Jersey Goldfields - Drill Program Completed at La Envidia - Drilling Scheduled for Pilzhum, Chical and El Rosario Projects.VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 25, 1996--Dr. Peter J. Guest reports: Jersey Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Corporation (VSE See DOS/VSE. VSE - Virtual Storage Extended JRG JRG joint review group (US DoD) JRG Junta Revolucionaria de Gobierno (Revolutionary Governing Junta; El Salvador) JRG Jim Roberts Group .) (the "Company") and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Jerseymines Minera del Ecuador S.A. are pleased to announce the completion of an eleven hole diamond drill program consisting of approximately 1100 meters at the La Envidia Project in Cotopaxi Province of Ecuador. The drilling equipment has now been moved to the Pilzhum Project located in Canar Province, where it is anticipated that drilling will commence within the next two weeks. Sampling of the cores from La Envidia is underway and results are anticipated during the first week of November. Of the 11 holes, 4 were drilled in an area targeted because of both favourable geologic exposure encountered in roadcuts and rock geochemistry that sampled up to 7 grams per ton of gold. All of these holes intersected breccias developed in intrusives and surrounding country rock. Pyrite pyrite (pī`rīt) or iron pyrites (pīrī`tēz, pə–, pī`rīts), pale brass-yellow mineral, the bisulfide of iron, FeS2. was observed in all holes below the zone of oxidation and chalcopyrite was observed over discreet intervals. Three other holes targeted a structural zone outlined by geophysics. All the drill holes encountered the target breccia breccia: see conglomerate. breccia Coarse sedimentary rock consisting of angular or nearly angular fragments larger than 0.08 in. (2 mm). Breccia commonly results from processes such as landslides or geologic faulting, in which rocks are fractured. unit and logged both sulphides and broad zones of silicification si·lic·i·fy v. si·lic·i·fied, si·lic·i·fy·ing, si·lic·i·fies v.tr. To convert into or impregnate with silica. v.intr. To become converted into or impregnated with silica. . The remaining four holes were drilled in areas identified either by Induced Polarization (I.P.) or geochemistry. Three of these encountered both the target breccia and concentrations of pyrite. The final hole was lost in a fault zone before reaching the target horizon. Drilling is also planned to commence in the next several weeks on the Chical Project located in Carchi Province in northern Ecuador. An access road and drill site are near completion as are arrangements to secure a drill rig for use on this project. Other developments include the recent completion of an I.P. program at La Envidia. A detailed I.P. survey is being conducted over the silver-gold hosting structures of the El Rosario Project area located in Canar Province. This property is scheduled for drilling following the completion of drilling at Pilzhum. The Company currently has 46 concessions, representing 21 projects distributed throughout the mineral rich zones of Ecuador. Eight of the projects have been joint ventured out to other companies including Gencor of South Africa. The Company is actively pursuing additional mineral property acquisitions in South America and is considering further joint venture arrangements on its properties in Ecuador. -0- The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and is not responsible for the accuracy or adequacy of this news release. CONTACT: Jersey Goldfields Corporation Jim Yates, 604/ 683-5651 or Rose Moon, 604/ 683-5651 |
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