Cangrejos / Source of Biron Drill Results
March 8, 2000
Odin Mining and Exploration Ltd. has recently received results from 1999 diamond drilling carried out by Newmont Overseas Exploration Limited, a wholly owned subsidiary of Newmont Mining Corp. (NYSE: NEM) on the Cangrejos property ("Source of Biron" joint venture) in southwestern Ecuador. Newmont has spent US$3.3 million on the Cangrejos property since 1996, and can earn a 60% interest on reaching bankable feasibility.
Newmont cored 22 diamond drill holes, totaling 5,594 meters, on the Cangrejos property in 1999. All drill holes intersected porphyry-style gold-copper mineralization exceeding 1.0 g/tonne Au; 42% of the drilling exceeded 0.5 g/tonne Au. The following table summarizes core intersections of at least 10 meters above 0.5 g/tonne Au. Copper analyses remain pending.
| Drill Hole |
From |
To |
Interval |
Au |
|
(m) |
(m) |
(m) |
(g/tonne) |
| C99-1 |
50.0 |
98.0 |
48.0 |
1.162 |
|
156.0 |
170.0 |
14.0 |
1.262 |
| C99-3 |
18.0 |
80.0 |
62.0 |
0.634 |
|
174.0 |
248.0 |
74.0 |
1.03 |
| C99-4 |
4.0 |
102.0 |
98.0 |
1.049 |
|
164.0 |
184.0 |
20.0 |
0.973 |
| C99-5 |
14.0 |
214.0 |
200.0 |
1.073 |
| (incl.) |
98.0 |
158.0 |
60.0 |
1.555 |
| C99-6 |
6.0 |
138.0 |
132.0 |
1.196 |
| (incl.) |
80.0 |
132.0 |
52.0 |
1.656 |
|
194.0 |
204.0 |
10.0 |
0.695 |
| C99-8 |
44.0 |
54.0 |
10.0 |
0.731 |
|
114.0 |
132.0 |
18.0 |
0.774 |
|
214.0 |
240.0 |
26.0 |
1.813 |
|
248.0 |
260.0 |
12.0 |
1.12 |
| C99-9 |
90.0 |
106.0 |
16.0 |
0.835 |
| C99-10 |
14.0 |
50.0 |
36.0 |
1.304 |
|
88.0 |
100.0 |
12.0 |
1.016 |
| C99-12 |
38.0 |
50.0 |
12.0 |
1.283 |
|
68.0 |
114.0 |
46.0 |
1.67 |
|
152.0 |
162.0 |
10.0 |
0.598 |
|
182.0 |
206.0 |
24.0 |
0.742 |
| C99-13 |
18.3 |
44.0 |
25.3 |
0.765 |
|
88.0 |
148.0 |
60.0 |
0.811 |
|
148.0 |
171.6 |
23.6 |
1.246 |
| C99-14 |
14.0 |
206.0 |
192.0 |
1.571 |
| (incl.) |
120.0 |
166.0 |
46.0 |
3.054 |
| C99-15 |
118.0 |
218.0 |
100.0 |
0.842 |
| C99-16 |
12.0 |
306.0 |
294.0 |
0.998 |
| (incl.) |
52.0 |
88.0 |
36.0 |
1.482 |
| C99-17 |
30.0 |
178.0 |
148.0 |
0.775 |
|
280.0 |
290.0 |
10.0 |
1.437 |
| C99-18 |
130.0 |
249.0 |
119.0 |
1.187 |
| C99-19 |
7.62 |
92.0 |
84.38 |
0.844 |
|
138.0 |
150.0 |
12.0 |
0.704 |
| C99-20 |
34.0 |
48.0 |
14.0 |
0.787 |
|
100.0 |
168.0 |
68.0 |
0.907 |
|
298.0 |
320.0 |
22.0 |
0.822 |
| C99-21 |
38.0 |
84.0 |
46.0 |
0.978 |
|
386.0 |
396.0 |
10.0 |
0.668 |
Holes C99-2, -7, -11 and C99-22 intersected shorter intervals of mineralization.
All drilling was carried out within the 2,200 x 2,200 meter Central Au-Cu soil geochemical anomaly, as defined by >100 ppb Au and >250 ppm Cu. The Central Anomaly is underlain by a dioritic intrusive complex of Miocene age accompanied by extensive hydrothermal brecciation.
Bondar-Clegg Laboratories of North Vancouver, Canada carried out chemical analysis on sawn core.
The Company is very pleased with these results.
Odin has retained Henry Awmack of Equity Engineering Ltd. of Vancouver to advise on geological implications and potential extent of mineralization. Mr. Awmack has just returned from Ecuador after full review of Newmont's records and of the site itself.
The Company is appointing its own metallurgical adviser, to allow the Company to assess the full implication of these results, and will announce further details, if material.
Odin Mining & Exploration Ltd. is listed on the TSX Venture Exchange (symbol ODN).
ODIN MINING AND EXPLORATION LTD.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release.
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