Int'l Northair - Teck Identifies Possible Large Bulk Minable Gold Deposit at Lachatao in Mexico.
In May of 1996, the Company entered into a Joint Venture agreement with Minera Teck, S.A. de C.V., the Mexican subsidiary of Teck Corporation to explore and develop the property. Teck's initial exploration focused on the San Pedro - San Pablo target with a program consisting of detailed mapping, trenching, sampling of outcrops and road cuts, and a nine hole reverse circulation drill program totalling 1,215.5 meters. Five of the drill holes encountered significant gold mineralization summarized as follows:
Drill Hole # From To Width Gold Total Depth (m) (m) (m) g/t (m) Lach-1 79.0 106.0 27.0 0.123 143.5 Lach-2 17.0 66.5 49.5 0.509 90.5 80.0 90.5 10.5 2.140 Lach-3 5.0 90.5 85.5 0.967 90.5 includes 17.0 24.5 7.5 1.300 includes 29.0 44.0 15.0 2.138 Lach-4 65.0 161.0 96.0 0.616 161.0 includes 72.5 75.5 3.0 1.630 includes 90.5 98.0 7.5 1.877 Lach-9 34.5 57.0 22.5 0.404 122.5 78.0 122.5 44.5 0.695 includes 100.5 111.0 10.5 2.590
The remaining four holes intersected strongly anomalous gold values. Six of the drill holes bottomed in mineralization. The drilling program intersected massive vein, stockwork and disseminated gold mineralization primarily in lithic tuffs. Of particular interest is disseminated gold values over significant intercepts within altered volcanics indicating the possible presence of a large bulk minable gold deposit.
The San Pedro - San Pablo zone represents one of several targets previously defined by Teck and Northair on the Lachatao property. Teck now considers the Lachatao project to be one of its more encouraging exploration projects in Mexico, and has committed a budget of US$450,000 for 1997. Teck has informed Northair that their 1997 program will focus on exploring the entire property position and defining and evaluating additional bulk minable targets. This program will include regional color aerial photography, installing a grid, detailed mapping and sampling, stream sediment sampling, widespread trenching and finally drilling. A second phase of drilling will also be scheduled for the San Pedro - San Pablo zone. Teck hopes to initiate drilling prior to July of this year. Northair is pleased to have Teck as a partner on this exciting project. The Joint Venture has created a powerful well financed exploration team that is committed to fully evaluating the district's potential. -0-
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
CONTACT: International Northair Mines Ltd.
James D. Romano, 604/ 687-7545
1-888-338-2200 Toll Free
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|Date:||Jan 24, 1997|
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