Welcome to the thread Eric!
GRID CAPITAL CORPORATION
TSX VENTURE SYMBOL: GID
JUNE 6, 2003 - 09:30 ET
Grid Identifies New Gold Targets in the Sierra Madre
Gold Belt in Mexico
VANCOUVER, BRITISH COLUMBIA--Grid Capital Corporation (the
"Company") is pleased to announce the results of a program of
geological mapping, rock and soil sampling and induced
polarization (I.P.) surveying carried out in April, 2003 on the
Galeana gold-silver property in Chihuahua State, Mexico. The
Company has an agreement with Almaden Minerals Ltd. whereby its
can earn up to a 60% interest in the property.
The Galeana property hosts three major vein systems, the San
Miguel-Ahumada-Estrella de Oro, the Falda Norde and the San
Geronimo. All have had limited historic production prior to the
Mexican revolution when all mining activity ceased.
The Miguel Ahumada zone, consisting of fault breccia, epithermal
quartz veining and quartz vein breccia, has been traced for over
500 meters. The zone, where exposed by a number of open cuts,
pits and adits, varies from 1 meter to more than 3 meters in
thickness. Four grab samples of breccia quartz clastic material
found in the Ahumada adit ranged from 1.79 grams/tonne (g/t) gold
(Au) and 11.5 g/t silver (Ag) to 15.75 g/t Au and 549 g/t Ag.
Four surface samples of quartz float at the east end of the
Ahumada structure, 150 meters to the northeast of the
eastern-most opening, returned values of up to 9.3 g/t Au and 181
g/t Ag. As well, soil sampling was completed along four lines,
spaced 200 meters apart crossing the Ahumada structure. Two
anomalous soil samples grading 299 ppb Au and 214 ppb Ag, taken
150 meters to the north of the above-mentioned high-grade quartz
float, indicate the presence of an undiscovered auriferous vein
and represents a high priority target for follow-up work. Along
strike to the southwest of the Ahumada zone, results of soil
sampling and quartz vein float sampling has extended the zone 200
meters and indicates the zone is open to the southwest. I.P.
surveys carried out over the four lines crossing the Ahumada
trend suggest that several parallel veins may be present.
One kilometre north of the Ahumada zone, the Falda Norde
structure returned anomalous (7100 ppb) to highly anomalous
(greater than 1 g/t) gold values from rock and soils over a 800
meter strike length. The best results were returned from a chip
sample taken in the Falda Norde adit across a zone of banded
limonitic epithermal veining, vein breccia and clay gouge. The
chip sampling assayed an average of 9.18 g/t Au and 46.6 g/t Ag
over 0.85 metres.
Approximately 400 meters south of the Falda Norde adit, along the
same structural trend, 20 samples were taken from old workings in
the Rosario adit and from float located over 500 meters of
strike. Nine samples returned values of greater than 100 ppb Au.
The highest gold value came from the float boulder of quartz vein
breccia that assayed 14.1 g/t Au and 8.9 g/t Ag. Two anomalous
gold in soil values, 200 meters east of the Falda Norde trend,
indicate the presence of a gold-bearing structure that warrants
follow-up work. In addition, I.P. survey results from 2 lines
spaced 200 meters apart, crossing the Falda Norde structure,
indicate other parallel vein structures may be present.
The San Geronimo structure, located about 1 kilometre southeast
of the Ahumada trend, was the centre of significant historic gold
production. Three of the five samples taken from well-mineralized
but generally narrow structures returned values up to 7.4 g/t Au
and 54.3 g/t Ag.
The combined results of soil and rock sampling and I.P. surveys
have identified a number of targets that the Company believes
warrant drill testing. The Company plans to carry out a drill
program to test the most promising targets.
ON BEHALF OF THE BOARD OF DIRECTORS
J. E. Charlesworth, President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Grid Capital Corporation
J. E. Charlesworth
President
(604) 922-9264
(604) 922-9182 (FAX)
The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release.
AI
