|January 07, 2004|
Energold Announces Further Details Of The Recently Acquired Real de Belem Silver/Gold Project
|Energold Mining Ltd. (EGD:TSX.V) is pleased to provide further details on its recently announced acquisition of an option on the Real de Belem silver/gold project in Mexico. (News Release, Dec 22/03) The Real de Belem project currently consists of the Belem 1 Vein System and two other nearby moderately northeast dipping epithermal vein systems, the San Antonio and the El Tablon. |
The focus of recent work on the property is the Belem 1 Vein System. The Belem 1 Vein has been tested with an underground decline by the owner and seven core drill holes drilled by Consejo de Recursos Minerales ("CRM"). Along a strike length of 500m, an average depth of 75m and a 2.2m width, the vein returned an average grade of 2,175g/t Ag and 1.2g/t Au (US$350 per ton in place metal value using a gold price of $405 & a silver price of $5.40 per oz.) within a range of 571 to 3,713 g/t Ag and 0.5 to 2.4 g/t Au. The zone remains open along strike and to depth. Note that these assays reported by the owner and CRM and the assay and sampling procedures may not conform to Canadian NI43-101 standards. Preliminary sampling by Energold geologists found similar assay values from a limited number of samples taken where sample material was available.
The San Antonio Vein System parallels the Belem Vein System about 200m to the northeast. It also appears to be a low sulphidation epithermal vein system and has more historical old mine workings than any other area on the property. Its central section is marked by a series of old 2-3 m wide shafts over a strike length of 600m. There are no historical production records and it has seen no modern exploration. Random grab samples by Energold geologists from two of the larger waste piles assayed 319g/t Ag and 476g/t Ag.
The El Tablon Vein System parallels the Belem system about 400m to the southwest. Its central zone is marked by extensive shallow old workings over a 500 m strike length. There are no historical production records and it has seen no modern exploration.
The 600Ha Belem property is located 120km southwest of Mexico City in an area of good infrastructure. The immediate area is a historic mining district well known for epithermal silver and gold mines including the Taxco silver camp located 50km southeast of Belem. The owner has spent considerable money and effort on the site advancing the project toward production. This work includes road and bridge upgrades, a new 10km electric power line, the purchase of mining and processing equipment, the driving of a 120 metre underground decline and the acquisition of all the permits required for the commencement of a 200 tonne per day mining operation.
During the next two months Energold plans to complete an exploration program including trenching, mapping and rock sampling leading up to a minimum 1,500 m drill program with the goal of verifying the existing drill results and expanding our knowledge of Belem 1 and other mineralized structures on the property.
Vancouver-based Energold Mining Ltd. is a profitable exploration company focusing on precious and base metals targets within the Dominican Republic and Latin America. Energold owns 50% of Kluane International Drilling Inc., a profitable contract diamond drilling company and 46.7% of IMPACT Minerals International Inc. (IPT: TSX.V), a precious metals exploration company with properties in the Dominican Republic.
On behalf of the Directors of Energold Mining Ltd.
"Frederick W. Davidson"
For further information, please contact:
Fred Davidson or
Darrell Rader - Corporate Development
The TSX Venture Exchange has neither approved nor disapproved this news release.
You can view the Next News Releases item: Mon Jan 19, 2004, Energold Announces Joint Venture On El Higo Project
You can view the Previous News Releases item: Mon Dec 22, 2003, Energold Announces An Option Agreement To Acquire The Real de Belem Silver/Gold Project
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