Drill Results Press Release Source: Olympus Pacific Minerals Inc.
Olympus' High Grade Intersections Open And Extend Phuoc Son Deposit-Structure Now Shown To Extend Over 2.5 KM
Monday December 12, 11:42 am ET
TORONTO, ONTARIO--(CCNMatthews - Dec. 12, 2005) - Olympus Pacific Minerals Inc. (TSX VENTURE:OYM - News; FRANKFURT:OP6 - News) announced results from ongoing exploration programs on the Company's 85 percent owned Phuoc Son Gold project located in central Vietnam.
Phuoc Son Gold Property
- Eleven exploration holes totalling 2160 metres have now been drilled at Phuoc Son which to date contains two known deposits (North and South deposits) and is located along the Phuoc Son-Sepon Suture hosting such world-class deposits as Oxiana's Sepon deposit to the east.
Recent drill results have continued to extend the North Deposit mineralization along strike and confirm that the deposit remains open over a strike length of 1 km. Drilling 500m to the south intersected the same structure with alteration and veining present and, thus in conjunction with the South deposit, has shown the deposit trend to continue for over 2.5 kilometres.
- Holes 146, 137, and 138 drilled south of the current North deposit resource intersected high grade mineralization assaying 6.86g/t over 9.45 m (incl. 11.35g/t over 4.6 m), 9.78 g/t gold over 1.65 metres, 20.35 g/t gold over 0.57 metres.
- The above holes were drilled to follow up mineralization assayed from hole 132 of 134.72 g/t gold over 2.51 metres in hole 132 (OYM press release dated July 13, 2005).
The Company plans to update the North Deposit resource estimates to incorporate these new drill results.
South Deposit Drilling Increases Measured and Indicated resource by 21%.
Updated resource estimates on the South Deposit, based on successful in-fill drilling results included 8.85 g/t gold over 5.2 metres, 11.13 g/t gold over 8.0 metres, 39.28 g/t gold over 3.05 metres and 23.97 g/t gold over 4.70 metres in holes 121, 122, 126 and 127, respectively, (OYM press release dated July 13, 2005) showing:
- approx. 21% increase in the measured and indicated resource categories; and
- improved definition in the mineralization and confidence in grade distribution within select areas of the deposit, a prerequisite for upgrading these resource areas to the indicated category suitable for inclusion in a feasibility study.
The new resource estimate incorporates data from an additional 13 infill, delineation and metallurgical holes totaling 2,016 metres that were completed since the original NI 43-101 resource estimate by Watts, Griffis and McOuat Limited in January 30, 2004. The updated resource estimates are set out in the attached tables.
Mineralization in the deposit areas are predominantly hosted within quartz veins and intense silica replacement zones contained within an altered sequence of sedimentary schist, marble and minor ultramafic and mafic rocks that dip moderately to the west.
Complete assay results from the Phuoc Son drilling are set out on the attached tables. Diagrams showing the location of the drill holes together with a copy of this release and additional Olympus Pacific information can be found at the Company's website, www.olympuspacific.com .
Olympus Pacific Minerals Inc. as first mover in Vietnam, is positioned to become a leading gold explorer in Southeast Asia. Olympus is committed to its vision of making major discoveries in the region and increasing shareholder wealth.
Unless otherwise noted, the technical information in this release has been prepared and/or reviewed by Mr. Roger Dahn, Vice President Exploration and/or Mr. Rod Murfitt, Director General Vietnam of Olympus Pacific Minerals Inc., who are Qualified Persons as defined by National Instrument 43-101. The Company employs a quality control program designed by Mr. Murfitt to ensure best practices in sampling and analysis of drill core and rock samples. Mr. Murfitt, a qualified person under NI 43-101, reviews all assay results prior to public release. Mineral Assay and Services Co. Ltd. located in Bangkok, Thailand, performs sample preparation and analyses
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred resources will be converted to measured and indicated categories through further drilling, or into mineral reserves once economic considerations are applied.
https://biz.yahoo.com/ccn/051212/200512120301622001.html?.v=1