Mansfield Minerals: Exploration Update.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--April 22, 1997--MANSFIELD MIN Min (mĭn). 1 Chief river of Fujian prov., SE China, c.350 mi (560 km) long, rising in Wuyi shan and flowing SE to the South China Sea near Fuzhou; it receives several tributaries near Nanping. . (VcSE:MDR MDR, n See multidrug resistance. MDR, n the abbreviation for minimum daily requirement, specifically the Minimum Daily Requirements for Specific Nutrients compiled by the United States Food and Drug Administration. .) The Company's spring 1997 exploration season has been ongoing since mid-February and additional experienced prospecting personnel and vehicles have supplemented last year's exploration crew. Two new properties are now under cateo application with further details to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. upon grant of title. Cerro Gordo Cerro Gordo (sā`rō gōr`thō), mountain pass, E Mexico, on the road between Veracruz and Xalapa, site of a decisive battle (Apr. 17–18, 1847) of the Mexican War. Property On January 27, 1997, the trenching program was recommenced and to date, 19 trenches comprising 5000m have been completed. Initial trench trench: see ocean. results were reported on February 12th. Additional trenches assayed as follows: -0-
Trench Interval Width Gold Silver
(g/ton) (g/ton)
North Ridge B 30-80m 50m 0.655
(70m north North Ridge) incl 52-72m 22m 1.239 21.72
incl 56-68m 12m 1.954 30.00
North Ridge C 112-122m 10m 24.58
(130m north North Ridge)
North Ridge A 58-70m 12m 0.417 7.95
(30m south North Ridge) 94-104m 12m 0.316
6018 Trench South 114m 2m 1.045 41.00
(130m south 6018 Trench) 134m 2m 1.010 8.30
162-172m 10m 0.783
A trench plan map is attached. The property is very large and in addition to previously identified areas of sediment-hosted gold 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. , a new area of volcanic-hosted epithermal mineralization in float has been discovered. A trenching program is now underway in this area to locate the bedrock source of this mineralization. Brealito Property Rio Algom Exploration Inc. completed 9 drill holes, totalling 1800m, under its joint-venture agreement with the Company. Reported drill results were not encouraging and Rio Algom Exploration Inc. has advised that it will do no further work and that the joint venture is terminated. The Company has evaluated the program and believes the property has been adequately tested and plans no further work. Taca Taca Property Teck Corp. completed a 2-hole test comprised of 500m under its joint venture agreement with the Company. Hole 1 drilled immediately beneath surface trench R where surface assays yielded 0.8g/ton across 42m. This hole encountered a 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. structure at a depth of 150m. The mineralized section graded 0.4g/Au over 9m. The second hole was drilled to test an I.P. anomaly Abnormality or deviation. Pronounced "uh-nom-uh-lee," it is a favorite word among computer people when complex systems produce output that is inexplicable. See software conflict and anomaly detection. 600m from drill hole 1, and no significant mineralization was encountered in this hole. Teck Corp. has advised that it will do no further work and that the joint venture is terminated. The Company was operator prior to drilling and, after evaluating the results of all exploration work done to date, is of the opinion that the 2-hole drilling program has not adequately tested numerous untested targets remaining on the property. The Company intends to joint- venture the property with a major mining company to finance further work. Mina Concordia Property Mansfield has concluded joint-venture negotiations under which a major mining company will take over as operator of the property and provide funds to earn an interest. Execution of a formal agreement is expected within 2 weeks and will be the subject of a detailed news release. Agua Pelada and Chuculaqui Properties, Cerro Samenta Area In addition to the Cerro Samenta property (currently under title dispute with Corriente/Daroca), the Company holds cateo applications for two copper 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. prospects in the Cerro Samenta area which were overstaked by Corriente (Cateo no.15607 and associated cateos applied for concurrently). On February 13, 1997, a decision was rendered by the Civil and Commercial Appeals Court of Salta, Argentina and subsequently ratified rat·i·fy tr.v. rat·i·fied, rat·i·fy·ing, rat·i·fies To approve and give formal sanction to; confirm. See Synonyms at approve. by the Justice Ministry of Salta. The judgement states that Corriente applied for these cateos based upon a belief that the ground was open as depicted de·pict tr.v. de·pict·ed, de·pict·ing, de·picts 1. To represent in a picture or sculpture. 2. To represent in words; describe. See Synonyms at represent. on the Plan of Registers (Map M-9). Corriente claimed that an application was made and fees were paid in advance and in good faith for ground that appeared to be open for location and the application for the cateo should have been granted as such. Subsequently, the Ministry of Mines implemented a new Plan of Registers based upon knowledge that Map M-9 was not an accurate depiction of topographic topographic describing or pertaining to special regions. relationships, and specifically the true location of Cerro Samenta. When the new Plan of Registers was implemented, with cateos and pertinencies plotted, it became apparent that overlapping interests existed between the Corriente cateo applications and prior third party cateo applications and claims (some of which belong to a subsidiary of Mansfield). The court ruled Corriente had not been granted title rights and as such, no prior right was vested vested adj. referring to having an absolute right or title, when previously the holder of the right or title only had an expectation. Examples: after 20 years of employment Larry Loyal's pension rights are now vested. (See: vest, vested remainder) as a result of recording the application, paying the fees or drafting the claims on the errant er·rant adj. 1. Roving, especially in search of adventure: knights errant. 2. Straying from the proper course or standards: errant youngsters. 3. Plan of Registers. Consequently, the court ruled the overlapping areas would not be granted to Corriente. Management believes this Appeal Court decision sets an important precedent for Mansfield's upcoming Appeal Court hearing which will deal with the ownership of the Cerro Samenta property. The decision of the Salta Court of Appeal concerning ownership of the property is expected by the end of June. Mansfield remains convinced of its right to the property and that the Court will render the appropriate decision. General While virtually the entire resource exploration sector has entered into what will hopefully be a short-term slump Slump A temporary fall in performance, often describing consistently falling security prices for several weeks or months. , the Company has many highly prospective prospects and approximately $10 million in the treasury to ensure uninterrupted operation. Mansfield's risk management program is to continue with attractive joint-ventures with major mining companies that are currently in place, under negotiation and planned for the future. This relieves the Company from participation in expensive advanced exploration programs but also virtually eliminates the type of exploration result discrepancies that have been the cause of considerable controversy for other companies. The Company continues to make new discoveries of very prospective properties and remains as enthusiastic as ever with its exploration activities in Argentina. This news release was prepared by management and they accept responsibility for its accuracy. On Behalf of the Board of Directors: MANSFIELD MINERALS INC. "Gordon P. Leask, P.Eng.", President and Director Note: Location map available from the Company at the phone number listed below. 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 neither approved nor disapproved the information contained herein. CONTACT: Mansfield Minerals Inc. Greg Thomas John Gregory Thomas (born August 12, 1960, Trebanos, Wales) is a former England cricketer who played in 5 Tests and 3 ODIs from 1986 to 1987. , 604/ 681-4462 604/ 681-0180 (FAX) |
|
||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion