Los Cangrejos Gold Project, Ecuador: Interim Results From Second Phase Of Drilling
December 10, 1999
Odin Mining Exploration (40%) and Newmont Overseas Exploration Ltd., a subsidiary of Newmont Mining Corporation (NYSE; NEM) have an ongoing joint venture agreement over an area of interest of approximately 27500 hectares. Newmont is the operator of the joint venture. Positive results from the first round of drilling were reported in September 1999.
Diamond drillhole C99-8 to C99-22 have been laid out for the second round of drilling. Up to date drillhole C99-9 to C99-16 have been completed totaling 2984.6 m. Assay results are available for up to drillhole C99-16 The principal intersects at 1 g/t cut off are:
Drill
Hole |
From
(metres) |
To
(metres) |
Width
(metres) |
Gold
g/t |
| |
|
|
|
|
| C99-8 |
154 |
160 |
6 |
1.26 g/t |
| |
214 |
240 |
26 |
1.81 g/t including 10 m at 3.14 g/t |
| |
248 |
260 |
12 |
1.12 g/t |
| |
302 |
308 |
6 |
1.35 g/t |
| C99-9 |
90 |
94 |
4 |
1.48 g/t |
| C99-10 |
14 |
50 |
36 |
1.30 g/t |
| |
88 |
100 |
12 |
1.02 g/t |
| C99-11 |
32 |
40 |
8 |
1.25 g/t |
| C99-12 |
38 |
50 |
12 |
1.28 g/t |
| |
68 |
114 |
46 |
1.67 g/t |
| C99-13 |
18.3 |
26 |
7.7 |
1.42 g/t |
| |
60 |
68 |
8 |
1.76 g/t |
| |
148 |
171.6 |
23.6 |
1.25 g/t |
| C99-14 |
14 |
206 |
192 |
1.57 g/t including 18 m at 2.14 g/t |
| |
|
|
|
and including 46 m at 3.05 g/t |
| C99-15 |
196 |
204 |
8 |
1.70 g/t |
| |
208 |
214 |
6 |
1.43 g/t |
| C99-16 |
52 |
234 |
182 |
1.12 g/t including 6 m at 3.28 g/t |
Integration of geological and assay data show two separated mineralized bodies. The main body is controlled by two sub-parallel structures. The mineralized target is over 100m wide and more than 600m long.
Structures controlling mineralization were noted in an airborne geophysical survey carried out earlier this year.
Six drill core samples representing mineralized rock types were submitted for metallurgical testwork. Results are expected to be available end-January.
Odin Mining is pleased with exploration results achieved in 1999.
ODIN MINING AND EXPLORATION LTD.
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