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« Back to news list... Exploration Licence Renewed - Next Phase of Drilling to Commence at Mt. Kare Gold Project In Early October. Madison Enterprises Corp. (“Madison”) is pleased to report that the Honourable Sir Michael Somare, Minister of Mining for the Independent State of Papua New Guinea, has approved the renewal of EL 1093, the exploration licence which covers Madison’s Mt. Kare gold project in the central highlands of Papua New Guinea. The exploration licence was renewed for a further two year term until August 30, 2002. Madison also reports that it will mobilize drill crews to its Mt. Kare gold project in Papua New Guinea in early October to undertake the next phase of diamond drilling. The program is expected to include at least 2,500 feet of step-out diamond drilling to test possible extension of the various deposits at Mt. Kare. The particular locations of the drill holes have not yet been determined as Madison is in the process of producing a precise 3D digital model of the Mt. Kare project area to aid its structural interpretation prior to the next phase of drilling. This 3D digital model will be generated from a one-meter resolution ortho-corrected image from the new Ikonos satellite. As announced in Madison’s news release of February 10, 2000, the current resource for Mt. Kare is estimated by the independent engineering firm of Watts Griffis & McOuat to be 25.5 million tonnes grading 2.2 g/t gold and 29.0 g/t silver (using a 1.0 g/t gold equivalent cut-off and with the cutting of high grade gold assays to 30 g/t). This equates to 2.24 million ounces contained gold equivalent (“Au ”), calculated using metals price assumptions of US$300/oz. gold and US$5.50/oz. silver. (equiv) Madison has now received the results from the latest phase of drilling which was completed in August of this year. Assays were carried out by TSL Laboratories of Saskatoon. The following table summarizes the significant results obtained in the last phase of drilling.
Drill hole 221 was drilled to test the down-dip extent of mineralization on the southeastern edge of the Western Roscoelite Zone. The mineralized zone in the target area had been displaced downward by a calcareous mudstone unit. This hole, which terminated in mineralization at 110.2 meters, appears to have been shut down short of the deep target. Drill holes 222 and 223 were step-out holes drilled 180 meters along strike to the northeast of previous drilling in the Realgar Zone. Both holes intersected mineralization where expected, although it was of lower grade than had been expected. Drill hole 224 was a 25 meter eastward step-out hole from Black Zone mineralization. Drill hole 225 was the first hole drilled to test a series of linear conductors, interpreted structures and associated magnetic highs that extend for over 1,100 meters along the Pinuni Creek valley. No significant results were returned from this hole which failed to explain the significant geophysical anomalies in this area. The satellite based 3D digital model currently in preparation will be used to assist Madison in siting future drill holes in this target area. Drill hole 226 was drilled to test high-grade structures in an area where local miners have recovered gold from small scale mining. This hole drilled along a structure and did not successfully test the targeted stratigraphy.
On behalf of the Board of Directors of
"David Laudrum" |
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