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Goldcorp Inc. (TSE/ME: G.A, G.B; NYSE: GG.A, GG.B) today announced new drilling results from the company's Red Lake Mine which have improved the quality of and increased the size of the main high grade quartz carbonate zone and indicated potential new high grade zones at depth.
Since Goldcorp's last update, 24 holes were drilled in the deepest levels of the mine. Between the 30 and 34 levels, five holes were drilled that returned gold values. One of these holes assayed greater than 29 ounces per ton (uncut).
Below the 34 level, 10 holes were drilled to explore for the downward extension of the high grade quartz carbonate zone. Visual examination of the cores from the seven steeper holes, reveals an apparent shift in the position of the quartz carbonate zone. These holes were originally drilled to test for the extension of the zone 450 feet below the 34 level but as a result of the shift, intercepts of ore grade mineralization were made at approximately 200 feet. Assays are pending on three holes. Further drilling is planned to test for the eastern extension of the deeper structure.
Assay results from three of the 10 holes indicate continuity to approximately 100 feet below the 34 level. The intercept widths ranged from 10 to 33 feet while the grade ranged between 2.5 and 4.8 ounces per ton.
Two of these three holes also encountered narrow footwall zones. In one of the footwall zones the assay grade was 31.3 ounces per ton.
Assays are pending for seven of the 10 holes drilled on the 30 level. Three holes drilled in a northerly direction from the west end of the drift encountered mineralization with grades ranging between 0.25 to 8.94 ounces per ton over narrow widths. Further drilling will test for continuations of structure. Additional drilling has just commenced into the hanging wall at the west end of the 30 level drift, looking for continuations in a southerly direction.
``Our confidence in the high grade zone and its possible extension to depth has been strengthened by these results,'' said Robert McEwen, President and Chief Executive Officer of Goldcorp Inc. ``It is increasingly apparent that our ongoing exploration success will have a major positive impact on Red Lake's production.''
Goldcorp will continue its exploration and development program throughout 1996. At the same time, the company awaits a pre-feasibility study by Kilborn Engineering which will examine a number of issues including mining methods in the high grade zone.
RED LAKE MINE EXPLORATION DECEMBER 20, 1995 Drilling Results Between Levels 30 to 34 ----------------------- -------------------------------------------------------------- LEVEL - DIP ASSAY INTERVAL LENGTH GOLD ASSAY OUNCES HOLE NO. (IN FEET) (IN FEET) PER TON (UNCUT) -------------------------------------------------------------- 30-901 -22 215.0 - 219.4 4.2 0.54 FW degrees -------------------------------------------------------------- 34-120 +30 ASSAYS PENDING degrees -------------------------------------------------------------- 34-142 +30 570.0 - 571.0 1.0 4.73 F.W. degrees 700.0 - 715.0 15.0 2.03 QTZ.CARB -------------------------------------------------------------- 34-148 +22 202.5 - 212.5 10.0 0.60 SULPHIDE degrees 726.3 - 728.7 2.4 0.49 QTZ.CARB -------------------------------------------------------------- 34-119 +15 420.2 - 427.2 7.0 1.19 F.W.(2) degrees 707.2 - 709.0 5.8 0.41 F.W. 722.3 - 727.6 5.3 29.62 QTZ.CARB -------------------------------------------------------------- 34-144 0 360.0 - 393.0 33.0 2.37 QTZ.CARB degrees 406.8 - 408.3 1.5 31.35 F.W. -------------------------------------------------------------- LEGEND: FW: FOOT WALL ZONE QTZ.CARB: QUARTZ CARBONATE ZONE RED LAKE MINE EXPLORATION DECEMBER 20, 1995 Drilling Results Below Level 34 -------------- -------------------------------------------------------------- LEVEL DIP ASSAY INTERVAL LENGTH GOLD ASSAY OUNCES HOLE NO. (IN FEET) (IN FEET) PER TON (UNCUT) -------------------------------------------------------------- 34-145 -17 268.6 - 293.5 24.9 2.57 QTZ.CARB degrees -------------------------------------------------------------- 34-146 -17 338.8 - 349.4 10.6 4.81 QTZ.CARB degrees 360.8 - 366.6 5.8 1.31 F.W. -------------------------------------------------------------- 34-147 -38 211.5 - 212.7 1.2 0.36 QTZ.CARB degrees -------------------------------------------------------------- 34-149 -60 TRACE degrees -------------------------------------------------------------- 34-150 -60 355.8 - 358.9 3.1 0.93 QTZ.CARB degrees -------------------------------------------------------------- 34-151 -60 91.2 - 96.5 5.3 ASSAYS PENDING degrees 252.7 - 254.0 1.3 0.74 QTZ.CARB -------------------------------------------------------------- 34-152 -60 ASSAYS PENDING degrees -------------------------------------------------------------- 34-153 -60 370.9 - 390.1 19.2 TRACE QTZ.CARB degrees -------------------------------------------------------------- 34-154 -60 ASSAYS PENDING degrees -------------------------------------------------------------- LEGEND: FW: FOOT WALL ZONE QTZ. CARB: QUARTZ CARBONATE ZONEFor further information, please contact:
Robert R. McEwen
Chairman, President and
Chief Executive Officer
(416) 865-0326
Email: goldcorp@interlog.com
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