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« Back to news list... Drills Mobilized to the Lewis Property Further to its news release of September 25, 2002, Madison Enterprises Corp. ("Madison") is pleased to report that it has engaged Eklund Drilling of Reno Nevada to undertake Madison's first phase of drilling on its Lewis Property in Lander County, Nevada. Drilling is anticipated to begin early next week. The Lewis Property is strategically located immediately adjacent to the north and northwest of Newmont's Phoenix Property where reported past production and current mineable reserves exceed nine million ounces of gold. Previous exploration of the Lewis Property has outlined an identical geologic environment to that underlying the Phoenix Property, including a direct on-strike extension of the hosting stratigraphy, controlling structures and mineralization style of the Phoenix Property's Fortitude open pit immediately to the south of the Lewis Property boundary with Newmont. The first phase of drilling is expected to be comprised of eight to ten holes totalling between 6,000 and 7,000 feet on stratigraphic and structural targets, identified by Madison during its recent data compilation work, which are identical to those hosting and controlling the gold mineralization at Newmont's Fortitude deposit. The objective of this phase of drilling is to confirm and expand the along strike, up-dip and down-dip extensions of the previously identified steeply dipping Virgin fault zone mineralization, recently identified flat-lying mineralization and other targets. The southernmost drilling completed to date at the Virgin fault zone lies approximately four hundred feet north of the Madison-Newmont boundary, which is located only 700 feet north of the Fortitude deposit's northern pit wall. Madison's initial drill holes will test the up-dip extension of the steeply dipping, structurally-hosted style of gold mineralization previously encountered in drill holes FWL- 43 and UTX- 1. These holes intersected 0.196 oz/t Au over 170 feet and 0.122 oz/t Au over 240 feet, respectively, within the Virgin fault zone. Additional drilling along the Virgin fault zone will be carried out along strike to the north and south of this area. Recent re-interpretation of previous drill results suggests that a sub-horizontal, stratigraphically controlled zone of mineralization exists on Madison's Lewis Property as well. Drill hole UTX- 16 appears to have intersected this style of gold mineralization within a 65 foot interval grading 0.107 oz/t gold within identical stratigraphy at virtually the same elevation as Newmont's Lower Fortitude deposit. Madison intends to aggressively test this stratigraphic target with additional drilling.
On behalf of the Board of Directors of
"Chet Idziszek" |
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