Golden Phoenix Minerals Reports Encouraging Drill Results from Cambior Borealis Mine Joint Venture.RENO, Nev.--(BUSINESS WIRE)--July 7, 1998--Golden Phoenix Minerals Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:GPXM) is pleased to announce initial drill results from the Borealis Mine Joint Venture with Cambior Exploration USA. Cambior, the joint venture operating partner, has obtained results from drill hole Bc98006 in the Graben/Freedom Flats sulfide zone. The current drilling program with a 1998 budget of $500,000, is expected to be completed by late July. The projected underground target was intercepted and contains 229 feet with an average grade of 0.10 ounce per ton (opt) gold from 1,027 to 1,256.6 feet. Within this interval, from 1,122 to 1,165 feet is 43.1 feet with an average grade of 0.294 opt gold. A 21.4 feet interval from 1,138 to 1159.4 contains an average of 0.493 opt gold. A 7.4 foot interval from 1,152 to 1,159.4 contains 1.205 opt gold. An interval higher in the hole from 690 to 723.7 feet contains 33.7 feet with an average grade of 0.074 opt gold. This drill hole is located in a 200 foot extension north northeast Noun 1. north northeast - the compass point that is midway between north and northeast NNE, nor'-nor'-east compass point, point - any of 32 horizontal directions indicated on the card of a compass; "he checked the point on his compass" of the known 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 the Graben area. The high grade sulfide zone is open for additional exploration along strike and dip Strike and dip refer to the orientation or attitude of a geologic feature. The strike of a stratum or planar feature is a line representing the intersection of that feature with the horizontal. . Additional drill holes are being completed to further expand and delineate the resource potential at the Borealis Mine. The Graben/Freedom Flats sulfide resource area is reported to contain an estimated 205,000 ounces of gold at an average grade of 0.22 opt with a cut off grade of 0.10 ounce per ton. Echo Bay Minerals Inc. produced greater than 600,000 ounces of oxide gold from the Borealis Mine in the early 1980s with an average grade of 0.059 ounce per ton gold. Golden Phoenix Minerals Inc. (GPXM) is an 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 of precious and base metal deposits 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. Opal Adams, 702/853-4919 (Investor Relations Investor relations The process by which the corporation communicates with its investors. ) E-mail: Investor@golden-phoenix.com Web Site: http://www.Golden-Phoenix.com |
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