DRILLING CONTINUES TO EXTEND PERSEVERANCE ZONE AT SILVER COIN DRILL HOLE 38 INTERSECTS GOLD ZONE AT DEPTH & ENDS IN MINERALIZATI
Pinnacle Mines Ltd. reports that drill results continue to expand the Perseverance zone discovery on the Silver Coin Property, located 24 kilometers northwest of Stewart, BC. Drill Hole 38 was drilled approximately 15 meters northwest of DDH 34 which intersected multiple polymetallic zones including 11.3 g/t gold over 21.3 meters (0.3 ounces per ton over 70 feet) and down dip of DDH 36 which intersected 17.8 meters of 11.85 gpt gold (0.3 ounces per ton over 58 feet) and DDH 37 which intersected 24.4 meters of 5.15 gpt gold, 42 gpt silver, and over 4% combined lead-zinc. Results from DDH #38 are as follows:
DDH From(m) To(m) Width(m) Au (g/t)
#38 118.0 127.1 9.1 5.0
In addition, the last 15.2 meters of DDH #38 assayed 1.7 gpt gold. Based on interpretation of drill data from 1989 obtained from Tenajon Resources as part of the option agreement on the Kansas Property, and surface work done in the early 1980s in an area northwest of recent drilling now covered in overburden, the Perseverance zone is now believed to extend over 1 kilometer in length.
Drilling results of significance for 2004 are summarized as follows:
Hole (#) |
Width (m) |
Gold (gpt) |
Silver (gpt) |
Copper (%) |
Lead (%) |
Zinc (%) |
|
37 |
24.4 |
5.15 |
42.0 |
0.12 |
1.73 |
2.58 |
|
36 |
17.8 |
11.35 |
30.0 |
0.04 |
0.91 |
1.47 |
|
34 |
16.8 |
1.5 |
50.0 |
0.31 |
1.86 |
4.57 |
|
and |
21.3 |
11.3 |
50.0 |
0.07 |
1.11 |
1.85 |
|
and |
5.8 |
6.4 |
39.5 |
0.13 |
1.35 |
2.88 |
|
32 |
3.05 |
11.85 |
32.9 |
0.03 |
0.89 |
1.13 |
|
31 |
14.02 |
11.65 |
22.0 |
0.03 |
1.0 |
1.17 |
|
26 |
6.0 |
0.55 |
72.0 |
0.66 |
0.14 |
5.61 |
|
25 |
4.5 |
0.45 |
33.5 |
0.34 |
0.03 |
1.64 |
|
and |
3.05 |
31.68 |
33.6 |
0.37 |
0.12 |
1.40 |
|
Hole (#) |
Width (m) |
Gold (gpt) |
Silver (gpt) |
Copper (%) |
Lead (%) |
Zinc (%) |
|
22 |
5.49 |
0.58 |
104.4 |
0.96 |
0.79 |
8.54 |
|
21 |
5.33 |
0.50 |
155.6 |
1.39 |
2.77 |
13.34 |
|
18 |
2.74 |
0.72 |
30.5 |
0.40 |
0.37 |
2.70 |
|
17 |
4.27 |
0.50 |
176.4 |
2.18 |
1.57 |
16.69 |
|
16 |
4.27 |
0.72 |
232.1 |
1.79 |
8.96 |
15.03 |
Pinnacle has yet to release the results of surface trenching over several known mineralized zones in addition to the zone that is being drilled. Pinnacle and partners are currently preparing a NI 43-101 compliant technical report on the project and will release additional trenching and drilling information upon completion of plan and location maps.
Mineralization in the Perseverance Zone and other mineralized structures at Silver Coin is consistent with the two main types of mineralization at the nearby, former producing Silbak-Premier mine which produced 4.7 million tons that yielded approximately 1.8 million ounces gold, 41 million ounces silver, 4.2 million pounds copper, 62 million pounds lead and 20 million pounds zinc.
E. Kruchkowski, P. Geo., a qualified person under National Instrument 43-101, is in charge of the exploration programs on behalf of the Companies. Drill core and trench samples are assayed by Assayers Canada of Vancouver, BC.
Pinnacle Mines Ltd. is earning up to a 51% of Mountain Boy’s interest in its 100% owned Silver Coin, 55% owned Dauntless projects, and the 100% owned FR claims by spending $1.75 million on exploration over a 3 year period. In addition, Pinnacle has the right to earn an additional 9% in the projects by bringing one of the projects to production.
Pinnacle Mines Ltd. is a Canadian based mineral exploration and development company whose activities are international in scope. Its primary assets are located in both Canada and China. In Canada, Pinnacle holds several properties in Northwestern British Columbia, in proximity to numerous past and producing mines including the Silbak-Premier Mine and Barrick Gold’s famed Eskay Creek Mine. In China, Pinnacle’s current focus is in Southeast Yunnan, an area being increasingly considered for its potential to host significant mineral resources including “Carlin” style gold deposits.
On behalf of the Board of Directors
“Andrew W. Bowering”
President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or the accuracy of the content of this news release.