DRILL RESULTS FROM FIRST TWO HOLESASC Industries Ltd (C-ASD) - News Release
ASC Industries releases Ice and JC claim results
ASC Industries Ltd ASD
Shares issued 11,358,413 Jul 29 2003 close $ 0.28
Wednesday July 30 2003 News Release
Mr. Rudolf Martin reports
ASC Industries has released the results of assays from the first two diamond drill holes from the company's 2003 exploration program from its Ice and JC claims located in the Mayo mining district, Yukon. Holes DD03-03 and DD04-04 are the first of the 2003 drill program designed to test numerous soil and rock geochemical anomalies along the Jethro Saddle, a prominent northwest-trending fault. The company is exploring for intrusion related gold mineralization associated with a Tombstone Suite intrusions which underlies a large portion of the property. The Tombstone Suite intrusions host gold deposits at Dublin Gulch and Brewery Creek in the Yukon, and at Fort Knox in Alaska.
Hole DD-03-03 twinned reverse-circulation hole RC02-06 with HQ core to compare analyses/assays from HQ core holes versus reverse-circulation holes. The 2002 reverse circulation hole was drilled to a depth of 62.48 metres (205 feet) and returned a weighted assay of 1.47 grams per tonne gold over 12.19 metres (0.04 ounce per ton over 40 feet) near the bottom of the hole in quartz monzonite.
DD03-03 was collared approximately four feet east of RC02-06. The hole was entirely within quartz monzonite intrusive rocks except for a small interval of hornfels between 8.05 metres and 10.15 metres. Anomalous gold values were reported at approximately the same depths in the core hole as in the RC hole and were from areas of thin quartz-arsenopyrite veins. Three one-metre samples between 15 metres to 22 metres returned 0.84, 0.80 and 1.15 grams per tonne gold. Between 41.15 and 51.15 metres, four one-metre samples returned 0.70, 0.81, 0.52 and 0.9 gram per tonne gold. DD03-03 continued below RC02-06 to a total depth of 140.21 metres, and returned a weighted assay of 2.37 grams per tonne gold over five metres from 127.5 metres to 132.15 metres, including 5.24 grams per tonne gold between 128.15 metres and 129.15 metres.
Hole DD03-04 tested a major northwest-trending fault that runs through the Jethro Saddle and has a number of 500 to 1,000 parts per billion gold in soil anomalies along a one-kilometre strike length of the structure. The hole intersected alternating quartz-monzonite sills and hornfelsed siltstone to a depth of 170.99 metres. Gold values average 311 parts per billion gold from top to bottom in this hole. Fire assay results of greater than one gram per tonne gold are listed below:
From To Interval Au
(m) (m) (m) (g/t)
16.00 17.00 1.00 1.19
44.81 46.33 1.50 1.94
57.35 58.25 1.00 4.56
98.00 101.00 3.00 1.99
109.00 110.00 1.00 2.28
133.80 137.30 3.50 1.34
143.00 144.00 1.00 1.14
147.00 148.00 1.00 1.32
170.00 170.99 1.00 1.62
Core drill holes DD03-05 through 08 have been logged and split, and the company is awaiting assay results.
The company will commence a deep drill hole on the Treadwell adit area to a depth of 1,500 feet. The Treadwell vein structure has produced the highest assay values from the Ice claims. It is also flanked on its southeast side by a 600- to 800-metre-long, greater than 500-part-per-billion-gold, in-soil anomaly.
DD03-02 through 09 all show increased veining alteration and mineralization with depth.
Drill results from the 2003 exploration program indicate that mineralization is associated with vein swarms localized along strong northwest-trending sinisterly faults and east-west extensional faults. Soil geochemistry and rock data combined with geological and satellite imagery indicate a number of other highly anomalous targets remain to be tested over a broadly anomalous area.
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