 Copperstone Air Photo showing Target Zones & Development
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| | October 14, 2002
American Bonanza Commences Pamlico Exploration Program
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| | AMERICAN BONANZA GOLD MINING CORP. (the "Corporation") is pleased to report it has commenced exploration activities at the Pamlico Project located in the Walker Lane gold trend of Nevada. The Pamlico project is subject to a previously announced option agreement with American Nevada Gold Corp., who can earn up to a 50% interest after funding a total of $3,600,000 in exploration expenditures on both the Pamilco and Gold Bar projects and providing other consideration over a three-year period. The Corporation retains a buy-back right to increase its interest to 70%.
Prior to the Corporation's previous exploration programs, the Pamlico project had received little modern exploration. The results to date are encouraging, having identified numerous very high-grade gold anomalies at surface, in the historic underground workings, and in drilling.
The initial exploration program at the Pamlico Project will consist of approximately 900 metres of drilling to confirm and expand mineralization encountered previously in the underground workings at the "B-Zero" adit in the Central Mine Area and at the northwest end of the Main Zone area.
As previously disclosed, in the Central Mine area nine channel samples from the B-Zero Adit vein returned values averaging 20 g/t gold with four of the samples having higher results (67g/t, 34 g/t, 31.5 g/t and 22.3 g/t gold). Two nearby areas returned high gold values from vein sampling. One area, 45 metres away, had gold values of 19.9 g/t and 6.2 g/t; the other, 180 metres distant, returned values of 60 g/t and 29.5 g/t gold. The Main Zone area produced over 50,000 ounces of gold during historic mining. The Corporation's previous drilling targeted known productive veins approximately 90 metres down dip from the historic workings. Eight holes were drilled along a 230 metre fence. Three holes encountered narrow veins approximately 0.6 metres in true thickness, grading 42 g/t, 134 g/t and 700 g/t gold.
The Corporation has received approval on its recently filed drilling permits at the Pamlico project and has finalized its drilling plan in anticipation of commencing the drilling program shortly, subject to drill contractor selection, which is underway. Drill site preparation has begun.
Additional information about American Bonanza and its properties can be obtained at www.americanbonanza.com . For further information please contact Brian Kirwin, President and Chief Executive Officer (775) 824-0707 or Giulio T. Bonifacio, Executive Vice President and Chief Financial Officer (604) 699-0023.
AMERICAN BONANZA GOLD MINING CORP.
(Signed) Brian Kirwin
President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release. |
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