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« Back to news list... Results from Lewis Property Drill Program Madison Enterprises Corp. (“Madison”) is pleased to announce results from the most recent phase of reverse circulation drilling at its Lewis Property in Lander County, Nevada. During this latest drilling program, Madison completed twenty in-fill and step-out drill holes totaling 11,050 feet over a strike extent of more than 1,800 feet. These holes successfully tested the upper portion of the Virgin Structural Zone, the lateral extent of the sub-horizontal, stratigraphic mineralized zones and the projected intersections of these two mineralized features and confirmed the excellent continuity of these zones. The objective of this, and subsequent drilling programs, is to enable Madison to calculate a preliminary resource estimate for the Virgin Structural Zone and the associated sub-horizontal, stratigraphic mineralized zones. Madison’s 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. (Newmont has stated current mineable reserves at the Phoenix-Fortitude Property of 174 million tons grading 0.034 oz/t gold, containing 6,000,000 ounces of gold at an assumed gold price of US $300 per ounce). Exploration of the Lewis Property has outlined a geological environment identical to that underlying the Phoenix-Fortitude Property, including a direct on-strike extension of the hosting stratigraphy, controlling structures and mineralizing styles. The following table outlines mineralized intervals of most significance from the most recent twenty drill holes, the locations of which are shown on the attached plan map:
* Drill hole ended within a mineralized zone. ** True thickness of mineralization in not known and will be resolved with additional drilling evaluation and ongoing interpretive compilation work. Madison believes, however, that it is less than the reported drilled intervals. Drill hole MAD-32 is located 100 feet to the south of all previous drilling. It confirmed that strong mineralization continues to the south toward the boundary with Newmont, approximately 300 feet to the south of the hole. Assays were completed by ALS-Chemex of North Vancouver. Madison’s work was supervised by G.F. McArthur, P.Geo. who verified the foregoing. Madison along with Great American Minerals, Inc. (“GAM”), are entitled, pursuant to an exploration and option to purchase agreement dated June 1, 2002 (the “Lewis Agreement”) with F.W. Lewis, Inc. (“Lewis”) to jointly acquire a 100% interest in the Lewis Property. Under the terms of the joint venture letter agreement between Madison and GAM, Madison has now acquired a 51% interest in the Lewis Agreement. Madison expects to increase this interest in the Lewis Agreement to 60% shortly at which point GAM has the right to elect to participate on a 60/40 joint venture basis or to allow Madison to acquire a further 15% interest (75% in the aggregate) by completing an industry standard bankable feasibility study and arranging on behalf of GAM non-recourse project financing for GAM’s remaining 25% interest.
On behalf of the Board of Directors of
Signed: "Chet Idziszek" |
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