NEWS ROUNDUP — Patrician hits mineralized horizon

Initial drilling by Patrician Gold Mines (ASE) on its Ikungu Peninsula property in northwestern Tanzania has intersected gold mineralization.

Hole 1 intersected the Forest Reef, a thick exhalite horizon which has a strike length of about 1 mile and which is hosted within a massive basalt. The hole intersected 0.65 oz. gold per ton over 14.6 ft. This included an 8.8-ft. intercept that ran 0.47 oz. and another 3.2-ft. section that ran 0.83 oz.

Hole 4 (situated 1.4 miles west of, and along strike with, hole 1) and hole 3 (half a mile north of Hole 1) also encountered the Forest Reef horizon. Here, too, results are pending.

Third gold zone at Andes play

VANCOUVER — The exploration crew at the Andes project in Argentina has identified a third area of gold mineralization.

The project is a 50-50 joint venture between Eldorado (TSE) and HRC Development (VSE).

The new anomaly measures 6,000 by 1,500 ft., as determined by soil samples grading more than 50 parts per billion gold. Widely spaced sampling of rock outcrops over an area measuring 1,000 by 2,000 ft. returned an average grade of 0.08 oz. gold per ton. The mineralization is hosted within a large epithermal stockwork system.

The three anomalies are within a major structural feature in the Pebellon Caldera, one of the largest volcanic calderas in the world.