More gold at Horseshoe zone

Additional drill results are expanding the Horseshoe zone at the Damoti Lake property, 120 miles northwest of Yellowknife, N.W.T.

Consolidated Ramrod Gold (TSE) is earning a 51% interest in the property from Athabaska Gold Resources (TSE), which will hold a 24% interest on vesting. Gitennes Exploration (ASE) has a 25% working interest. The Horseshoe zone is about 1 mile south of BIF Island, where gold was originally discovered last year. Discovery hole 94-87 returned a 74.5-ft. intersection grading 1.13 oz. gold per ton.

The latest results are not as spectacular, ranging up to 1.1 oz. over 15.4 ft. The zone is hosted within a synclinal fold structure, and drilling has tested only a portion of the eastern limb to shallow depths. Based on an interpretation of drill results to date, the joint venture believes three or four higher-grade structures are present over the partially tested area, which covers 200 ft. of strike length and a vertical depth of 115 ft.

Drilling will resume following a technical review of results. Significant intersections are as follows:

Hole Interval Width Grade

(ft.) (ft.) (oz./ton)

D94-89 113.98 -126.12 12.14 0.53

D94-90 41.92 -48.15 6.23 0.34

D94-93 199.01 -211.71 12.70 0.11

D94-106 37.72 -55.76 18.04 0.51

96.92 -101.52 4.60 0.27

184.01 -204.34 20.33 0.12

D94-107 123.49 -125.46 1.97 0.30

D94-108 41.00 -52.48 11.48 0.28

98.07 -113.49 15.42 1.11

D94-109 90.53 -97.09 6.56 0.20

167.94 -181.06 13.12 0.63

Holes D94-86, 88, 91 and 92 intersected highly anomalous gold values.