Delineation Drilling To Commence On Pongo Massive Sulphide Discovery
Added July 9th, 2001 – Vancouver, British Columbia
Mr. Larry Reaugh, President and Chief Executive Officer of Verdstone Gold Corporation and Molycor Gold Corporation (“the Companies”) is pleased to announce that a drilling program of three to five holes will commence on July 11, 2001.
Recent excavator trenching of the “Ovington Discovery” on the Pongo Showing has exposed a 9 meter wide zone of stratabound massive and disseminated Pb, Zn, Cu, Ag and Au bearing sulphides hosted by Devonian Eagle Bay sediments and volcanics. The most significant trench result from the June exploration was as follows:
| Width (m.) |
Cu % |
Pb % |
Zn % |
Opt Ag |
Opt Au |
| 9.0 m 1.0 m |
0.15 0.39 |
10.70 5.01 |
4.45 5.15 |
4.45 5.15 |
0.170 0.828 |
The geologic settings are similar to the Samatosum deposit 15 km to the southwest. Both deposits are covered by northeast shallow dipping thrust faults that have deformed the sulphides but have not controlled the original mineralization.
The regional geology emphasizes the occurrence of massive sulphide deposits and showings (Samatosum and Ovington) below regional thrust faults that sub-parallel the volcanic/sedimentary strata.
Base and precious metals are hosted in quartz veins/veinlet fragments located in a strongly sheared, predominately argillite sequence of rocks. The sheared nature of these rocks is due to the effects of being contained within a thrust fault zone of unknown thickness (at Samatosum the thrust zone is approximately 100m-200m thick).
The history of most massive sulphide bearing volcanic centers from Archean to Mesozoic Age have recorded that the block or growth faults within the pile are the primary controls of prospective strata, and in many cases control the deposition and preservation of very large stratabound sulphide deposits. At least three northeast trending growth faults (East Barriere Lake, Bromley and South Barriere Lake) cross the Pongo property, and exploration of strata below the graphitic argillite unit adjacent to these structures may be very productive.
The main stratabound lead-zinc-silver sulphide showing will be tested down dip and plunge below the limestone units with at least five vertical BQTW holes that test the black argillite and extend at least 100 m into the siliceous tuff sections below this prominent marker.
ON BEHALF OF THE BOARDS
Larry W. Reaugh,
President & Chief Executive Officer
