Pillar Resources Inc.: Nicaraguan Exploration Progress Update.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 26, 2003 Pillar Resources Inc. ("Pillar") is pleased to provide a progress update on its Nicaraguan exploration projects. In early 2003, Pillar signed an agreement with a Nicaraguan businessman, which gave Pillar the option to earn an interest in several Nicaraguan projects (see News Releases 2003-01 and 2003-05, dated January 07 and March 7 respectively). Brief descriptions of the key projects, Pillar's recent exploration efforts and the results obtained to date are given below. A map showing the locations of key projects is available on the Pillar website (www.pillargold.com). Kuikuinita The Kuikuinita concession lies in northeastern Nicaragua, 250 km by road from Managua and 35 km southwest of the "Golden Triangle Golden Triangle can refer to:
Intrusive-related 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. occurs in altered rocks over an area of five kilometres by five kilometres representing a significant bulk tonnage, low grade gold target. The area was explored by geochemical and geophysical surveys in the 1990s, which defined several strong gold anomalies with coincident co·in·ci·dent adj. 1. Occupying the same area in space or happening at the same time: a series of coincident events. See Synonyms at contemporary. 2. geophysical anomalies. Many of the anomalies are open in several directions. Pillar expanded the soil grids and conducted hand trenching. The anomalous area now covers roughly 25 square kilometres and is still open. Trenching at Lomas Los Indios, one of the more significant geochemical and geophysical anomalies, indicates that gold mineralization is hosted by stocks and dykes cutting ophiolitic ultramafics and volcanic wall rocks affected by pervasive quartz-sericite-pyrite alteration. Results from selected trenches are reported below: ---------------------------------------------------------------- Trench Interval (m) Au (g/t) Host Rock ---------------------------------------------------------------- Kit-02 6.8 1.1 Intrusive Kit-03 6.8 2.8 Volcanic Kit-05 33.3 1.5 Intrusive Kit-05A 7.3 7.3 Intrusive Kit-06 6.0 2.0 Volcanic tuff Kit-07 25.6 1.4 Volcanic tuff Kit-08 4.0 1.3 Volcanic tuff Kit-08A 3.9 1.5 Intrusive ---------------------------------------------------------------- The size of the target area at Kuikuinita, suggested by the extent of artisanal workings, is significant. Pillar geologists believe that many of the artisanal workings around the concession are exploiting 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. sapprolitic bedrock and not alluvium al·lu·vi·um n. pl. al·lu·vi·ums or al·lu·vi·a Sediment deposited by flowing water, as in a riverbed, flood plain, or delta. Also called alluvion. as previously thought. If this is correct, the size of the Kuikuinita mineralized zone could be even larger than previously suspected. Also, high-grade gold in float and associated soil anomalies at Cerro Pastal, 6km to the west of the main Kuikuinita target area, have yet to be investigated. Trenching, geological mapping and geophysical interpretation are ongoing at Kuikuinita and drill targets are being defined. Columbus The Columbus prospect is located 50 km east-northeast of the Bonanza mining camp in the "Golden Triangle" district. Copper-gold mineralization is hosted by a multiphase Mul´ti`phase a. 1. (Elec.) Having many phases; Adj. 1. multiphase - of an electrical system that uses or generates two or more alternating voltages of the same frequency but differing in phase angle intrusive complex and associated volcanic rocks rocks which have been produced from the discharges of volcanic matter, as the various kinds of basalt, trachyte, scoria, obsidian, etc., whether compact, scoriaceous, or vitreous. See also: Volcanic . Gold-only mineralization is hosted by tourmaline-quartz-specularite hydrothermal hydrothermal, hydrothermic relating to the temperature effects of water, as in hot baths. breccia breccia: see conglomerate. breccia Coarse sedimentary rock consisting of angular or nearly angular fragments larger than 0.08 in. (2 mm). Breccia commonly results from processes such as landslides or geologic faulting, in which rocks are fractured. bodies occupying north-northwest trending structures underlying a broad, open 2.5 km by 1.5 km copper soil anomaly. Work by previous operators identified a widespread muscovite-alteration zone with associated Cu/Mo geochemical anomalies. The area saw extensive artisanal gold operations in the 1960s, and local gold miners are currently working the sapprolitic intrusive bedrock for vein and breccia-hosted gold. Pillar's work consisted of trenching, geological/alteration mapping and prospecting beyond the known mineralized area, extending the soil grid over recently discovered mineralization to the south-east and northwest. Hand trenching has largely failed to reach bedrock due to sapprolite development and the copper anomalies remain untested. Trenching of gold anomalies along a north-south trending ridge exposed tourmaline tourmaline (t  r`məlĭn, –lēn), complex borosilicate mineral with varying amounts of aluminum, iron, magnesium, sodium, lithium, potassium, and sometimes other elements, breccia bodies which returned:
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Trench Interval (m) Au (g/t) Host Rock
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Col-03 12.1 1.4 Tourmaline breccia
Col-04 13.8 2.2 Limonitic tourmaline
breccia
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Geophysical surveys completed by the previous operator outlined chargeability anomalies coincident with the copper soil anomaly and a circular resistivity resistivity Electrical resistance of a conductor of unit cross-sectional area and unit length. The resistivity of a conductor depends on its composition and its temperature. anomaly coincident with the gold/tourmaline breccia bodies. Joint venture partners will be sought for this 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. target. San Ramon San Ramon (Spanish for "Saint Raymond") may refer to one of the following places:
The San Ramon project is located in south-central Nicaragua near the City of Matagalpa. The concession, which covers 16 major epithermal gold-quartz veins, has been expanded by Pillar to +200,000 hectares. Some veins were mined between 1902 and 1950 but no production records exist. Past-producers La Leonesa and La Reina La Reina (Spanish: "The queen") is a commune of Chile located in Santiago Province, Santiago Metropolitan Region. It consistently ranks in the top five communes with the best quality of life in the Metropolitan Region. have about 1,500 m strike length. The Rosamond vein may be a strike extension, giving a potential overall strike length on the veins of over 2 km. The veins cut hydrothermally altered and silicified si·lic·i·fy v. si·lic·i·fied, si·lic·i·fy·ing, si·lic·i·fies v.tr. To convert into or impregnate with silica. v.intr. To become converted into or impregnated with silica. andesitic volcanic rocks. Pillar's due-diligence work returned results of +20 g/t Au in grab samples from stockworks in the volcanic rocks indicating significant tonnage and grade potential in the unmined portion of these prospects. An extensive underground and surface sampling program has been conducted. Results are pending and the next stage of the work program at San Ramon will be planned once they have been received. San Albino albino (ălbī`nō) [Port.,=white], animal or plant lacking normal pigmentation. The absence of pigment is observed in the body covering (skin, hair, and feathers) and in the iris of the eye. At San Albino, located in northwest Nicaragua close to the Honduran border, Pillar concessions cover over 233,000 hectares. Gold-bearing mesothermal quartz-veins cut Paleozoic phyllites; a similar setting to the Radius/Gold Fields Tambor joint venture properties in Guatemala. There has been some historic exploitation of the veins. Previous exploration included soil sampling covering the area of historic mining which outlined a strong Au/As soil anomaly. Pillar has now expanded the grid and defined another strong linear anomaly three kilometres to the south extending for 2,000 metres. Regional stream geochemistry geochemistry, study of the chemical changes on the earth. More specifically, it is the study of the absolute and relative abundances of chemical elements in the minerals, soils, ores, rocks, water, and atmosphere of the earth and the distribution and movement of also returned strong gold anomalies over a broad area. Work is ongoing at San Albino. Kisilala The Kisilala concession covers 51,000 hectares located 75 km east of the producing La Libertad La Libertad can refer to:
Gold-quartz veins, hosted by andesitic volcanic rocks, were mined on a small scale from 1902 to 1975. They lie within a broad east-west trending corridor of gold occurrences, and have similar host-rock geology, distribution, and orientation to La Libertad. The prospect consists of Minas Minas may refer to:
Gold/quartz veins are hosted by andesitic volcanic rocks. Some exploration was carried out by previous operators in the 1990s, but was restricted to stream sediment sampling, rock sampling and geologic mapping. This lack of extensive modern exploration made Kisilala a priority target for Pillar. Pillar has now mapped and trenched the veins to test the grade continuity along and across strike. The results demonstrated the continuity of the veins along strike. Drill testing of the structures will be necessary to test the grades at depth. Other Exploration Two other projects, El Gallo (7,200 ha) and El Guayabo (3,000 ha) are also included in the option agreement. Both are located in north-eastern Nicaragua near the Golden Triangle and cover a series of geological targets, some with known gold-bearing veins, in areas with documented alluvial al·lu·vi·al adj. Of, relating to, or found in alluvium: alluvial soil; alluvial gold. alluvial Adjective of or relating to alluvium Noun gold production. Exploration work is planned for both targets later in the year. Qualified Person Peter Thiersch, M.Sc. P.Geo. is the Qualified Person as defined by National Instrument 43-101 and has verified that the results presented in this release have been accurately summarized from the official assay certificates provided to the Company. All samples were prepared and analysed at the CAS Labs Inc. (CAS) facility in Tegucigalpa, Honduras. CAS, based in Washington State, has provided analytical services to the gold and silver mining/exploration industries since 1989. Shares Issued: 15.2 million ON BEHALF OF THE BOARD Simon T. Ridgway, President 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. has not reviewed and does not take responsibility for the adequacy or accuracy of this release. |
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