Nord Pacific Intersects High Grade Gold Mineralization at Tabar Islands Project.TORONTO--(BUSINESS WIRE)--Nov. 25, 1997--Nord Pacific Limited (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 :NORPF;TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :NPF NPF National Park Foundation NPF Norton Personal Firewall NPF National Parkinson Foundation NPF National Pain Foundation (Englewood, Colorado) NPF National Psoriasis Foundation NPF National Pro Fastpitch NPF Network Processing Forum ) today announced a high grade gold intersection and further results from drilling of multiple targets on Simberi Island Simberi Island is a volcanic island in the Tabar Group in Papua New Guinea's New Ireland Province. at its Tabar Islands gold project, Papua New Guinea Papua New Guinea (păp`  ə, –y .Diamond core hole P34 at the Pigiput prospect intersected 5 meters (129-134m) of sulfide 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. averaging 139.9 grams/tonne (4.5 ounces/tonne) gold, including 1 meter (130-131m) of 572.0 grams/tonne (18.4 ounces/tonne). Hole P34 is located 225 meters west of previous diamond core hole P1, which intersected a 5 meter zone from 191 meters grading 142.0 grams/tonne (4.6 ounces/tonne) and containing 1 meter of 519.0 grams/tonne (16.7 ounces/tonne) gold. Commenting on the results, Dr. Pierce Carson, 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. , said this intersection shows that high grade sulfide gold mineralization with significant economic potential extends further west than previously recognized, and supports the Company's target concept of high grade structurally controlled mineralization. Previous drilling which partially evaluated Pigiput sulfides encountered numerous high-tenor gold intersections and resulted in an inferred resource of 454,000 tonnes grading 16.0 grams/tonne, containing 223,000 ounces of gold. Dr. Carson noted that the Company is optimistic that drilling presently underway will add significantly to this resource, and to the total of 743,000 ounces of gold already identified on Simberi Island. Other Pigiput intersections in sulfides included 38 meters averaging 3.27 grams/tonne, 52 meters of 2.00 grams/tonne and 141 meters of 1.46 grams/tonne gold. At the Sorowar prospect, nine holes in oxides encountered significant mineralization, including an intersection of 35 meters averaging 5.38 grams/tonne gold. Drilling over the last three months has been directed at testing ground Noun 1. testing ground - a region resembling a laboratory inasmuch as it offers opportunities for observation and practice and experimentation; "the new nation is a testing ground for socioeconomic theories"; "Pakistan is a laboratory for studying the use of American geophysical (Induced Polarization Induced polarization (IP) is a geophysical imaging technique used to identify subsurface materials, such as ore. The method is similar to electrical resistivity tomography, in that an electric current is induced into the subsurface through two electrodes, and voltage is ) anomalies from surveys completed earlier this year over a 2 kilometer by 4 kilometer area on eastern Simberi Island that is geochemically anomalous in gold. At the Pigiput prospect, a geophysical anomaly 200 to 300 meters wide trends east-west for a length of 1400 meters, open at both ends. Numerous other geophysical anomalies have been identified, several of which, like Pigiput, also appear to be associated with extensions of known gold prospects. The recent drilling has been successful in intersecting wide zones of gold-bearing sulfides in the new targets. However, additional work will be required before the economic significance of these new 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. zones can be determined. Drilling is continuing with three rigs currently operating. Highlights from the recent drilling program include the following: -0-
Pigiput Prospect
(sulfides)
Hole No. From To Interval Gold
(meters) (meters) (meters) grams/tonne
RC798 (diamond tail)137 189EOH 52 2.00
P31 122 160 38 3.27
P33 116 257 141 1.46
P34 8 37 29 1.45
59 71 12 1.06
105 129 24 1.09
129 134 5 39.9
including 130 131 1 572.0
New Prospect West of Pigiput
(oxides)
Hole No. From To Interval Gold
(meters) (meters) (meters) grams/tonne
RC777 2 16 14 2.06
RC781 19 29 10 3.70
RC782 41 78 37 2.55
Sorowar Prospect
(oxides outside of pit design)
Hole No. From To Interval Gold
(meters) (meters) (meters) grams/tonne
RC823 15 34 19 2.07
RC824 12 27 15 3.02
RC825 5 21 16 2.60
RC829 35 51 16 2.66
55 65 10 1.92
RC833 38 73 35 5.38
including 67 72 5 21.10
Bekou Prospect
(sulfides)
Hole No. From To Interval Gold
(meters) (meters) (meters) grams/tonne
BK3 66 78 12 2.07
Nord Pacific Limited, a diversified international resource company, is engaged in the production of copper and the exploration for and development of base and 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. and strategic minerals, including copper, gold, silver, nickel and cobalt. The Company's activities are located in Australia, Papua New Guinea, Mexico, Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . Shares of the Company trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol NPF and on NASDAQ under the symbol NORPF. CONTACT: Olav Svela or Jon W. Kieran, Investor Relations Investor relations The process by which the corporation communicates with its investors. Hume, Kieran Inc. (416) 868-1079 FAX (416) 868-6198 or Nord Pacific Limited Dr. Pierce Carson, President and CEO (505) 884-8446 FAX (505) 884-9175 |
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