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« Back to news list... Exploration Update Madison Enterprises Corp. (“Madison”) is pleased to announce results from recently completed exploration at its Lewis Property in Lander County, Nevada. The Lewis Property is strategically located within the Battle Mountain Mineral Belt, immediately adjacent to the north and northwest of Newmont Mining Corporation’s Phoenix-Fortitude Property. Exploration to date has outlined a virtually identical geological environment to that underlying the Phoenix-Fortitude Property. Current mineable reserves at the Phoenix-Fortitude Property, as reported by Newmont in its 2002 Information Handbook (which can be found on Newmont’s website at www.newmont.com), are 174 million tons grading 0.034 oz/t gold, assuming a gold price of US$250 per ounce. Madison’s most recent phase of exploration on the Lewis Property consisted of drilling four holes totaling 7,000 feet, the primary objective of which was to test at depth the Virgin Structural Zone identified by Madison’s previous TITAN™ MT-IP geophysical surveying, geochemical sampling and drilling. This zone acts as a major ore-bearing host and mineralization conduit to the favourable calcareous Antler Peak Sequence (which includes the Battle Formation) on both the Lewis and the adjacent Phoenix-Fortitude Property. The Virgin Structural Zone has now been successfully tested by seventeen drill holes along a minimum strike extent of 1,000 feet and to a down-dip distance of 1,250 feet from surface at Section 291N. Extensions north, south and at depth remain open to expansion. Although the structure continues down-dip as expected, grade appears to decrease with depth as shown on the following table:
The secondary objective of the program was to test the sub-horizontal, stratigraphically controlled zone of mineralization lying within and at the contact of the Battle Formation identified by previous drilling and similar to mineralization mined on the adjacent Phoenix-Fortitude Property. Values of up to 0.107 oz/ton gold over 65 feet have been returned from this zone in previous drilling. This subhorizontal, stratigraphic mineralized zone has been identified in 30 of a total of 33 drill holes within an area measuring 1,000 feet by 600 feet. The average thickness of the mineralized intervals encountered in these holes is 55 feet with an average weighted grade of 0.057 oz/t gold. The zone remains open to expansion in all directions. Drilling indicates that there is a dramatic increase in both gold grade and interval thickness where this flat-lying zone intersects with the steeply-dipping Virgin Structural Zone. Examples of this effect are shown in the following table:
Madison’s next phase of drilling, comprised of 8,000 to 10,000 feet of reverse circulation drilling, will start immediately and will evaluate the upper portion of the Virgin Structural Zone and the lateral extent of the sub-horizontal stratagraphic zone as well as the projected intersections of these two mineralized zones. A number of the proposed holes (see attached plan) are also designed to intersect the sub-horizontal, stratigraphic mineralized horizon beyond the area previously tested. The objective of the next phases of drilling will be to allow Madison to carry out preliminary resource estimates for the two zones. The results from the recently completed phase of drilling are similar to grades and mineralized intervals previously mined at portions of the adjacent Phoenix-Fortitude Property and are set out in the following table:
Drill holes MAD-11 and MAD-13 are located on Section 291N, approximately 600-700 feet north of the Madison-Newmont property boundary, with holes MAD-10 and MAD-12 located 500 feet further north on Section 296N (see attached plan map). Assays were completed by ALS-Chemex of North Vancouver. Madison’s work was supervised by G.F. McArthur, P.Geo. who verified the foregoing. In addition to its work in Nevada, Madison has continued to carry out exploration at its Mt. Kare gold property in Papua New Guinea. Work carried out this year includes additional geological mapping, data interpretation and trenching in preparation for IP geophysical surveying to be carried out later in 2003. All of the current work is designed to refine drill targets for Madison’s upcoming drill program scheduled for early 2004.
On behalf of the Board of Directors of
Signed: "Chet Idziszek" |
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