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VICEROY RESOURCE CORPORATION ANNOUNCES DISCOVERY OF NEW HIGH-GRADE ZONE ON CASTLE MOUNTAIN VENTURE GOLD PROPERTY

VICEROY RESOURCE CORPORATION ANNOUNCES DISCOVERY OF NEW HIGH-GRADE
 ZONE ON CASTLE MOUNTAIN VENTURE GOLD PROPERTY
 VANCOUVER, British Columbia, Dec. 30 /PRNewswire/ -- D. Ross Fitzpatrick, President of Viceroy Resource Corporation (Toronto, Vancouver: VOY), announces the discovery of a new high-grade zone on the Castle Mountain Venture gold property. The zone is located 3,500 feet southeast of the Venture's Lesley Ann deposit and appears to be elongated in a north-south direction with undetermined width and strong vertical continuity. It is open along strike in both directions and is within an andesitic host rock with strong silica flooding and stockwork veining.
 Results from the three holes completed to date covering just over 200 feet along the north-south strike are as follows:
 Ounces
 Hole No. Interval Ft. Length Ft. gold/ton
 741 (100 ft. north) 505 - 1000 495 .510
 718 ( 0 ft. north) 375 - 1145 770 .099
 740 (100 ft. south) 500 - 990 490 .041
 Hole 718, the initial discovery hole, encountered a 70-foot interval from 375 to 445 feet that averaged .251 ounces of gold per ton and a further 10 foot interval from 525 to 535 feet that averaged 1.382 ounces of gold per ton. The hole was drilled to a depth of 1,200 feet and averaged .099 ounces of gold per ton over a 770 foot interval from 375 to 1145 feet.
 Hole 741 contains a multi-ounce, high-grade interval of 35 feet assaying 4.763 ounces of gold per ton from 610 to 645 feet. The 105 feet above the interval averaged .122 ounces of gold per ton and the 355 feet below the interval averaged .202 ounces of gold per ton. Hole 741 was drilled 100 feet north of the discovery hole to a depth of 1,000 feet and was still in mineralization.
 Hole 740, drilled 100 feet south of the discovery hole, contained no high-grade intervals, but had consistent mineralization over a 490 foot interval.
 Hole 731, drilled 100 feet to the east of the discovery hole, encountered no mineralization and hole 621, drilled 100 feet to the west, encountered several intervals of modest mineralization as follows:
 Ounces
 Hole No. Interval Ft. Length Ft. gold/ton
 621 450 - 480 30 .057
 500 - 540 40 .032
 720 - 750 30 .039
 750 - 800 50 .020
 Assays are pending from holes 743 and 745, located 100 feet west and 100 feet east, respectively, of hole 741. Drilling is continuing to establish width and the extent of the strike length.
 Drilling is also underway to expand the Hart Tunnel deposit where encouraging results have been received. A summary of the Hart Tunnel results is set out below:
 Ounces
 Hole No. Interval Ft. Length Ft. gold/ton
 556 360 - 460 100 .032
 558 645 - 690 45 .068
 559 10 - 95 85 .024
 300 - 320 20 .156
 405 - 450 45 .036
 561 190 - 535 345 .037
 562 0 - 100 100 .024
 335 - 555 220 .043
 563 125 - 240 115 .034
 310 - 445 135 .027
 571 440 - 570 130 .025
 572 345 - 455 110 .231
 586 65 - 140 75 .025
 370 - 415 45 .022
 727 300 - 590 290 .093
 630 - 665 35 .177
 Viceroy is the operator and 75 percent owner of the Castle Mountain Venture situated 60 miles south of Las Vegas, Nev., in San Bernardino County, Calif. MK Gold Company, a subsidiary of Morrison Knudsen of Boise, Idaho, owns 25 percent of the Venture. The Venture is just completing construction of the 8,000 ton-per-day open pit heap leach facilities. The development of the US$50 million gold mine is on budget and is expected to begin operation by mid-January, 1992.
 In addition to the 4.5 square mile joint venture area, Viceroy owns 100 percent of 2,200 claims covering 55 square miles extending from California into Nevada along a potentially mineralized trend.
 -0- 12/30/91
 /CONTACT: D. Ross Fitzpatrick, Vancouver 604-688-9780/
 (VOY.) CO: Viceroy Resource Corporation ST: British Columbia IN: MIN SU:


SE -- LA015 -- 5789 12/30/91 19:39 EST
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Publication:PR Newswire
Date:Dec 30, 1991
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