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| Ballad Gold and Silver Ltd.: Bonanza Grade Gold and Silver at Penascudo, Argentina
VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 18, 2003--Ballad Gold and Silver is very pleased to announce significant exploration results from its initial examination of the 9,000 hectare Penascudo gold-silver property located in Chubut Province, Patagonia, Argentina where bonanza grade gold and silver assays have been obtained from the newly named EL REY ("The King") Zone. Exceptional results and details from the property include: BizVantage – Beyond the news: when knowing counts. -- Bonanza grade chip samples assaying up to 1,102.99 grams/tonne gold (32.18 oz/ton) and 704.7 grams/tonne silver (20.56 oz/ton) over 0.35 meters; -- Grab samples assayed as high as 1,098.23 grams/tonne gold (32.04 oz/ton) and 1,144.5 grams/tonne silver (33.39 oz/ton); -- The EL REY Gold/Silver zone has been mapped for 55 meters along strike and may be contained within a larger 600 meter long structure; -- Excellent access and infrastructure including nearby power; and, -- Many unexplored target areas exist on the property. Mr. Edward McCrossan P. Geo., Independent Qualified Person, visited the Penascudo property and sampled the EL REY Zone obtaining exceptionally high-grade gold and silver values from both chip and grab samples, as referred to in his report dated September 12, 2003: -----------------------------------------------------------------
PENASCUDO CHIP and GRAB SAMPLES
EL REY ZONE
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Gold Silver
Gold Silver Assays Assays
Fire Fire converted converted
Assays Assays to to Width Sample
g/tonne g/tonne oz/ton oz/ton (m) No
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23.54 348.9 0.69 10.18 grab 10
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35.16 301.2 1.03 8.79 0.35 9
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1098.23 1144.5 32.04 33.39 grab 8
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1102.99 704.7 32.18 20.56 0.35 7
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75.86 509.9 2.21 14.87 0.30 6
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52.15 155.5 1.52 4.54 0.30 5
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1.67 11.5 0.05 0.34 0.30 4
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0.08 4.1 0.002 0.12 0.30 3
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The mineral deposit type being modelled for the Penascudo property is a low sulphidation epithermal gold (Au) - silver (Ag) vein, breccia and stockwork system(s) that contain bonanza or high grade mineralized zones within a lower grade bulk-tonnage disseminated deposit. Ballad's results confirm and expand on prior limited work by IMA Exploration Inc. and Aur Resources Ltd. Preliminary work reports approximately 25 quartz veins or silicified zones containing veins, breccias, veinlets and /or stringers, as well as variably silicified volcanic host rocks have been mapped within a rhyolitic to dacitic flow - dome complex on the property. Dimensions vary, but the structures mapped to date can extend 600 metres along strike and attain widths of up to 15 or 20 metres. Historically, these types of flow dome complexes have hosted bonanza grade mineralization and have included some of the large precious metals deposits in South America. Gold and Silver mineralization, discovered to date at Penascudo, is hosted within irregular silicified zones, which contain variable amounts of hydrothermal breccias, quartz stockworks, stringers, veinlets and veins. Mineralization is associated with quartz veins, breccias and silicification and is located in an area mostly covered by overburden and vegetation. It is interpreted to be part of a low sulphidation epithermal deposit that contains bonanza zones of high-grade gold and silver potentially within a lower grade, bulk-tonnage deposit. Mr. McCrossan, P. Geo., after visiting the property and completing his geological review, considers the discovery potential for new bonanza grade gold and silver zones to be excellent at both the EL REY Zone and in other areas of the Penascudo property. Alteration, silicification, brecciation and quartz veins have been mapped throughout the property yet much of the EL REY Zone and portions of the 9,000-hectare property is covered by shallow overburden and vegetation. The property has had no systematic geochemical sampling and has not been trenched or drilled in the past. Prior to Ballad's examination only limited geological mapping and rock sampling were undertaken. Ballad is developing an extensive three-phase exploration program including geological, geochemical and geophysical surveys to investigate known zones and to identify further zones of precious mineral mineralization. In addition to the high grade EL REY Zone, important exploration targets on the property include two areas of hydrothermal breccia and/or quartz stockworks including a 980 metre long by 300 metre wide zone located on the southern flank of Cerro Penascudo. Andre Pauwels, Vice-President of Ballad, comments: "We are very encouraged by the initial exploration results demonstrating the existence of exceptionally high grade gold and silver within the large alteration system evident at Penascudo. Ballad is looking forward to a first exploration campaign of intense rock sampling and trenching aimed at the discovery of other zones with bonanza gold and silver grades and to outline the full extent of the exceptional gold and silver grades at the EL REY Zone". The Penascudo Gold-Silver Property is located in the Patagonia region of Southern Argentina. This area in recent years has been a focus of major precious metal discoveries including the Cerro Vanguardia Gold Mine, the Esquel Gold Deposit, the San Jose Silver and Gold deposit and the Navidad high-grade silver discovery by IMA Exploration. The Penascudo property is accessible via an unpaved secondary road passing through the middle of the claim group. A local power line follows the same route. Topography within the claim area is moderate with elevations ranging between 700 and 1,000 metres. Due to the excellent access, existing infrastructure, and the reasonable topography, all future exploration and/or development projects would be logistically simple. Sample collection, sample security, sample transportation, sample preparation and analysis were all performed in compliance with "best practices" guidelines for mineral exploration. The samples were taken by E. McCrossan, P. Geo, in Argentina, maintained under his care and control and personally transported by him to Acme Analytical Laboratories Ltd. in Vancouver, Canada. Silver content was determined by fire assay. For gold, Acme conducted two separate fire assays, on the + and -150 mesh fractions, reporting the weighted average of both assays. For quality control blanks and check samples were inserted and repeat assays were done. As an additional check, Ballad also submitted the samples to an ICP-ES analytical method. In addition to gold and silver, analysis was done for a 30 element suite of elements using the ICP-ES method. Ballad exercised its right to option the Penascudo Gold & Silver Property from IMA Exploration Inc. on Aug 12, 2003. Ballad can earn up to an 70% interest in the property from IMA Exploration Inc., subject to a 1.5% NSR royalty in favour of IMA by completing US $1,800,000 in exploration and issuing a total of 1,000,000 Ballad shares, paying US $300,000 in year five and can earn a further 15% for a total interest of 85% by funding a feasibility study. Ballad's exploration team is led by Mr. Andre Pauwels, P.Geo, formerly Exploration Manager with Cominco Ltd, specializing in property evaluation and the acquisition of base metal and precious metal projects worldwide emphasising South America. Ballad is targeting significant growth through project development and acquisition of promising mineral exploration targets in South America and Canada. BALLAD GOLD & SILVER LTD.Anthony J. Beruschi, President 12g3-2(b): 82-4000 Standard & Poor's Listed The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News.
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