Link to PMI Ventures web site, www.westafricangold.com
PMI VENTURES LTD. ANNOUNCES FURTHER DRILL RESULTS OF ITS SECOND DRILL PROGRAM
PMI Ventures Ltd. (the 'Company') (TSX Venture: PMV), is pleased to announce continued encouraging results from its second drill program on the package of exploration concessions and applications which comprise its Ashanti II Gold Project located along a 50 km length of the axis of the Asankrangwa Gold Belt in southwestern Ghana.
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Table I
Fromenda Grid 'B'Area
2003 Drill Program
Drill Hole &Drill Intercept Drill Assays
-inclination From (m) To (m) (m) (ft) Au (g/t) Au (oz/ton)
03FBDDH09 55.00 68.50 13.50 44.29 1.00 0.03
-60 degrees
including 62.00 68.50 6.50 21.32 1.40 0.04
03FBDDH11 14.50 34.00 19.50 63.98 1.39 0.04
-50 degrees
including 14.50 19.00 4.50 14.76 1.89 0.06
including 24.00 34.00 10.00 32.81 1.74 0.05
03FBDDH12 6.00 24.45 18.45 60.53 2.42 0.07
-50 degrees
including 10.00 22.00 12.00 39.37 3.34 0.10
03FBDDH13 13.00 54.00 41.00 134.52 1.15 0.03
-50 degrees
including 13.00 19.00 6.00 19.69 2.40 0.07
43.00 54.00 11.00 36.09 2.01 0.06
-----------------------------------------------------------------------In total nine drill holes totaling 931 metres have been completed in the program. All nine drill holes are located in the Fromenda Grid 'B'area in the northeast part of the exploration area, where four holes were previously completed in the initial drill program conducted during May 2003. Drill holes 03FBDDH 5 and 6 were drilled on section 21+00N; hole 7 on section 21+25N; and holes 8 and 9 on section 21+50N. Drill hole 10 was drilled 300m to the south-west on section 18+00N, and drill holes 03FBDDH11, 12 and 13 were drilled 25 metres under, 25 metres north east, and 25 metres south-west, respectively, of an earlier drill hole completed in 1997 that returned 17 g/t gold over a 2 metre intercept on section 17+00N.
Significant assay results received to date from this new program in the Fromenda Grid 'B'area are shown above. Holes 03FBDDH 6 and 10 intersected the shear structure, however did not have any significant gold assays. Drill hole 8 was a vertical test of the northern extension of the mineralization noted in hole 7 - however, it was totally in non-mineralized material.
The Company is most encouraged by these results from the second drill program in the Fromenda Grid 'B'area, since they continue to demonstrate that the shear structure that hosts the gold mineralization is laterally continuous and contains near surface mineralized sections with gold grades of between 1.13 g/t gold and 4.97 g/t gold over widths ranging from 6.50 metres (21.32 feet) to 41.00 metres (134.50 feet), and in the drill holes completed to date the average mineralized intersection is 1.70 g/t gold over 17.9 m (57.74 feet) . The deepest hole completed to date has tested the mineralized zone to a true depth of 72 metres (236 feet).
Hence to date 475 metres of strike length of the gold mineralized zone have now been partially tested by the limited drilling reported to date in the 2003 program.
Gold mineralization in the Fromenda Grid 'B'area has been shown by earlier soil sampling, geophysical surveys and reconnaissance drill programs to have a potential strike length of over 1.5 kilometres. Two target types have been outlined - steeply dipping shear hosted auriferous quartz reefs of the Ashanti Obuasi type; and gently dipping replacement/stockwork type gold mineralization in favourable sediments adjacent to or overlying the quartz reefs. This mineralized zone will be explored by a much larger drill program comprising approximately 80 reverse circulation (RC) drill holes totalling 6,000 metres. This drill program is expected to commence in mid October 2003.
An additional 2000 metres of RC drilling will also be completed during that program to test four other high potential targets outlined in the Fromenda Grid 'A'and Fromenda School Zones located 4 kilometres north and 3 kilometres north east respectively from the Grid 'B'area; in the L34N IP anomaly located 8 kilometres to the west south west; and in the Nugget zone 8 kilometres to the west of Fromenda Grid 'B'. Each of these targets is situated on or proximal to major gold mineralized structures and have not been previously drill- tested.
Initial work programs have also commenced on the Goknet #1 concession - which has just been granted to Goknet Mining Company Limited by the Government of Ghana and is included in the option agreement with PMI. Areas with active Galamsey (native mining) activities covering an area of 2 by 3 kilometres will be covered with a detailed IP survey and anomalous zones tested with a subsequent drill program.
Douglas R. MacQuarrie, P.Geo. (B.C.), the VP of Exploration for the Company and Goknet Mining Company Limited, supervised and directed all work associated with the drilling program. Sample analyses, including repeats, randomly placed blanks and standards were completed at SGS Analabs Pty. Limited at Bibiani, utilizing industry standard 50g fire assay and screened metallics fire assay techniques, with atomic absorption finish. ICP analyses are being conducted at Acme Analytical in Vancouver. In addition, random duplicate samples were submitted to a referee laboratory for overall QA purposes.
The Company has an option to earn up to 85% of the interest that Goknet Mining Company Limited, a privately held Ghanaian mineral exploration company, holds in nine exploration concessions and applications, covering an area of approximately 380 sq. km. Goknets'contractual interests in the concessions vary from 85% to 100%, and are subject to a 10% non-participating interest in favour of the Government of Ghana.
PMI has an option to earn up to 85% of the interest that Goknet Mining Company Limited, a privately held Ghanaian mineral exploration company, holds in nine exploration concessions and applications, covering an area of 380 sq. km. Goknets' interests vary from 85% to 100%, and are subject to a 10% non-participating interest in favour of the Government of Ghana.
On behalf of the Board,
“Arthur T. Fisher”
Arthur T. Fisher
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.
