TVX pulls gold-copper values in Greece

Initial drill results are enabling the Greek subsidiary of TVX Gold (TVX-T) to better define the Skouries copper-gold deposit.

TVX Hellas began drilling the deposit, situated in the southwestern portion of the Kassandra mines claims, in August 1996.

Exploration work was conducted in the 1960s by Nippon Mining and Placer Development, and in the mid-1970s by previous owners. This work — 16,000 metres of drilling and 600 metres of drifting — was concentrated in the centre of the deposit. Initial assessment demonstrated that the deposit extended to a depth of 400 metres, though a few deeper holes showed interesting potential at greater depth.

The current drill program extends exploration down to 1,000 metres and is testing lateral extensions.

The last of 22 holes is expected to be drilled before the new year, bringing the total to 15,000 metres.

Assay results include: 713 metres averaging 0.75% copper and 1.31 grams gold per tonne; 902 metres averaging 0.5% copper and 0.86 gram gold; 423 metres averaging 0.82% copper and 1.5 grams gold; 396 metres averaging 0.42% copper and 0.74 gram gold; 329 metres averaging 0.48% copper and 0.77 gram gold; 120 metres averaging 0.71% copper and 1.06 grams gold; 498 metres averaging 0.59% copper and 1.5 grams gold; and 62 metres averaging 1.2% copper and 2.97 grams gold. The average grade of all assays received thus far is 0.64% copper and 1.17 grams gold per tonne.

Results to date reconfirm Skouries as a classic, pipe-shaped copper-gold porphyry, with continuous ore-grade mineralization over 800 metres in the central portion. The deposit appears to consist of two higher-grade zones: a near-surface structure grading 0.8% copper and 1.5 grams gold per tonne, and a high-grade core zone, lower down, grading 1.1% copper and 2.2 grams gold.

Assay results and an initial resource estimate for Skouries are expected to be available by the end of January 1997.

To date, a total of 35,000 metres of drilling has been conducted on the Kassandra mines concessions. In a release, TVX says the results to date confirm the previous ore reserve information provided by the Greek government.

Meanwhile, at TVX’s nearby Madem Lakkos mine, a total of 12,102 metres of drilling has been completed to date, with assays averaging 8.2% lead, 13% zinc and 120 grams silver. The mine is currently providing feed to the Stratoni mill.

At the Mavres Petres mine, also near the Stratoni mill, 3,146 metres of drilling have been completed, with results to date averaging 7.4% lead, 9.5% zinc, 213 grams silver and 5.1 grams gold.

At the Olympias mine, ore definition drilling is being

conducted both underground and from surface. A 166-hole, 3,235-metre program of infill drilling at the main western orebody has been completed, and results are confirming average grades of 5.5% lead, 7.7% zinc and 10.4 grams gold.