca Property in Northern Peru. Initial drilling is concentrating on the Zona Verde, which is located within the northern area of the Cueva Blanca Property. The Zona Verde is one of several separate/interconnecting zones discovered on the Property. The assay data received to date, although incomplete, confirms that 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. extends to depth within the Zona Verde. As previously announced the Company is utilizing a wide diameter (5 1/2") reverse circulation drill rig. Approximately 37-61kg of rock chips are collected from each 2-meter long sample interval. The samples are halved halve tr.v. halved, halv·ing, halves 1. To divide (something) into two equal portions or parts. 2. To lessen or reduce by half: halved the recipe to serve two. 3. onsite and approximately 15kg of rock is submitted to Bondar Clegg in Lima where the entire sample is assayed. Check samples are being sent to ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. Chemex on an ongoing basis. As an example, a 150m long drill hole will yield 75 samples (each sample weighs 15kg) and the total weight of material analyzed an·a·lyze tr.v. an·a·lyzed, an·a·lyz·ing, an·a·lyz·es 1. To examine methodically by separating into parts and studying their interrelations. 2. Chemistry To make a chemical analysis of. 3. for that one hole would be 1.125 metric tonnes (2,475 pounds). A total of 11 drill holes (1,280m total length) have been completed to date on the Zona Verde ranging in length from 58m to 163m. Only partial assay results, from RC holes No. 1 through No. 4, have been received from Bondar Clegg by the Company. The Company has been in continuous contact with Bondar-Clegg working to improve the turnaround time (1) In batch processing, the time it takes to receive finished reports after submission of documents or files for processing. In an online environment, turnaround time is the same as response time. for results. Bondar-Clegg has agreed to work around the clock seven days a week on the Cueva Blanca project. Particulars of each hole are described below:
Angle
Grid Bearing of Hole Length of Hole
Hole No. Coordinates (in degrees) (in degrees) (metres)
ZV RC-01 5+20N x 0+90E 240 - 65 163
ZV RC-02 11+35N x 1+80E 230 - 45 106
ZV RC-03 5+00N x 0+60W 230 - 45 150
ZV RC-04 5+00N x 0+60W 030 - 50 150
ZV RC-05 13+60N x 1+30E 230 - 50 162
ZV RC-06 11+35N x 2+30E 230 - 70 94
ZV RC-07 10+44N x 1+66E 230 - 50 58
ZV RC-08 10+44N x 1+62E vertical - 90 93
ZV RC-09 13+00N x 1+75W 230 - 45 162
ZV RC-10 13+00N x 1+75W vertical - 90 60
ZV RC-11 8+00N x 2+00W 030 - 45 90
Mineralized intervals that have been received by the Company are
as follows:
ZV RC-01 - PARTIAL RESULTS ONLY (awaiting results from, 56m to 110m,
114 to 132m & 146m to 162m)
06m - 38m (32m) 0.103 g/t Au
incl: 30m - 38m (08m) 0.180 g/t Au
132m - 146m (14m) 0.109 g/t Au
incl: 140m - 146m (06m) 0.192 g/t Au
ZV RC-02
20m - 62m (42m) 0.243 g/t Au
incl: 44m - 62m (18m) 0.452 g/t Au
ZV RC-03 minor mineralized intervals to a maximum of 0.109g/t Au over
2m
ZV RC-04 - PARTIAL RESULTS ONLY (awaiting results from 92m through
150m)
34m - 88m (54m) 0.115 g/t Au
incl: 34m - 44m (10m) 0.210 g/t Au
60m - 70m (10m) 0.150 g/t Au
80m - 90m (10m) 0.149 g/t Au
As previously stated the above data, although incomplete, confirm that gold mineralization extends to depth within the Zona Verde. ZV RC-02 is located roughly 600m to the north of ZV RC-01. Geological data obtained from the completed drill holes confirm that fractured, silica silica or silicon dioxide, chemical compound, SiO2. It is insoluble in water, slightly soluble in alkalies, and soluble in dilute hydrofluoric acid. Pure silica is colorless to white. flooded tonalite Tonalite is an igneous, plutonic (intrusive) rock, of felsic composition, with phaneritic texture. Feldspar is present as plagioclase (typically oligoclase or andesine) with 10% or less alkali feldspar. Quartz is present as more than 20% of the rock. , the primary host rocks for the gold mineralization at surface within the Zona Verde, continues to depth and is present to the bottom of each of the completed drill holes. The tonalite unit is either exposed at surface or covered by gold bearing 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. volcanics. In addition silicified hydrobreccia bodies and minor dacite da·cite n. A light gray volcanic rock containing a mixture of plagioclase and other crystalline minerals in glassy silica, similar in appearance to rhyolite. [After Dacia. dyke have also been encountered in drilling. Additional personnel are being mobilized by the Company to the Cueva Blanca project as the drilling will be operating 24 hours per day for the duration of the program. On a separate note, St. Elias has signed confidentiality agreements with several of the world largest mining companies. Several of these companies have already reviewed the Company's technical data sets and have recently visited the property. Due to the terms of the confidentially agreements the Company is not in a position to disclose their identities. The Zona Verde is a broad area of anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. gold mineralization that extends for over 1,600 meters in strike length and over 300 meters in width and remains open in all directions. It is one of several large areas of gold mineralization within the property. The Cueva Blanca Property presently covers 12,300 hectares (123km2/48mi2) and lies within the northern portion of the Yanacocha-Pierina metallogenic belt of western Peru. St. Elias has options to earn up to a 70% interest in the Cueva Blanca Property from Inca Pacific Resources Inc. For further information on St. Elias' work on the Cueva Blanca property and other projects/properties, please visit the Company's website at http://www.steliasmines.com or call 888/895-5522 (toll free US and Canada). This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding the ongoing and upcoming exploration work and expected geometry of geological formations and structures. Actual results may differ materially from those currently anticipated in such statements. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release. |
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