PAN-GLOBAL AND GOLD GIANT MINERALS -- DRILLING INTERSECTS POTENTIAL GOLD ZONE IN CRESCENT VALLEY AREA, NEV.
VANCOUVER, British Columbia, Oct. 19 /PRNewswire/ -- Arn Schoch of Pan-Global Enterprises Inc. ("Pan-Global") and Donald Sheldon of Gold Giant Minerals Inc. are pleased to announce that Hemlo Gold Mines Inc. ("Hemlo Gold") have intersected what may be an important new gold zone on the Hand-Me-Down Property located in eastern Crescent Valley, Nev. The Hand-Me-Down Property is one of four large properties that were originally included in a Joint Venture Agreement with Gold Giant Minerals (USA) Inc. and Hemlo Gold Mines Inc. In all, seven reverse circulation holes were drilled at Hand-Me-Down by the Joint Venture. The last hole in the program, Hole HMD93-6R, spotted 650 feet from HMD93-3R, intersected 0.116 opt Au and 0.066 opt Ag over 15 feet (0.156 opt/10 feet) at a depth of 550 feet in altered sediments containing pyrite, sphalerite and galena. The first two holes tested epithermal targets along the rangefront fault in the northern part of the property. Hole HMD93-2R intersected 0.037 opt Au/20 feet at a depth of 380 feet along the fault. In the southern part of the Property, approximately 2 miles to the southwest of the first two holes, five holes were drilled to test the gold potential of this altered unit of sedimentary rock. Spotted parallel to the range and at different intervals for approximately 900 feet along strike, two of the five holes intersected encouraging gold values. Hole HMD93-3R intersected 0.044 opt Au and 0.74 opt Ag over 10 feet at 420 feet. The intercept in hole HMD93-6R is especially encouraging because of its association with favourable host rocks, which locally includes such deposits as the Marigold presently producing about 65,000 ounces of gold annually, its location in a geologically and structurally complex area and, most importantly, that hole HMD93-6R is 600 feet from the other holes drilled by the Joint Venture. The Hand-Me-Down Property is geologically situated within the Battle Mountain Gold Belt which hosts a number of producing gold deposits including Cortez, Gold Acres, Horse Canyon, and the Pipeline deposits. In a June 24, 1993 release, Placer Dome US announced plans to construct an 4,600 tons per day open pit mine and metallurigal plant to produce 3,697,000 ozs. of gold at the nearby Pipeline deposits. A Joint Venture meeting is scheduled to determine the scope of the second phase of exploration on the Hand-Me-Down Property. The first phase of exploration by the Joint Venture, managed by Norex, was completed on July 30, 1993. In all, 19 holes totalling 28,043 feet were drilled. All four Crescent Valley area gold properties were drill tested for a total aggregate cost of $529,900. No additional work is planned nor warranted for the East Cortez, the Crescent Valley and the Maggie High Properties. Under the terms of the original Joint Venture Agreement with Hemlo Gold Mines Inc., Gold Giant could earn a 40 percent interest in the four non-contiguous properties by funding exploration costs totalling $4.5 million U.S. over the next four years with a total of $500,000 U.S. to be spent by August of this year. In a June 1993 news release, Pan- Global signed a Joint Venture with Gold Giant whereby it can earn a 24 1/2 percent interest in the same properties by paying one-half of the Gold Giant exploration costs incurred to date and funding exploration costs incurred to date and funding further exploration costs on a 50-50 basis. -0- 10/19/93 /CONTACT: Arn Schoch, CEO, Pan-Global Enterprises, 604-682-4984; or Donald R. Sheldon, president, Gold Giant Minerals, 604-687-2038/ (PGE. GNR.)
CO: Pan-Global Enterprises Inc.; Gold Giant Minerals Inc. ST: British Columbia IN: MNG SU: JVN
MF -- LA037 -- 4112 10/19/93 15:27 EDT
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|Date:||Oct 19, 1993|
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