Golden Phoenix Minerals Confirms High Grade Gold.RENO, Nev.--(BUSINESS WIRE)--Nov. 24, 1997--Golden Phoenix Minerals Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:GPXM) confirmed high grade gold assays on the "High Grade" project after collecting over 100 rock chip samples from anomalous areas outlined by Golden Phoenix and by previous lessors. Thirty-two samples contained ore grade Ore grade is a measure that describes the concentration of a valuable natural material (such as metals or minerals) in its surrounding ore. Ore grade is used to assess the economic feasibility of a mining operation: the cost of extracting a natural material from its ore is directly 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 excess of 0.015 opt Au. Select assays contained values ranging from 0.40 to 8.0 opt Au. Structural and detailed geologic mapping is continuing. The target objective is to increase the existing gold resource by delineating known high-grade mineralization to develop a bulk minable multi million-ounce gold reserve, while exploring numerous wide spread and untested ore-grade surface gold anomalies. Golden Phoenix is earning a 100% interest in the property from Kennecott. GPXM is also conducting VLF (Very Low Frequency) See low radiation. and ground magnetic geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. over the High Grade project area to further define geological and structural interpretation. The results of the geophysical survey are pending. The ninety-eight holes drilled on the property prior to acquisition by Golden Phoenix are confined to two small areas, more than half of the existing drill holes intersected ore-grade gold mineralization; many were terminated in greater than 1ppm Au material. Some of the higher-grade intercepts include 50' @ .065 opt Au, 50' @ 0.051 opt Au, 45' @ .070 opt Au, 40' @ 0.102 opt Au, and 20' @ 0.165 opt Au, 90' @ 0.018 opt Au and 70' @ 0.017 opt Au. All of which occur at depths less than 150 feet. Golden Phoenix Minerals, Inc. is in the process of initiating a Plan of Operations with the U.S. Forest Service. The planned evaluation program in 1998 is composed of further surface geologic work, geochemical and geophysical programs integrated with an exploration/development drilling program (Reverse-Circulation and Diamond Core) and preliminary resource calculation. Although a significant gold resource is evident at the High Grade project, Golden Phoenix intends to complete an extensive confirmation and development-drilling program in 1998 prior to announcing any resources or reserves. Based on management experience, Golden Phoenix is very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about developing the High Grade project. Golden Phoenix Minerals, Inc. (GPXM) is a 10K reporting OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. listed minerals exploration corporation dedicated to the discovery and development precious and base metals in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century and Alaska. CONTACT: Golden Phoenix Minerals, Inc. Michael Fitzsimonds/Donald McDowell, 702/853-4919 |
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