Ventures Resource Corporate Update.MORRISTOWN, N.J.--(BUSINESS WIRE)--Aug. 12, 1997--Ventures Resource Co (VSE See DOS/VSE. VSE - Virtual Storage Extended VRS (Video Relay Service) A communications service for the hearing or speech impaired. A VRS is the video counterpart of a TTY relay service, in which the user types on a terminal, and the relay operator speaks the messages to the recipient (see TDD/TTY). ) Ventures Resource Corporation ("Ventures") announced today the results of its drilling on the Golden Horn Golden Horn: see Istanbul. and Black Creek Black Creek may refer to: In the United States:
Significant intersections of 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. were obtained in eight of the ten holes drilled; all holes intersected anomalous gold mineralization. Drilling confirmed the extension of the Golden Horn vein and defined a new zone of mineralization located to the south and east of the old mine. "This is further confirmation that we are dealing with a big gold system as evidenced by the more than 1.5 million ounces of historic gold production on the Flat property" said Riz Bigelow. President of WGM WGM Whispering Gallery Mode (microresonators) WGM Women's Grandmaster WGM Work Group Manager WGM World Gone Mad (Austin, Texas drum and bugle corps) WGm West Germanic (linguistics) Inc. and Director of Ventures Resource. "This drilling provides additional evidence that the source is in the immediate vicinity of our work area on the Ventures' property" The objective of the drilling program was to test the area below the Golden Horn mine workings and to better understand the orientation of the 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. zone. The former underground mine averaged over 5 ounces per ton down to a depth of approximately 250 feet. In addition, drilling was designed to test a large (5,000 ft by 2,000 ft) gold anomalous area that is the source of approximately 500,000 of the 1.5 million ounces produced on the property at the turn of the century. This drilling represents approximately 40 percent of the planned drilling on the Flat property scheduled for completion this summer. Drilling is now underway five miles to the south on parts of the large (12,000 ft by 2,000 ft) Chicken Mountain gold target (defined by a minimum 0.1 g/t gold geochemical anomaly). -0-
SIGNIFICANT INTERSECTIONS:
FROM TO INTERSECTION GRADE
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DRILL HOLE FEET FEET METERS OUNCES/TON GRAMS/TONNE
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GH1 10 15 5 1.5 0.038 1.3
308 330 22 6.7 0.018 0.6
378 405 27 8.2 0.303 10.4
INCLUDING 378 379.6 1.6 0.5 4.656 159.5
GH3 222 255 33 10.1 0.085 2.9
GG4 130 140 10 3.0 0.028 1.0
225 246.5 21.5 6.6 0.022 0.8
GG5 384 401.5 17.5 5.3 0.015 0.5
GG6 145 160 15 4.6 0.037 1.3
190 200 10 3.0 0.086 3.0
365 385 20 6.1 0.021 0.7
FROM TO INTERSECTION GRADE
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DRILL HOLE FEET FEET METERS OUNCES/TON GRAMS/TONNE
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GG7 100 110 10 3.0 0.027 0.9
240 250 10 3.0 0.047 1.6
450 455 5 1.5 0.058 2.0
GG8 213 224 11 3.4 0.028 1.0
425 430 5 1.5 0.037 1.3
GG10 200 205 5 1.5 0.059 2.0
250 260 10 3.0 0.034 1.1
277 290 13 4.0 0.047 1.6
328.7 350 21.3 6.5 0.034 1.2
405 435 30 9.1 0.028 1.0
INCLUDING 420 435 15 4.6 0.049 1.7
490 565 75 22.9 0.030 1.0
All holes are diamond drilled and 9 of 10 holes were drilled at an angle between 45 and 55 degrees. The drill core was split and standard fire assays were conducted by Chemex of Vancouver. Elsewhere in Alaska, Ventures is conducting diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral on two targets on its Champion base and precious metal volcanogenic vol·ca·no·gen·ic adj. Of volcanic origin. massive sulfide sulfide, chemical compound containing sulfur and one other element or sulfur and a radical. Sulfides may be salts or esters of hydrogen sulfide, H2S, or may be formed directly, e.g., by heating a metal with sulfur. (vms) property located approximately 60 miles west of Dawson City. Additional geochemical and geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. work is being performed on eight other "VMS" targets in the immediate vicinity. On the Company's West Tanana property, a trenching program is now underway following up on 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 and geochemical anomalies. The Bureau of Land Management is currently completing an airborne geophysical survey Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. over significant portions of the Company's Wiseman property. Work has been completed for the season on geological work on the Veta Property. Assay results received to date cover less than 15 percent of the work scheduled for this field season. Further news will be released on periodic bases when comprehensive results are received for each area. Ventures Resource also announces that it has elected to withdraw from its interests in Eritrea. In light of the successes achieved in a short period in Alaska and a further appreciation of the company's exceptional Alaskan assets, the directors voted to focus exploration efforts there. This will result in a write down of approximately US$1 million dollars in the second quarter. The Company's US$5.5 million 1997 Alaskan exploration program is being financed with cash on hand. WGM Inc., the Alaskan subsidiary of Watts, Griffis and McOuat Limited, plans and executes the company's exploration programs. Ventures has exclusive control over 3 million acres (1.2 million ha) of land in Alaska through an agreement with Doyon, Limited Doyon, Limited is one of thirteen Alaska Native Regional Corporations created under the Alaska Native Claims Settlement Act of 1971 (ANCSA) in settlement of aboriginal land claims. Doyon, Limited was incorporated in Alaska on June 26, 1972. , Alaska's largest Native Corporation. The Company's property holdings include 17 mid-stage exploration projects and 92 early- stage prospects, including land immediately adjacent to Alaska's two newest gold discoveries: Placer Dome's Donlin Creek and Sumitomo/Teck's Pogo. Ventures Resource Corporation is a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. exploration company dedicated to building shareholder value through the discovery of mineral deposits. -0- NOTE TO EDITORS: The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. CONTACT: Ventures Resource Corporation Ian Klassen, 800/711-4145 E-mail IRinfo@istar.ca or Ventures Resource Corporation Greg Sheardown, 201/285-3336 |
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