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New drilling at three holes on the 30 and 34 levels of the mine indicate the main quartz carbonate zone has a minimum strike length of 800 feet between the 31 and 32 levels. The new drilling has also revealed improved widths in the zone, with a number of footwall and hanging wall ore shoots that will be defined by in-fill drilling in early 1996.
``We're pleased with these results which indicate a strike at least 60 per cent longer than the earlier forecast of 500 feet,'' said Robert McEwen, President and CEO of Goldcorp. ``These numbers also show the long term strategic soundness of reducing production levels, beginning in early 1995, to permit increased exploration and development of the Red Lake Mine.''
The high grade zone's promising drill results are the latest in a series of positive results from Red Lake. ``Also of major importance is our discovery, earlier this year, of the 1,200-foot vertical continuity of the sulphide zone,'' explained Mr. McEwen. ``Taken together, eventual production from the high grade and sulphide zones could significantly expand reserves and annual production.''
On the deepest level of the mine, the 38 level, assay results have been received for the sulphide zone and visual examination has revealed the downward continuity of the quartz carbonate zone with minor visible gold.
Ongoing Exploration
Expenditures to date under the $10 million program total approximately $5 million.
The 34 level hanging wall drift has been advanced some 400 feet (40 per cent of its planned length) to allow drilling for the downward extension of the high grade quartz carbonate, footwall and quartz vein zones. A drilling program is just commencing on the 30 level in a newly rehabilitated drift, approximately 1,300 feet west of the three high grade zones discovered thus far.
Inconclusive results have come from the 18, 22 and 24 level exploration activities. Further assay results are pending on some of the 22 holes drilled to date.
Pre-Feasibility Study
Goldcorp has engaged Kilborn Engineering, a consulting engineering firm, to conduct a pre-feasibility study which will examine methods to optimize production from the Red Lake Mine. The emphasis of the study will be on the newly discovered ore zones and their integration with existing production. Among the issues to be examined are mining methods, mining rates, ore handling systems and plant lay-out. The study is to be completed by the end of 1995.
Goldcorp Inc. is a well-capitalized intermediate size North American gold producer with controlling interests in three producing gold mines in Ontario and South Dakota. In addition to its gold producing operations, Goldcorp owns two industrial mineral operations, Havelock Mine in New Brunswick and Saskatchewan Minerals in Saskatchewan. Goldcorp is headquartered in Toronto and had record 1994 revenues of approximately Cdn. $141 million.
Red Lake Mine Exploration -- Update Number 4 October 18, 1995 Drilling Results Level-hole Gold Assay Number Assay Interval Length Ounces Per Ton ---------------------------------------------------------------- (ft.) (ft.) (uncut) 30-916 206.5 - 220.4 13.9 2.58 FW 30-918 260.0 - 286.0 26.0 3.77 Qtz. Carb. 34-114 685.0 - 699.3 14.3 1.48 Qtz. Carb. 34-117 718.5 - 721.3 2.8 1.35 FW 830.8 - 835.0 4.2 1.49 FW 856.4 - 863.4 7.0 2.21 FW 887.5 - 892.5 5.0 7.70 FW 908.0 - 962.5 54.5 0.58 Qtz. Carb + HW 34-118 330.0 - 339.1 9.1 0.59 Sulphide 34-121 403.0 - 403.7 0.7 4.81 Sulphide 429.9 - 440.0 10.1 1.15 Sulphide 959.0 - 961.3 2.3 0.41 Qtz. Carb. 38-08 1957.1 - 1963.1 6.0 0.47 Sulphide 2359.7 - 2380.4 20.7 Assays pending Qtz. Carb. Legend ------ FW - Footwall HW - Hanging wall Qtz. Carb - Quartz CarbonateFor further information, please contact:
Robert R. McEwen
Chairman, President and
Chief Executive Officer
(416) 865-0326
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