Homestake Announces Drill Results At the Lawlers Mine in Western Australia.SAN FRANCISCO--(BUSINESS WIRE)--Oct. 8, 1998--Homestake Mining Company (NYSE NYSE See: New York Stock Exchange :HM)(ASX ASX See: Australian Stock Exchange :HSM (1) (Hierarchical Storage Management) The automatic movement of files from hard disk to slower, less-expensive storage media. The typical hierarchy is from magnetic disk to optical disc to tape. ) today announced drilling results on the Lawlers District Glasgow Glasgow, city, Scotland Glasgow (glăs`gō, –kō, glăz`gō), city (1991 pop. 688,500) and council area, S central Scotland, on the river Clyde. Lass Trend which are expected to significantly increase resources and reserves at the Lawlers Gold Mine by year end. Homestake acquired the Lawlers Gold Mine, located 465 miles (750km) northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. of Perth, Western Australia This article is about the metropolitan area of Perth, Western Australia. For the local government area, see City of Perth. Perth is the capital of the Australian state of Western Australia. , as part of the Plutonic plu·ton·ic adj. Of deep igneous or magmatic origin: plutonic rocks. [From Latin Pl Resources acquisition. The Lawlers operation consists of a series of open pits, including the New Holland, Genesis and Hidden Secret pits, mined along the Glasgow Lass Trend. Historically, the operation has produced approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 75,000 ounces of gold per year from a 720,000 ton per year capacity oxide oxide, chemical compound containing oxygen and one other chemical element. Oxides are widely and abundantly distributed in nature. Water is the oxide of hydrogen. Silicon dioxide is the major component of sand and quartz. mill. 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. along the Glasgow Lass Trend is associated with multiple, stacked Stacked is an American television sitcom that premiered on Fox on April 13, 2005. On May 18, 2006, Stacked was cancelled, leaving five episodes unaired in the United States. The last episode aired on January 11, 2006. 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. veins hosted in near-vertical sandstone sandstone, sedimentary rock formed by the cementing together of grains of sand. The usual cementing material in sandstone is calcium carbonate, iron oxides, or silica, and the hardness of sandstone varies according to the character of the cementing material; quartz lenses 33-100 feet (10-30m) wide and extending at least 2.5 miles (4km) along strike. Underground mining recently was initiated on the down-plunge extension of the uppermost ore ore, metal-bearing mineral mass that can be profitably mined. Nearly all rock deposits contain some metallic minerals, but in many cases the concentration of metal is too low to justify mining the ore. lens from an exploration decline developed out of the southern end of the New Holland pit. Production to date has averaged 0.25 to 0.30 oz/ton Au and has been instrumental in raising 1998 production through August to 82,200 ounces of gold from 51,700 ounces through the same period in 1997. During 1998, cash costs have declined to US$191 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. through August compared to US$229 per ounce during the same period in 1997. A second decline, also from the New Holland pit, recently was commenced to access lower ore zones and a third decline is planned from the Genesis pit in early 1999. Recognizing the potential for future reserve growth from the Glasgow Lass Trend, Homestake has committed over US$3 million through 1998 to delineate ore along this series of sandstone lenses. Two drills are providing information to determine the extent of mineralization and the continuity of known 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. lenses between the Genesis, New Holland and Hidden Secret pits. Results of all holes drilled in this area since completion of the Plutonic acquisition on April 30, 1998 are listed in Table 1, and can be summarized as follows: (A plan view depiction and longitudinal lon·gi·tu·di·nal adj. Running in the direction of the long axis of the body or any of its parts. section of the Glasgow Lass Trend is available in the Company News section of the Homestake website http://www.homestake.com) -0-
-- At New Holland South, 21 holes have been drilled over a strike
length of 280m (920 feet). All but one of these holes intersected
at least one mineralized zone at greater than 3.0 g/t Au (.087
oz/ton), ranging from 1 to 11m (3 to 36 feet) in down-hole
length.
-- At New Holland, 14 holes have been drilled over a strike length
of 340m (1,115 feet). All but one of these holes intersected
multiple mineralized zones at greater than 3.0 g/t Au (.087
oz/ton), ranging from 1 to 12m (3 to 39 feet) in down-hole
length.
-- At New Holland East, two holes have been drilled 320m (1,050
feet) apart along strike, each generating two intercepts greater
than 3.0 g/t Au (.087 oz/ton), ranging from 1 to 6m (3 to 20
feet) in down-hole length.
-- At Genesis, 19 holes have been drilled over a strike length of
355m (1,165 feet). All but 4 of these holes intersected at least
one mineralized zone grading greater than 3.0 g/t Au (.087
oz/ton), ranging from 1 to 21m (3 to 69 feet) in down-hole
length.
-- At Genesis East, six holes have been drilled over a strike length
of 845m (2,770 feet). Four of these holes intersected one or more
mineralized zones at greater than 3.0 g/t Au (.087 oz/ton),
ranging from 1 to 6m (3 to 20 feet) in down-hole length.
-0- Jack Thompson Thompson, city, Canada Thompson, city (1991 pop. 14,977), central Man., Canada, on the Burntwood River. A mining town, it developed after large nickel deposits were discovered in the area in 1956. , Chairman, 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. and President of Homestake commented that "the drill results reported today characterize the first phase of Homestake's accelerated drill program designed to explore and define this emerging ore system. We are encouraged by the success to date. Results are verifying ver·i·fy tr.v. ver·i·fied, ver·i·fy·ing, ver·i·fies 1. To prove the truth of by presentation of evidence or testimony; substantiate. 2. continuity of mineralization along the Glasgow Lass Trend and are expected to result in significant future reserve and resource growth at the Lawlers Gold Mine. This is the first of many exploration successes that we anticipate from the Plutonic acquisition." Homestake Mining Company is an international gold mining company with substantial gold operations and exploration in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and Chile Chile (chĭl`ē, Span. chē`lā), officially Republic of Chile, republic (2005 est. pop. 15,981,000), 292,256 sq mi (756,945 sq km), S South America, west of the continental divide of the Andes Mts. . The Company also has active gold exploration programs in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and in Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. , and a development/evaluation project in Chile. Homestake currently produces approximately 2.5 million ounces of gold annually from 16 mines. Common shares of the Company are listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. and the Basel Basel (bä`zəl) or Basle (bäl), Fr. Bâle, canton, N Switzerland, bordering on France and Germany. , Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. and Zurich Stock Exchanges in Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. . Homestake has received numerous industry environmental and safety awards for its responsible environmental health and safety stewardships. Certain statements contained in this press release that are not statements of historical facts are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are based on beliefs of management, as well as assumptions made by and information currently available to management. Forward looking statements include those preceded by the words "believe," "estimate," "expect," "intend," "will," and similar expressions, and include estimates of future production, costs per ounce, dates of construction completion, costs of capital projects and commencement of operations. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. Some important factors and assumptions that could cause actual results to differ materially from expected results are discussed below. Those listed are not exclusive. Reserve estimation estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. is an interpretive in·ter·pre·tive also in·ter·pre·ta·tive adj. Relating to or marked by interpretation; explanatory. in·ter  pre·tive·ly adv. process based on drilling
results and past experience as well as estimates of ore characteristics
and mining dilution DilutionA reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. , prices, costs of mining and processing, capital expenditures and many other factors. Actual quality and characteristics of ore deposits cannot be known until ore is actually mined. Reserves change over time to reflect actual experience. Grades of ore processed at any time may also vary from reserve estimates due to geologic ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. variations within areas mined. Estimates of future production for particular properties and for the Company as a whole are derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from annual mine plans that have been developed based on mining experience, reserve estimates, assumptions regarding ground conditions and physical characteristics of ore (such as hardness and metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. characteristics), and expected rates and costs of production. Actual production may vary for a variety of reasons, such as the factors described above, ore mined varying from estimates of grade and metallurgical and other characteristics, mining dilution, actions by labor, and government imposed restrictions. Estimates of production from properties and facilities not yet in production are based on similar factors but there is a greater likelihood that actual results will vary from estimates due to a lack of actual experience. Cash costs may vary due to changes from reserve and production estimates, unexpected mining conditions, and changes in estimated costs of equipment, supplies, utilities, labor costs and exchange rates. Estimates reflect assumptions about factors beyond the Company's control, such as the time government agencies take in processing applications, issuing permits and otherwise completing processes required under applicable laws and regulations. Actual time to completion can vary significantly from estimates. -0-
Table 1
LAWLERS GOLD MINE
SIGNIFICANT DRILL HOLE INTERSECTIONS
GLASGOW LASS TREND
NEW HOLLAND SOUTH
HOLE FROM TO LTH GRD
NO. N E (m) g/t Au
NHSUG19 11280 3715 98 99 1 5.97
127 130 3 24.8
134 135 1 3.70
146.5 147.5 1 128
170 172 2 8.01
174 175 1 20.1
180.4 182.5 2.1 56.2
NHSUG20 11260 3712 3 4 1 37.5
30 31 1 16.7
42 43 1 30.6
NHSUG21 11260 3712 16 18 2 32.5
34 35 1 5.92
42 47 5 10.8
55 56 1 3.18
60 71 11 6.88
NHSUG23 11219 3707 52 57 5 13.5
74 76 2 19.3
110 112 2 74.0
162 165 3 6.65
180 188 8 5.06
221 225 4 18.3
229 230 1 22.5
NHSUG24 11219 3707 44 47 3 11.8
51 52 1 19.1
NHSUG25 11219 3707 75 78 3 21.0
NHSUG26 11260 3712 3 5 2 21.7
11 13 2 8.98
36 38 2 9.49
43 47 4 16.7
195 196 1 4.87
206 209 3 10.1
NHSUG31 11240 3711 0 2 2 50.7
16 17 1 65.4
41 44 3 6.93
68 69 1 4.45
115 116 1 5.89
NHSUG32 11240 3711 0 1 1 33.6
39 41 2 7.60
50 51 1 53.4
57 66 9 5.39
106 107 1 25.6
164 166 2 6.43
NHSUG33 11240 3711 19 21 2 3.97
42 43 1 13.0
63.93 67 3.07 16.8
76 79 3 3.09
119 120 1 520.0
180 181 1 5.09
196.5 198 1.5 44.7
240 241 1 14.1
256 257 1 33.2
NHSUG35 11240 3711 0 2 2 20.4
127.5 135 7.5 3.99
163 167 1 8.92
168 170 2 29.1
173 174.5 1.5 22.9
183 184 1 9.88
195 196 1 5.53
NHSUG50 11219 3707 44 46 2 4.01
62 65 3 6.88
165 166 1 30.5
NHRCD424 11160 3660 333 335 2 13.9
349 353 4 9.73
370 371 1 101.0
391 393 2 3.24
409 410 1 12.1
417 420 3 7.49
457 458 2 7.19
NHRCD427 11200 3665 No assays greater than 3.0 g/t
NHRCD439 11196 3645 338 346 8 9.28
360 361 1 15.2
NHRCD443 11160 3644 404 405 1 67.2
524 527 3 15.6
547 548 1 33.1
NHRCD446 11120 3975 509 512 3 7.33
532 536 4 19.7
558 562 4 9.3
NHRCD472 11040 3575 135 136 1 5.71
NHRC473 11000 3625 261 262 1 16.2
NHRC474 11000 3665 154 155 1 9.11
229 231 2 22.7
NHRC475 11280 3890 338 340 2 6.50
NEW HOLLAND
HOLE FROM TO LTH GRD
NO. N E (m) g/t Au
NHRC456 11520 3700 38 39 1 14.7
56 58 2 22.7
67 73 6 8.30
113 117 4 3.07
151 163 12 11.4
168 174 6 47.5
179 180 1 9.24
186 196 10 3.25
252 257 5 5.32
274 277 3 3.77
321 323 2 19.8
365 372 7 6.08
NHRC457 11540 3700 27 34 7 17.5
46 47 1 11.9
67 70 3 3.07
111 112 1 9.16
140 149 9 17.8
168 169 1 13.8
244 247 3 8.02
270 274 4 5.40
310 312 2 25.7
343 345 2 24.0
NHRC458 11540 3700 38 42 4 3.49
59 64 5 4.27
82 83 1 10.8
138 141 3 5.98
149 152 3 4.24
194 196 2 12.9
NHRC459 11680 3700 77 82 5 3.57
103 113 10 6.00
228 229 1 8.23
237 238 1 23.2
259 261 2 3.56
271 274 3 6.98
278 281 3 10.7
298 304 6 4.12
316 319 3 15.2
NHRC460 11860 3700 24 25 1 9.42
86 87 1 21.8
142 143 1 15.6
164 166 2 23.0
181 182 1 11.9
252 253 1 17.6
NHRC463 11860 3698 197 198 1 13.8
203 204 1 23.0
299 302 3 7.43
366 371 5 4.18
NHRC464 11820 3700 8 10 2 21.5
18 19 1 3.20
NHRC465 11800 3700 0 8 8 3.94
161 162 1 7.25
181 182 1 9.62
NHRCD466 11760 3700 21 24 3 12.2
274 275 1 3.46
NHRC467 11800 3700 2 4 2 31.9
7 8 1 11.1
132 133 1 7.24
149 150 1 11.6
170 172 2 48.1
256 257 1 16.9
282 284 2 4.75
375 377 2 2.68
NHRCD468 11720 3698 40 43 3 4.03
110 117 7 7.14
159 163 4 16.0
233 234 1 10.9
257 267 10 8.42
291 292 1 21.5
314 322 8 5.1
NHRC469 11720 3725 31 34 3 4.8
NHRC470 11680 3710 59 60 1 3.14
119 120 1 9.85
179 180 1 11.8
NHRC471 11600 3691 27 33 6 7.43
165 166 1 4.24
195 196 1 15.5
209 210 1 29.6
232 233 1 4.94
366 367 1 4.86
405 414 9 3.17
NEW HOLLAND EAST
HOLE FROM TO LTH GRD
NO. N E (m) g/t Au
NHRC461 11540 3075 203 204 1 4.24
243 249 6 9.37
NHRC462 11860 3700 24 25 1 9.23
116 117 1 3.94
GENESIS
HOLE FROM TO LTH GRD
NO. N E (m) g/t Au
GSRCD134 12242 3666 316 319 3 5.75
397 406 9 5.82
GSRCD137 12240 3775 374 376 2 21.6
472 475 3 9.03
GSRCD138 12120 3774 409 414 5 7.01
429 430 1 5.67
GSRCD141 12080 3635 405.7 412 6.3 4.85
GSRCD142 12200 3774 No assays greater than 3.0 g/t
GSRCD143 12275 3857 410 413 3 3.01
416 419 3 3.13
431 433 2 7.80
437 443 6 4.33
GSRCD148 12160 3770 No assays greater than 3.0 g/t
GSRCD154 12275 3775 263 263.5 0.5 27.5
286 287 1 7.35
322 323 1 8.22
GSRCD155 12052 3800 303 304 1 3.61
313 314 1 3.58
316 317 1 3.06
GSRCD157 12040 3635 304 308 4 3.16
309 321 12 4.01
329 330 1 15.5
341 344 3 3.58
348 351 3 5.04
362 376 14 4.28
391 393 2 4.95
455 456 1 17.8
GSRCD158 12160 3697 193 197 4 21.6
202 212 10 5.89
239 240 1 8.08
243 245 2 4.18
290 291 1 6.92
308 311 3 4.85
365 366 1 10.04
400 401 1 6.63
416 417 1 5.93
GSRCD159 12010 3840 352 353 1 60.2
364 365 1 6.85
368 369 1 4.98
GSRCD160 12277 3875 352 353 1 3.40
389 390 1 3.16
GSRCD162 12040 3900 218 220 2 12.8
GSRCD164 12080 3675 137 149 12 3.25
178 180 2 3.35
202 205 3 3.72
210 213 3 9.96
220 227 7 3.90
238 239 1 109.0
249 250 1 10.4
261 279 18 13.9
GSRCD165 12040 3650 191 194 3 12.2
219 222 3 4.09
248 249 1 11.0
323 324 1 22.9
330 333 3 5.1
447 448 1 37.0
GSRCD166 11920 3900 423 444 21 17.5
446 448 2 3.34
GSRCD167 12005 3855 No assays greater than 3.0 g/t
GSRCD168 11960 3870 No assays greater than 3.0 g/t
GENESIS EAST
HOLE FROM TO LTH GRD
NO. N E (m) g/t Au
GSRC156 12765 3550 No assays greater than 3.0 g/t
GSRCD161 12200 3810 252 254 2 21.9
GSRCD162 12040 3900 218 220 2 12.8
GSRCD163 12120 3857 153 155 2 16.4
312 313 1 5.12
GSRC166 11920 3890 113 114 1 4.87
276 283 6 12.9
GSRC167 12005 3855 No assays greater than 3.0 g/t
-0- Note: All holes are of an azimuth azimuth (ăz`əməth), in astronomy, one coordinate in the altazimuth coordinate system. It is the angular distance of a body measured westward along the celestial horizon from the observer's south point. of 270 except hole numbers NHRCD472, NHRC NHRC National Human Rights Commission (India) NHRC Naval Health Research Center (US Navy) NHRC Natural Hazards Research Centre (Australia) NHRC Navrongo Health Research Centre 473, NHRC474, NHRC470, NHRC461, and NHRC462 which have an azimuth of 90. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion