October 14, 2004
Carpathian Gold commences exploration on its Hungarian Properties .
TORONTO, Oct. 14 /CNW/ - Carpathian Gold Inc. (CPN- TSX-Venture) wishes to announce that it has commenced exploration activity on its Hungarian Properties.
Carpathian Gold has 3 Exploration Licenses and 1 Mineral Concession located in the Tokaj Mountains of northeastern Hungary and 1 Exploration License in the Matra Mountains in north central Hungary. All of the land holdings are held 100% through two wholly owned Hungarian subsidiaries. From previous exploration efforts, gold mineralization has been defined on all of the properties held by the Company.
Hungary is host to a segment of the Carpathian Mineral Arc, which hosts the state owned Recsk porphyry copper-gold deposit that is reported to contain 770 million tonnes of 0.65% Cu. Additional skarn mineralization is reported to host 110 million tonnes at 1.9% Cu and 11.5 million tonnes at 5.5% Zn. Overlying this deposit is the Lahoca epithermal Gold Deposit. Both of these deposits are located in north central Hungary within the Matra Mountains. Historic exploitation of gold bearing veins has also occurred at Telkibanya in the Tokaj Mountains during the medieval period.
Field activities commenced during September on all of the Company's properties with emphasis on the Kanazsvar Exploration License in the Matra Mountains and the Fuzérradvany Mineral Concession in the Tokaj Mountains. The exploration program is comprised of geological mapping, soil and rock chip sampling and selected areas of trenching. A diamond drilling program is also planned for the Kanazsvar license.
The operation plan for a drilling program on the Company's Kanazsvar Exploration License has been approved by the Hungarian Mining Ministry and local authorities. This license is contiguous to the Lahoca Gold Deposit on which Rhodes Mining NL reported (1996 annual report) an indicated resource of 7.9 million tonnes at 1.33 g Au/t for 335,000 ounces of gold and an inferred resource of 27.6 million tones of 1.36 g Au/t for 1,200,000 ounces of gold (all at a 0.5 g Au/t cut-off). The deposit is a blanket of sub-horizontal gold mineralization in the order of 30 metres to 50 metres thick and lying approximately 50 to 100 metres below surface. Drilling has been carried out essentially to the western boundary of the Kanazsvar license and Carpathian believes it is open laterally and could likely extend directly onto the license. From the Rhodes drilling program, significant gold mineralization ranging from 0.51 g Au/t to 1.82 g Au/t was intersected in several drill holes adjacent to the western license boundary. It is not known if the Lahoca resource estimate is compliant with NI 43-101 and investors should not rely upon it.
A minimum of 2 diamond core holes (approximately 400 metres) is planned to be drilled adjacent to the license boundary to test for the continued eastward strike extension of the Lahoca Deposit. There are also a number of other weak gold in soil anomalies and gold rock sample anomalies on the license which may either represent separate gold mineralized areas and/or feeder systems that will also be evaluated at a later date. Pending the initial drill results the drill program may be extended. Drilling will commence as soon as it is logistically feasible.
The Company's 92 km(2) Fuzérradvany Mineral Concession in the Tokja Mountain region of northeastern Hungary hosts the country's largest, untested, combined arsenic, antimony, mercury and gold soil anomaly that covers an area of 4 kilometres by 2 kilometres. This soil anomaly was defined by the Hungarian geological survey during the late 1980's to early 1990's.
Geological mapping by Carpathian has outlined a large area of hot spring style alteration covering an area of 1.2 km(2). Alteration features include areas of opaline-chalcedonic silicification related sinters, hydrothermal eruption breccias and pockets of advanced-argillic and argillic alteration. From the government geochemical survey results, three discrete northwest trending gold-in-soil anomalies lie within this area of alteration. The strongest anomaly, with dimensions of 800 metres by 60-300 metres, has gold values ranging from 15-330 ppb Au. There are also coincident arsenic, antimony and mercury anomalies associated with this gold anomaly. Within this anomaly there is a 15 metre wide breccia zone cut by banded chalcedonic quartz veins and stock work quartz veinlets, and sulphide-bearing grey silicification. Proximal to this anomaly is an Illite underground mine, which contains chalcedonic-opaline quartz veinlets. Several underground channel samples previously collected by Carpathian within the adit of the Illite mine returned 0.7 g Au/t over 18 metres, 3.18 g Au/t over 10 metres and 0.58 g Au/t over 8 metres.
The geologic features of the gold anomaly, including its close proximity to the Illite deposit, and inclusion within a large area of hydrothermal alteration suggests good potential for an upper-level quartz-adularia Au-Ag deposit or hot springs-type Au-Ag deposit with the potential to host a large precious metal deposit. This target anomaly has similarities with the Kremnica Resource in Slovakia which is reported to have produced over 1.5 million ounces of gold mainly from a high-level low sulphidation mineralization system related to late-stage rhyolite intrusives.
Current field activities on this concession include soil and rock sampling to better refine the government's soil geochemical survey and aid in the establishment of drill target selection by Carpathian.
The location of each of the Hungarian Projects and further descriptions can be found on the Company's web site.
Carpathian Gold Inc. is a mineral exploration company focused on gold exploration on its highly prospective properties in Romania and Hungary, within the Carpathian Arc.
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The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
For more Information please contact:
Dino Titaro, President and CEO
Website: : www.carpathiangold.com
Tel. +1 (416) 368-7744 (CAN)
Fax. +1 (416) 368 2579 (CAN)
e-mail info@carpathiangold.com
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