PGM Ventures Corporation: Press Release.TORONTO -- PGM PGM Program PGM Pragmatic General Multicast PGM Phosphoglucomutase PgM Program Manager PGM Platinum Group Metal PGM Pagemaker (software) PGM Portable Gray Map PGM Precision Guided Munition Ventures Corporation (TSX-V: PPG PPG Points Per Game (basketball player statistic) PPG Power Play Goals (hockey) PPG Planning Policy Guidance (UK) PPG Programmable Pulse Generator PPG Power Puff Girls ) - PGM Ventures Corporation ("PMG PMG abbr. postmaster general PMG 1. Postmaster General 2. Paymaster General ") is pleased to announce that its 43% 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. has put out the following news release. Simberi Gold Corporation ("Simberi") announces wide thicknesses of surface and near surface oxide 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. have been intersected in step-out and infill reverse circulation ("RC") drilling underway at the Sorowar deposit.
Significant results are tabulated below:
---------------------------------------------------------------------
Drill North- Easting Dip/ Interval Intersec- Mineraliza-
hole ing (mE) Azimuth (m) tion tion
(mN) local ( ) (m@g/tAu) Type
local grid local
grid grid
---------------------------------------------------------------------
RC881 1,722 297 vertical 0-101 101 @ 1.40 oxide 0-92m
(eoh) sulphide
92-101m
including 0-31 31 @ 2.84 oxide
38-77 39 @ 1.14 oxide
---------------------------------------------------------------------
RC882 1,450 150 -60/090 0-50 50 @ 0.69 oxide
(eoh)
including 8-17 9 @ 2.01 oxide
---------------------------------------------------------------------
RC883 1,430 180 -60/090 0-50 50 @ 0.64 oxide 0-13m
(eoh) sulphide
13-50m
including 0-17 17 @ 1.35 oxide 0-13m
sulphide
13-17m
---------------------------------------------------------------------
RC884 1,390 175 -60/090 0-130 130 @ 0.78 oxide 0-90m
(eoh) sulphide
90-130m
including 5-50 45 @ 1.69 oxide
including 60-66 6 @ 2.62 oxide
---------------------------------------------------------------------
RC885 1,330 270 -60/090 0-100 100 @ 0.47 oxide 0-91m
(eoh) sulphide
91-100m
including 35-52 17 @ 2.05 oxide
---------------------------------------------------------------------
RC886 1,190 200 -60/090 0-120 120 @ 1.73 oxide with
(eoh) minor
sulphide
including 76-120 44 @ 3.84 oxide
---------------------------------------------------------------------
RC887 1,230 200 -60/090 0-100 100 @ 2.10 oxide 0-77m
(eoh) sulphide
77-100m
including 12-91 79 @ 2.47 oxide 12-77m
sulphide
77-91m
---------------------------------------------------------------------
RC888 1,270 175 060/090 0-100 100 @ 4.06 oxide 0-24,
(eoh) 31-100m
sulphide
24-31m
including 38-77 39 @ 9.81 oxide
---------------------------------------------------------------------
RC889 1,310 150 -60/090 0-60 60 @ 0.59 oxide 0-15,
(eoh) 20-60m
sulphide
15-20m
including 9-14 5 @ 1.64 oxide
including 29-42 13 @ 1.21 oxide
---------------------------------------------------------------------
Discussion of Resources (refer to plan attached) Sorowar is located in Simberi Island Simberi Island is a volcanic island in the Tabar Group in Papua New Guinea's New Ireland Province. , approximately 80 km to the northwest of Lihir Island Lihir Island is the largest island of the Lihir Group, Papua New Guinea. It is about 20 km long and consists of a complex of several overlapping basaltic stratovolcanoes, and reaches a height of 700 metres. in the New Ireland New Ireland, volcanic island (1990 pop. 64,615), c.3,340 sq mi (8,650 sq km), SW Pacific, in the Bismarck Archipelago, part of Papua New Guinea. New Ireland is largely mountainous, rising to c.4,000 ft (1,220 m). Archipelago Archipelago (ärkĭpĕl`əgō) [Ital., from Gr.=chief sea], ancient name of the Aegean Sea, later applied to the numerous islands it contains. The word now designates any cluster of islands. of eastern Papua New Guinea Papua New Guinea (păp`  ə, –y .Sorowar is one seven oxide gold deposits so far identified on Simberi Island. The Simberi oxide gold deposits represent the oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. portions of underlying epithermal gold-sulphide systems and previous drilling at Sorowar has resulted in the delineation of measured, indicated and inferred oxide gold resources totaling 383,000 ounces from 10.87 million tonnes at 1.10 g/t Au. In August, 2003, Lycopodium Pty Ltd PTY LTD Propriety Limited (company structure in Australia) . completed a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. on the development of the Simberi Oxide Gold Project which determined that proved and probable ore reserves of 179,000 ounces from 4.80 million tones at 1.16 g/t Au could be mined from a 700 metre long pit at Sorowar. Due to the presence of extensive background oxide gold mineralization within the proposed pit, all of the material mined will be processed resulting in total ore reserves and inferred mineral resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature of 192,000 ounces from 5.19 million tonnes at 1.15 g/t Au from the Sorowar pit being scheduled for mining and processing. As previous drilling has concentrated on testing the Sorowar mineralization within the designed pit limits, the aim of the current drilling programme is to: - Better identify pit limits by exploring for extensions along strike and on the flanks of the known oxide gold resource. - Further interrogate (1) To search, sum or count records in a file. See query. (2) To test the condition or status of a terminal or computer system. the extent and area of influence of interpreted high-grade feeder systems within the Sorowar deposit. RC drilling commenced at Sorowar in July with 52 drill holes for approximately 4,300 metres being drilled in this program to investigate the percentage of oxide mineralization at the Sorowar pit for the purpose of early production. To date, 45 drill holes have been completed and assay results have been received from the first 11 holes. The first two holes drilled, RC879 and RC880 returned broad anomalous gold mineralization on the western margin of the northern portion of the proposed Sorowar pit. Both holes returned average grades of 0.14 g/t Au. Drill holes RC 882 - 883 and RC 888 - 889 were drilled outside and to the west of the southern portion of the proposed Sorowar pit. Assay results from these holes are very encouraging, indicating that considerable oxide mineralization exists to the west of the planned pit. RC888 is of particular significance returning 100m at 4.06 g/t Au in a predominantly oxidized envelope over the entire drill hole length. Drill holes RC 884 - 887 were drilled within the southern portion of the proposed pit in areas with relatively open drilling spacing. The results from drill holes RC886 and RC887 are particularly significant being close to the southern edge of the pit. These drill holes returned robust grades over wide intervals within a deeply oxidized 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. envelope. In summary, many of the most significant gold intercepts were returned from drill holes which are located outside the current pit design, implying that future resource re-estimation and pit re-optimization that will be carried on receipt of all the results will result in increased mine life and additional gold production from Sorowar. Further drilling has been completed around the southern and eastern margins of the Sorowar pit and assay results are awaited. Analytical Procedures Analytical Procedures is one of financial audit skill which help an auditor understand the client's business and changes in the business, to identify potential risk areas and to plan other audit procedures. For each single metre of drilling, a sample is collected and treated at the SMJV's Simberi Island sample preparation facility prior to being air freighted air freight n → flete m por avión air freight n → fret aérien air freight air n → Luftfracht f to ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. Chemex Laboratories in Townsville for analysis. Sample treatment procedures are: - Simberi Island The entire 1 metre drill sample (approximately 20kg) is dried, crushed thorough a jaw crusher and hammer milled to approximately 500 microns in size. The sample is mixed and split down to 1kg in weight then 400gms of the sample is collected, packaged and air freighted to Townsville. - Townsville The sample is pulverized pul·ver·ize v. pul·ver·ized, pul·ver·iz·ing, pul·ver·iz·es v.tr. 1. To pound, crush, or grind to a powder or dust. 2. To demolish. v.intr. to less than 75 microns at ALS Chemex Laboratories prior to assaying for gold by fire assay (50gm) with AAS finish and for Ag, As, Cu, Fe, Mn, Pb, S, Sb, and Zn by aqua regia aqua regia (äk`wə rē`jēə) [Lat.,=royal water], corrosive, fuming yellow liquid prepared by mixing one volume of concentrated nitric acid with three to four volumes of concentrated hydrochloric acid. digest and ICP-AES ICP-AES Inductively Coupled Plasma Atomic Emission Spectroscopy ICP-AES Inductively Coupled Plasma Atomic Emission Spectrophotometry finish. During August 2004 a representative from ALS Chemex carried out a site audit on the Simberi Island sample preparation facility and reported that all procedures confirm to ALS Chemex quality procedures and industry standards. Quality control in the analytical process is monitored by inserting a duplicate sample for analysis for every 20 samples submitted and a standard sample comprising Sorowar ore for every 50 samples submitted to ALS Chemex. Simberi Mining Joint Venture The Sorowar gold deposit is subject to the SMJV, a 50%/50% joint venture between Nord Pacific Limited ("Nord") and Canadian stock exchange listed Simberi Gold Corporation. Nord has entered into a merger arrangement with Allied Gold Limited ("Allied") whereby on completion Nord will become a wholly-owned subsidiary of Allied. The SMJV holds a mining lease over the central and eastern portion of Simberi Island, the northernmost island of the Tabar Island Group and so far, the SMJV has identified gold resources totaling 1.49 million ounces within the mining lease comprising: - Oxide Resources Measured, indicated and inferred (free milling-type - 0.5 g/t Au cutoff) 19.7 million tonnes at 1.17 g/t Au(740,000 ounces) - Sulphide Resources Inferred (refractory-type - 1.0 g/t Au cutoff) 9.3 million tonnes at 2.5 g/t Au(750,000 ounces) This press release includes certain "Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted. NOTE: There is a Map available on CCNMatthews website at: http://www2.cdn-news.com/database/fax/2000/pgm831.pdf The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. Inc. has neither approved nor disapproved the information herein contained. PGM VENTURES CORPORATION (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:PPG) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion