ABINGTON DRILLING INTERSECTS ADDITIONAL
13.7 FEET OF .209 opt (7.66 gpt) GOLD AND COMMISSIONS FURTHER
GEOLOGICAL AND ENGINEERING STUDIES
Mr. Walter Brenner
is very pleased to report the last two drill holes (of the
initial 6 hole program) have intersected the target vein
of high-grade gold in the Verdstone 3 West (V3W) zone.
The assay result of the upper portion of hole VDC03-05 is
better than the first 4 holes, as previously reported, and
further confirm the presence of a distinct zone of high-grade
gold mineralization. Detailed assay analysis of VDC03-05
and VDC03-06 are reproduced herein and reveal significant
silver content as was present in previous holes. Further
assay analysis, geological and engineering work is underway.
Additional results will be reported as received.
The vertical
HQ Diamond Drill holes were completed on the Verdstone Property
in Yuma County, Arizona between April 26 and May 27.
Intersection lengths noted in the following table are presented
in feet of Apparent Thickness (A.T.) logged in the drill
core. The upper portion of the vein is almost flat; therefore,
A.T. will be close to True Thickness.
Hole # VDC03-05 total depth of 330.9 feet
| Hole
|
Drill
type |
From |
To |
Length
(ft) |
Gold
(gpt) |
Gold
(opt) |
Silver
(gpt) |
Silver
(opt) |
| VDC03-05 |
core |
176.3 |
180.0 |
3.7 |
25.67 |
0.749 |
123.00 |
3.59 |
| VDC03-05 |
core |
180.0 |
190.0 |
10.0 |
1.09 |
0.032 |
25.70 |
0.75 |
| VDC03-05 |
core |
190.0 |
200.0 |
10.0 |
0.98 |
0.029 |
13.60 |
0.40 |
| VDC03-05 |
core |
200.0 |
211.4 |
11.4 |
0.39 |
0.011 |
5.00 |
0.15 |
| VDC03-05 |
core |
218.8 |
220.2 |
1.4 |
0.50 |
0.015 |
0.90 |
0.03 |
| VDC03-05 |
core |
279.5 |
290.0 |
10.5 |
5.24 |
0.153 |
42.00 |
1.23 |
| VDC03-05 |
core |
290.0 |
300.5 |
10.5 |
2.29 |
0.067 |
40.00 |
1.17 |
| VDC03-05 |
core |
300.5 |
330.9 |
30.4 |
1.30 |
0.038 |
3.40 |
0.10 |
Hole # VDC03-06 total depth of 362 feet
| Hole
|
Drill
type |
From |
To |
Length
(ft) |
Gold
(gpt) |
Gold
(opt) |
Silver
(gpt) |
Silver
(opt) |
| VDC03-06 |
core |
234.2 |
234.6 |
0.4 |
7.37 |
0.215 |
80.00 |
2.33 |
| VDC03-06 |
core |
240.1 |
242.3 |
2.2 |
5.41 |
0.158 |
35.70 |
1.04 |
| VDC03-06 |
core |
331.5 |
333.5 |
2.0 |
0.50 |
0.015 |
4.90 |
0.14 |
On the basis of these successful drilling results, management
intends to commission a formal geological report as to whether
bulk tonnage sampling of this potential ore body is warranted
and file the same with the TSX and other applicable regulatory
agencies. It is management’s intention to primarily focus
on discovering mineable zones of mineralization in the highly
prospective Verdstone area and seeks to put V3W into active
production and yield positive cash flow for the Company.
All transactions or proposed transactions are expressly
subject to TSX and all other regulatory approvals.
The Verdstone
Mine consisted of three stacked zones of mineralization,
which were profitably mined, one after the other, from approximately
1989 to 1994. While in production, approximately 500,000
tons of mined veins yielded economic grades of gold and
silver. The apparent discovery of another, related but distinct
zone (V3W) is consistent with the geology of epithermal
gold deposits and could indicate replication throughout
the area, therefore management is optioning additional mineral
claims.
As noted in
previous press releases of the Company, Mr. John Stockwell,
P.Geol. has been retained to independently supervise the
drilling program and log the core for assay analysis which
is being done in Canada. Mr. Stockwell is a “qualified person”
under the requirements of National Instrument 43-101 (Standards
of Disclosure for Mineral Projects).
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