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« Back to news list... Mt. Kare Exploration Update / Nevada Acquisition Update Madison Enterprises Corp. (“Madison”) is pleased to provide an update on the first phase of the 2002 exploration program at its Mt. Kare gold property in Papua New Guinea. The program of helicopter-supported, regional prospecting and geochemical sampling is evaluating previously unexplored areas outside the main areas of known mineralization and is approximately 80% complete. A total of 59 sites were sampled and one silt and one pan concentrate sample were collected from each site and are presently undergoing analysis. Visible gold was observed in the field within three of the pan concentrate samples. The remaining 20% of this first-pass evaluation will be completed in early June, once access pads have been constructed and initial follow-up sampling and prospecting will begin at that time within drainages returning anomalous signatures from the earlier completed sampling. In addition, prospecting, sampling and trenching will be initiated at month end over selected sites within the extensive NE–SW trending Pinuni Creek structural corridor, including the Red Hill target. Results from this first phase program will be used by Madison to assist in providing drill hole locations for the second phase diamond drill program scheduled for the fall of 2002. Madison is also conducting a follow-up detailed mapping and sampling program at a number of recently exposed quartz-roscoelite exposures within the main area of known mineralization. These mineralized occurrences have been recently exposed by the local alluvial miners at Mt. Kare and indicate that previous drilling orientations utilized in this area may not have been ideal for evaluating those high-grade zones lying within the broader mineralization tested. Contingent upon further successful results, drilling at an orientation different than previously used in this area may be included as part of Madison’s Phase II diamond drilling program. Madison has recently submitted its proposed exploration outline for the period August 2002 to August 2004 to the PNG Department of Mining for its review and approval. A key component of this program will be the utilization of Induced Polarization (“IP”) geophysical surveying across the Pinuni Creek structural corridor. The purpose of introducing IP surveying to this region is to screen spurious geochemical signatures within this wide valley hosting extensive alluvial and colluvial deposits which have thus far masked the underlying geological characteristics. The two-year program also includes a minimum of 6,000 metres of additional diamond drilling, primarily to follow up the anticipated targets identified by the IP survey within the Pinuni Valley, and any newly discovered areas of favorable alteration/mineralization at Mt. Kare. The Mt. Kare gold property is estimated by the independent engineering firm of Watts Griffis & McOuat to currently host a resource of 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). Madison is also pleased to report that its negotiations to acquire an interest in a gold property in the State of Nevada are going well and should be concluded by the end of this month.
On behalf of the Board of Directors of
"Chet Idziszek" |
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