Pangea, Sundust hit more high-grade gold

Equal partners Pangea Goldfields (PGD-T) and Sundust Resources (SUN-M) have intersected more high-grade gold at their Victoria joint venture in west-central Peru.

So far, 78 diamond drill holes exceeding 12,000 metres have been completed. Recent highlights include:

* 15.2 metres (from 127.7 metres) grading 15.71 grams gold and 154.73 grams silver per tonne, plus 2.19% copper, in hole 56, which was drilled within the Atenea structure;

* 2.9 metres (from 88.9 metres) of 18.47 grams gold, 186.77 grams silver and 3.3% copper in hole 58 within the same structure; and

* 5.2 metres (from 45.2 metres) of 7.62 grams gold, 9.46 grams silver and 0.05% copper in hole 63 within the Pucamina structure.

The following intersections were seen in the zone 4 structure: *3 metres (from 68 metres) of 4.81 grams gold, 13.93 grams silver and 0.63% copper in hole 65;

* 3.7 metres (from 65.3 metres) of 1.89 grams gold, 16.55 grams silver and 0.56% copper in hole 66;

* 14.1 metres (from 27.8 metres) of 1.6 grams gold, 7.9 grams silver and 0.2% copper in hole 68; and

* 9.7 metres (from 103.8 metres) of 3.54 grams gold, 7.25 grams silver and 0.23% copper in hole 69.

Once assays for the remaining nine holes are received, a resource figure will be calculated.

Sundust’s portion of the 1998 Victoria project budget of $2.1 million is being funded by Pangea by way of a loan repayable at year-end. If the loan is not repaid, Sundust’s 50% interest will be reduced on a pro rata basis.