Junior Oliver Gold (OGO-V) reports encouraging diamond drill results from the first 47 metres of the initial hole on its Ipanema prospect in Zimbabwe.
Results have been received from intersections at hole IP96-1, including 9 metres grading 1.25 grams gold per tonne, 2 metres grading 6.8 grams, 2 metres grading 11.34 grams, and 9.1 metres grading 8.43. The last of these included a 4-metre interval grading 15.9 grams.
Hole IP96-1 is the first of 14 to be drilled on the prospect, which is defined by a strong gold-in-soil anomaly extending over 300 by 400 metres.
Trenching into bedrock has confirmed widespread gold mineralization within the geochemical anomaly.
Oliver owns 50% of Maple Leaf Mining, which operates two small underground mines with a long history of production. From 1907 to 1995, they produced more than 132,000 oz. gold in total, averaging 6.8 grams per tonne. Maple Leaf also controls 38,823 ha of claims and prospecting permits surrounding the mines, including the Ipanema prospect.
Oliver is negotiating with a private Zimbabwean mining group to rehabilitate the mines and upgrade the mill.
The company’s 50% share of the 1996-97 budget for mine development and exploration is $3.75 million.
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