Drilling confirms major gold deposit on International Tournigan's Ghana property.VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 19, 1996-- Initial results from a new drilling program on a portion of the Riyadh concession in Ghana, West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. , have confirmed the location of a major new gold discovery, A.E. (Ted) Daem, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of International Tournigan Corporation, announced today. Daem released results from 18 drill cores that contained grades as high as 0.82 ounces a tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. , or 25.5 grams a tonne, which were recovered from the deepest hole that was drilled to a depth of 105 vertical metres. "This is an exciting development for us," Daem said. "So far, the drilling has been concentrated on just one of eight adjacent 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. reefs that have been identified. There are some very strong results, indicating that the property potentially could host a multi-million ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. gold deposit." "One of the reefs appears to be more than two and a half kilometres long. Early indications from the deepest hole are that the gold are that the gold grades go higher and the widths of the veins increase the deeper we go. The geology geology, science of the earth's history, composition, and structure, and the associated processes. It draws upon chemistry, biology, physics, astronomy, and mathematics (notably statistics) for support of its formulations. , structure and 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. are similar to those found in the orebodies being worked at the Ashanti gold mine nearby." International Tournigan began a $2.5 million, 15,000-metre drilling program on July 17. Using a rig shipped from Canada, the company resumed drilling on new zones of a reef structure, the so-called "R Reef," that it first drilled last year. the encouraging results have prompted the company to make arrangements to immediately ship a second drill rig from Canada to Ghana to expedite ex·pe·dite tr.v. ex·pe·dit·ed, ex·pe·dit·ing, ex·pe·dites 1. To speed up the progress of; accelerate. 2. a future, expanded exploration program. In one of two new zones drilled over the past two months on the R Reef, six holes averaged 14.7 grams a tonne with a vein width averaging 1.4 metres and open to depth. Results from 18 of the first 22 drill cores recovered this year from closely-spaced holes totalling 2,800 metres are shown in the accompanying table. Four holes had insufficient core recoveries and are being redrilled as they become available. -0-
R5050 ZONE (1996 DRILLING)
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DDH/Hole # Co-Ordinate True Width Assays Recovery
Sampled(M) g/t Au
x 3.28 (F) oz/t Au
17 4750N,100W 0.90, 2.95 3.50,0.11 100% 18 4750N,100W 1.70,5.58 0.72,0.02 100% 19 4800N,50W 1.70,5.58 6.75,0.22 100% 20 4800N,50W 0.5O,1.64 10.1,0.32 100% 15 4950N,25W 1.10,3.61 19.93,0.64 100% 16 4950N,25W 0.60,1.97 10.56,0.34 100% 21 5050N,25E 2.10,6.89 0.60,0.02 75%** 22 5050N,25E 2.40,7.87 2.20,0.07 60%** 33 5050N,75E 1.20,3.94 10.6,0.34 100% 34 5050N,75E 3.30,10.82 20.1,0.65 100% 35 5075N,75E 2.60,8.53 25.5,0.82 Reassay 36 5075N,75E 2.20,7.22 12.5,0.41 Reassay 32 5100N,75E 4.80,15.74 1.07,0.04 57%** ** Redrill 21, Redrill 22 R5850 ZONE (1996 DRILLING) --------------------------- 23 5700N,75E 1.30,4.26 1.58,0.05 100% 31 5750N,75E 0.80,2.62 18.64,0.60 100% 29 5805N,75E 2.10,6.89 13.34,0.43 100% 25 5850N,75E 2.30,7.54 4.72,0.15 62% 28 5920N,75E 2.20,7.22 3.20,0.10 78% Daem said soil samples and some grab samples Noun 1. grab sample - a single sample or measurement taken at a specific time or over as short a period as feasible sample - a small part of something intended as representative of the whole taken on the other reefs in the vicinity of the drilling activity have also revealed areas of extensive mineralization. The exploration work so far has been confined con·fine v. con·fined, con·fin·ing, con·fines v.tr. 1. To keep within bounds; restrict: Please confine your remarks to the issues at hand. See Synonyms at limit. to an area representing about 15 percent of International Tournigan's Riyadh concession, which covers 98 square kilometres Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
International Tournigan acquired its 50 percent interest in two gold concessions in Ghana, including Riyadh, in May last year through an agreement with Oravi Corp., of Denver, Colorado. Both concessions contain known gold mineralization, and are in the Kumasi Basin-- Ghana's richest gold belt. Several operating mines are located in the 60-kilometre belt between the Riyadh concession and the Ashanti mine, which was established more than 100 years ago and is currently producing about one million ounces of gold a year. CONTACT: International Tournigan Corp. (SIGNED), A.E. (Ted) Daem Tel: 604/681-7281 Fax: 604/681-8313 THIS PRESS RELEASE HAS NEITHER BEEN APPROVED NOR DISAPPROVED BY ANY REGULATORY AUTHORITY Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . |
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