Metallica Resources - El Morro Project - Chile - Update.DENVER--(BUSINESS WIRE)--May 27, 1999-- Metallica Resources Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : MR, NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: METLF) ("Metallica") today announced the drill results of the 500 meter core hole drilled at its 100%-owned El Morro copper-gold 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. property in north-central Chile. The core hole was drilled to twin to the previously announced rotary drill hole, RDM-2. Results are summarized in the following table: -0-
Comparison of Drill Hole Results
Drill Hole From(m) To(m) Interval(m) % Cu g/t Au
Rotary Hole
RDM-2 0 76 76 0.03 0.34 Oxides
76 268 192 0.64 0.22 Sulfides
Includes 76 202 126 0.73 0.25 Sulfides
Core Hole
RDM-2 Twin 0 78 78 0.03 0.43 Oxides
78 268 190 0.77 0.29 Sulfides
Includes 78 202 124 0.87 0.28 Sulfides
268 500 232 0.31 0.10 Sulfides
% Upgrade Calculated as 100 x (Core - Rotary)/Rotary
% Upgrade 0 78 78 0% 26.5% Oxides
% Upgrade 78 268 190 20.3% 31.8% Sulfides
% Upgrade 78 202 124 19.2% 12.0% Sulfides
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The core hole is 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. for the entire 500 meters, although the deeper portions of the hole are generally lower grade. On comparable drill intervals, the copper and gold assays of the core hole were approximately 20% higher grade than those of the rotary hole. The upgrading tended to confirm the hypothesis that rotary drilling may downgrade copper and gold values due to losses of fines in high water volume rotary drilling. Future resource development drilling planned at El Morro will be diamond drill core. During Metallica's mineral concession title review of its 150 square kilometer El Morro property, a series of pre-existing concession applications, totalling approximately 21 square kilometers were identified. The company is currently in the process of filing a request for annulment annulment Legal invalidation of a marriage. It announces the invalidity of a marriage that was void from its inception. It is to be distinguished from dissolution or divorce. To justify annulment, the marriage contract must have a defect (e.g. (or "caducity ca·du·ci·ty n. 1. The frailty of old age; senility. 2. The quality or state of being perishable; impermanence. [French caducité, from caduc, frail, falling ") against the conflicting concessions together with documents that support the cause for caducity. Drill Hole RDM-2 was drilled on a portion of the El Morro property devoid of the pre-existing concession applications. Metallica is a Canadian 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. exploration and development company focused on Latin America. Metallica is well-funded and has 24.5 million common shares outstanding. Visit Metallica's web site at www.metal-res.com and send email to metallica@metal-res.com. This news release has been prepared by management of Metallica Resources Inc. who takes full responsibility for its contents. No stock exchange, securities commission or other regulatory authority has approved or disapproved the contents of this news release. |
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