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Golconda Resources Ltd. - Corporate Update; DRILLING STARTED ON SOUTHWESTERN NEVADA GOLD PROJECTS.

CALGARY, ALBERTA--(BUSINESS WIRE)--Sept. 16, 1996--Golconda Resources Ltd. (ASE: GA) explores hydrothermal gold systems with a high silver content. Strong argillic alterations form clay blankets which mask mineralized areas with potential for large bulk tonnage gold deposits. Golconda has interests in three properties.

CNR CLAIMS - TWENTY-FOUR CLAIMS - 480 ACRES - 100 PERCENT GA

Extensive surface sampling, recently outlined three large areas of consistent gold/silver mineralization leaking through an unmineralized welded tuff cover. Drilling for a potential ore body beneath the welded tuff has started on the 10th of September.

CLIFFORD PROJECT - FORTY-TWO CLAIMS - 840 ACRES - 50 PERCENT GA

In June, Golconda and its joint venture partner, Gold Valley Resources Inc., drilled three holes to test the potential of deeper seated mineralized zones related to the Clifford Mine. One hole 2500 ft from the mine, encountered consistent low grade gold/silver mineralization from 260 feet to 550 feet. A subsequent ground magnetic survey outlined an anomaly to the northeast of the drill hole, which could represent the center of an epithermal system. The drill rig will move to the property after the first phase drilling on the CNR claims is completed.

SOUTH MONITOR - 108 CLAIMS - 2160 ACRES - 60 PERCENT GA

SOUTH ZONE - Previous drilling outlined about 200,000 oz of gold. Golconda's drilling showed the system is open to depth and to the east.

CENTRAL ZONE - Drilling by Golconda discovered a blind large gold zone. Gold values start at a 60 ft depth and have now been followed down to 650 feet, indicating a very strong hydrothermal system. Actual extent is in excess of 1000 ft by 1000 ft. So far gold values in the seven holes drilled are in the 0.010 oz. Au/t to 0.020 oz/ Au/t range, with the silver values fifteen times as high. Deep drilling is planned to test for a bonanza type high grade core at the contact with the underlying Palaeozoic rocks.

NORTH ZONE - Two holes drilled about 3500 feet to the north of the Central Zone, encountered low gold/silver mineralization in clay altered rock below 300 ft depth. Subsequently, a hole drilled 200 ft to the east encountered an oxidized-silicified zone from 215 ft to 380 ft with a grade of 0.014 oz. Au equivalent / t and seems to be the edge of another hydrothermal gold system, which will be followed up by drilling. -0-

The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.

CONTACT: Golconda Resources Ltd.

Guenter J. Liedtke, 403/232-6828, 403/232-8650 (FAX)
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Sep 16, 1996
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