Progress Report on Exploration Programme
Brancote Holdings PLC
3 April 2000
Contacts Richard Prickett, Chairman
Bill Humphries, Managing Director
Brancote Holdings PLC 020 7493 1002
David Bick
Holborn Public Relations 020 7929 5599
david_bick@holbornpr.co.uk
BRANCOTE HOLDINGS PLC
Argentine 60% Joint Venture
Progress Report on Exploration Programme
Phase II Drilling, now halfway through the programme,
continues to produce outstanding results, rapidly expanding
the established deposits Galadriel Sur and Julia.
Drilling on Gladriel Sur has now extended this vein system 600
metres along strike and 100 metres down dip. Mineralisation is
open at depth and to the south-west. When added to the off-set
Galadriel vein, drilled last year, the known vein system is
now over 1100 metres long.
From the growing knowledge and understanding of the geological
structures which control the mineralisation at Galadriel Sur,
there is strong evidence to suggest that this is a major
epithermal high grade vein system.
Not only is there continuity and high-grade gold (including
bonanza) but the mineralised structure and the veins contained
therein are clearly increasing in width at depth.
Bill Humphries, Managing Director of Brancote Holdings said,
'I am pleased to report on the continuing success of our
current drilling programme at our Esquel gold project in
Argentina, which is a further indicator that the project has
the potential to be a world class discovery.'
DRILL HOLE No FROM INTERVAL GRADE
(metres) (metres) gold g/t
GD 105 38.5 5.6 30.9
GR 86 31.0 11.0 27.9
GD 69 61.5 10.5 14.7
GD103 75.5 12.7 12.2
GD 100 83.9 16.1 21.1
GD 67 82.0 31.2 12.9
GD 107 94.9 40.7 14.8
Two of the last holes drilled, (assay results awaited) GD 108
and GD 109, have intersected mineralised structures, from 84
metres at depth, of 62.5 metres and 53.5 metres respectively,
with GD 108 containing 3 veins, the largest being over 20
metres wide.
There are several other significant features of Galadriel Sur
including:
* Textures, characteristic of higher levels in the gold
reporting zone, are found in the southern part,
indicating that the system is complete, with no loss to
erosion.
* Overall dip to the mineralisation is between 35 degrees
and 60 degrees, providing considerable scope for a long
down dip gold zone since this dip is at such a shallow
angle.
* The presence of a high grade core, in excess of one ounce
of gold per tonne, averaging 3 to 4 metres width, is
found in a high proportion of the Galadriel / Galadriel
Sur veins.
In addition to the above, the vein morphology suggests that
Galadriel Sur and the Julia vein, some 750 metres to the south-
west and along strike, are the same unit and with
mineralisation being open at the south of Galadriel Sur and at
the north of Julia, there is a likelihood of these two
deposits linking up.
Step back drilling along the 600 metres of Galadriel Sur has
now commenced to test mineralisation 150 metres down dip, and
is scheduled to finish in late April. On completion the
assimilated data will be forwarded to Pincock Allen & Holt for
a resource update.
Drilling on Julia has extended this wide, multiple vein system
from 70 metres long by 25 metres depth to over 300 metres long
by 75 metres depth. Mineralisation remains open at depth and
to the north-east towards Galadriel Sur.
Mineable grades have been recorded over wide intersections,
most of which are reporting high gold grades in the vein
structures with good to bonanza silver grades.
DRILL HOLE FROM INTERVAL GRADE GRADE
(metres) (metres) Gold g/t Silver g/t
JR 7 0 16 11.3 40.2
JR 11 14 9 12.1 65.5
and 32 7 16.3 205.0
JR 12 0 25 22.5 170.4
including 1 82.6 1830.0
Note: Silver assays are awaited on three quarters of the drill
holes completed to date.
The current drill programme for Julia has now been completed
and is awaiting the receipt of the assays data for forwarding
to Pincock Allen & Holt for a resource update.
Exploration is being carried out over the Huemules and Sierra
Colorada Mining concessions to the west and south of the
Cordon De Esquel. Mr John Stockley, a renown geologist
specialising in epithermal gold occurrences, has returned to
lead exploration of the Huemules concessions.
Within the Cordon de Esquel exploratory RC drilling has been
carried out over the saddle between the Pinnicles and
Ungoliant veins systems, with RC 77 intersecting a wide
mineralised zone at 90 metres depth, with grades as high as 8
g/t Au. Petrographic studies of the sample reported the
presence of chips from a major epithermal vein structure.
The above supports the suggestion that the Pinnicles and
Ungoliant may be one continuous structure over 1500 metres
long.
DRILL HOLE SUMMARY INTERSECTIONS
PROSPECT JULIA
Dhole No. INTERSECTION
From (m) Interval (m) Au g/t Ag g/t
JR7 0.0 16.0 11.3 40.2
JR11 14.0 9.0 12.1 65.5
32.0 7.0 16.3 205.0
including 5.0 21.4 282.0
JR12 0.0 25.0 22.5 170.4
including 4.0 34.4
JR13 0.0 10.0 8.3 pending
including 2.0 27.8
JR14 0.0 7.0 3.7 pending
JR15 1.0 15.0 2.2 pending
26.0 24.0 4.7 pending
including 2.0 22.2
JR16 21.0 2.0 3.9 pending
JR17 7.0 3.0 1.2 13.3
JR20 31.0 3.0 2.3 1.5
JR23 34.0 2.0 1.5 6.5
JR24 0.0 22.0 5.6 7.3
including 3.0 17.7
JR25 86.0 11.0 6.1 8.7
JR26 34.0 4.0 6.9 9.1
JR27 7.0 8.0 6.6 10.1
including 2.0 13.7
JR28 0.0 3.0 2.2 pending
JR29 7.0 45.0 7.6 pending
66.0 11.0 2.9 pending
JR30 0.0 10.0 2.1 pending
12.0 13.0 6.9 pending
42.0 19.0 10.6 pending
including 4.0 27.0
75.0 5.0 1.4 pending
85.0 6.0 3.1 pending
94.0 3.0 1.6 pending
101.0 8.0 2.0 pending
JR31 0.0 46.0 15.4 pending
including 9.0 42.6
JR32 0.0 25.0 8.4 pending
JR33 0.0 26.0 1.28 pending
DRILL HOLE SUMMARY INTERSECTIONS
PROSPECT GALADRIEL
Dhole No. INTERSECTION
From (m) Interval (m) Au g/t Ag g/t
GD62 52.38 3.4 31.2 33.6
GD63 51.85 22.8 7.1 10.1
GD64 49.00 24.0 5.6 7.2
including 1.8 26.5
GD65 104.36 4.6 2.9 11.6
118.28 4.0 4.4 4.2
135.22 7.8 3.0 pending
GD66 55.86 1.9 6.9 6.1
GD67 68.64 9.4 5.0 11.0
82.00 31.2 12.9 19.0
including 3.1 35.4
GD69 61.48 10.5 14.7 pending
GR86 31.00 11.0 27.9 73.3
including 7.0 35.5
GD100 83.90 16.1 21.1 pending
including 6.8 41.1
GD101 56.73 3.1 4.6 pending
GD102 47.05 9.4 10.2 pending
72.33 10.7 7.5
GD103 75.35 12.7 12.2 pending
including 3.6 32.4
GD104 55.32 3.5 7.6 pending
GD105 38.55 5.6 30.9
including 4.0 40.4
GD106 120.37 17.2 8.6 pending
GD107 94.92 40.7 14.8 pending
including 9.4 30.5
including 10.0 20.6
GD108 84.83 13.9 8.7 INCOMPL.
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