Gran Colombia Resources Announces Additional Results from Drilling at Marmato.TORONTO--(BUSINESS WIRE)--Oct. 1, 1996--GRAN COLOMBIA RESOURCE (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : GCRI GCRI general collective routing indicator (RI) (US DoD) ) Drilling Confirms and Extends Near Surface 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. Overlying overlying suffocation of piglets by the sow. The piglets may be weak from illness or malnutrition, the sow may be clumsy or ill, the pen may be inadequate in size or poorly designed so that piglets cannot escape. the Echandia Block Gran Colombia Gran Colombia Former South American republic (1819–30). Formerly the Viceroyalty of New Granada, it included roughly the modern nations of Colombia, Panama, Venezuela, and Ecuador. Resources Inc. (the "Company") is pleased to announce additional results from its ongoing drill program at its Marmato gold property in Colombia. A summary of results to date is tabulated below: -0-
Hole Intersection Interval Au Ag Gold
(m) (m) (g/t) (g/t) Equivalent
(g/t) (X)
M1 + 0.00-116.00 116.00 0.75 10.00 0.85
127.60-193.00 65.40 0.57 32.00 0.89
M2 + 0.00-117.00 117.00 1.30 19.00 1.49
M3 + 4.07-85.40 81.33 0.63 58.00 1.21
M4 0.00-151.42 151.42 0.53 14.00 0.67
incl. 81.24-151.42 70.18 0.89 13.00 1.02
M5 103.00-134.50 31.50 0.74 28.00 1.02
M6 40.33-162.00 121.67 0.35 15.00 0.50
181.66-264.32 82.66 0.40 23.00 0.63
M7 0.00-136.03 136.03 1.02 19.00 1.21
incl. 38.42- 44.40 3.78 1.74 45.00 2.19
incl. 50.64-53.36 2.72 1.82 42.00 2.24
incl. 58.09-80.67 21.68 2.87 106.10 4.48
incl. 97.10-102.15 5.05 1.49 28.00 1.77
incl 115.95-117.95 2.00 2.43 16.00 2.59
incl. 173.00-237.00 64.00 0.29 23.00 0.52
M8 0.00-73.60 73.60 0.51 0.40 0.91
incl. 17.30-20.38 3.00 1.38 1.50 2.88
incl. 26.00-31.60 5.60 1.90 2.87 4.77
incl. 136.25-176.60 40.35 0.50 0.17 0.67
(X) Gold equivalent is calculated using a conversion factor of 100 + results previously reported in August 1996. Exploration is focusing on two zones within the Marmato gold deposit, the upper near surface zone that was intersected from surface and the deeper zone where the Company had previously established an inferred resource of 3.7 million oz. gold equivalent. The Company is evaluating both zones as part of a potential open pit deposit. Two deep drilling rigs are positioned on surface over an extensive area of soil geochemical anomalies found on the Echandia-Chaburquia-Maria property. This property occupies the central portion of the Company's extensive holdings in the Marmato district that total more then 34,000 hectares. The results tabulated above show the best intersections from the first 8 holes completed on the upper zone and confirm the presence of the near surface mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zone from surface to a depth of more than 100 metres below surface. It is thought that the near surface zone will enhance the potential of a possible open pit deposit by drastically lowering the stripping ratio. The mineralization in the near surface zone is closely related to a geochemical anomaly which has a surface area of 300 metres by 400 metres. The precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. are associated with an intensely altered and sheared sheared adj. Shaped or finished by shearing, especially cut or trimmed to a uniform length: a sheared fur coat. Adj. 1. contact between an andesite andesite Any member of a large family of rocks that occur in most of the world's volcanic areas, mainly as surface deposits and to a lesser extent as dikes and small plugs. and 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. porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. . Surface drilling is continuing with the objective of drilling the area of the geochemical anomaly on 50 metre centres. Elsewhere on the property, two small underground drills have been mobilized and are now beginning to test the underground inferred resource. Previously the Company had rehabilitated most of the existing underground workings and completed a program of detailed channel sampling which led to the delineation of an inferred resource of 3.7 million oz. The objective of the underground program will be to confirm the presence of the resource, and hopefully upgrade the resource to reserve categories. This will be accomplished by drilling a series of holes in a fan pattern from several of the underground stopes Stopes , Marie Carmichael 1880-1958. British social reformer who opened England's first birth control clinic (1924) in London and later promoted family planning in east Asia. . Underground drilling is now in progress and the first results are expected to be released later in October. The drilling program on the Echandia-Chaburquia-Maria property is part of a major exploration program to evaluate the more than 34,000 hectares in the Marmato district. The Company either through leases or direct ownership, controls 128 concessions totaling more than 266,000 hectares in Colombia's best known gold districts. In addition to these properties the Company also owns a 48.25 percent interest in Mineros Nacionales, a company that owns the neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. operating underground Marmato mine. All of the Company's present exploration activity is outside the Mineros Nacionales property. -0- NOTE: NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. CONTACT: Gran Colombia Resources Inc. Serafino Iacono, 416/955-4554 416/955-1206 (Fax) or Gran Colombia Resources Inc. Steven A. Dawson, 416/955-4552 416/955-1206 (Fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion