Results of Infill Drilling of the Alcarvan Ore Body (El Foco Project, Venezuela)

Apr 03, 2001, 01:00 ET from Zaruma Resources Inc.

    TORONTO, April 3 /PRNewswire/ - Zaruma Resources Inc. (TSE-ZMR) (the
 "Company" or "Zaruma") is pleased to announce the drilling results obtained
 from infill drilling conducted on the oxide weathered ("saprolite") cap of the
 Alcaravan ore body, part of the Company's wholly-owned El Foco Project in
 Venezuela.
     The drilling was concluded mid-February totaling 1,850 meters of HQ core
 size drilling in 32 vertical holes in a 30 meters by 30 meters grid. Final
 evaluation and calculation of reserves/resources is expected to be concluded
 next month. From the 180 meters by 120 meters wide area drilled, previous
 owner and operator Homestake Mining reported the presence of a "mineralized
 breccia" and estimated a mineral resource of 4.6 million tonnes grading 1.8
 grams gold per tonne (g/t) to contain 263,000 ounces of gold applying a cut-
 off grade of 0.3 g/t. of which an estimated 2 million tonnes of saprolitic
 oxide material with an average grade of 1.9 g/t, resulting in 125.000 ounces
 of contained gold, were calculated.
     Geological Highlights of the infill drilling by Zaruma are:
 
     -  Better understanding of the geology: the Alcaravan gold
        mineralization has the features of a typical shear-zone hosted Archean
        gold lode and is intimately associated with a quartz-sericite-pyrite
        alteration. The northwest-trending lenticular-shaped body follows the
        regional trend of gold mineralization in the district.
 
     -  Grades in mineralized sections within saprolite average higher than in
        previous drill holes, examples:
 
        -   DDH AL12-01:    37 meters with 4.12 g/t gold (from 9 to 46 meters)
        -   DDH AL14-01:    41 meters with 3.26 g/t gold (from 2 to 43 meters)
        -   DDH AL15-01:    44 meters with 3.36 g/t gold (from 0 to 44 meters)
 
     -  Drilling was concentrated on the oxide material, however, most of the
        mineralized drill sections at the base of the oxide profile, ended in
        or close to mineralized material, confirming a continuation of gold
        mineralization to depth as already indicated by the previous Homestake
        drilling.
 
     The drill cores (recovery has been better than 95%) were spilt in halves
 and had been sampled at 1 meter intervals, one half has been submitted for
 fire assay at XRL-SGS Laboratories in Toronto (Canada), the remaining halves
 are stored at the Company's El Foco camp. Drilling, sampling and geological
 recording has been supervised on site by Dr. Alfredo Bernasconi, a qualified
 exploration geologist with more than 30 years of international exploration
 experience.
 
     The drilling results are summarized in the following table:
 
       HQ
     Diamond   Dip         Depth   Minerali-  Minera-  Gold       Remarks
      Drill                in       zation    lized    g/t
      Hole                 meter   from - to  Widths
       No.                          (meter)   (m) at
                                               1 g/t
                                              cut off
     -------  -------     -------  ---------  -------  ------     -----------
 
     AL        -90          52     0.0 -       39       1.9       Northern
     01-01     degrees             39.0                           Mineralized
     AL         90          71     2.0 -       33       3.94      Appendix
     01A-01    degrees             35.0
     AL        -90          59.5   0.0 -       25       2.86
     02-01     degrees             25.0
                                   0.0 -       32       2.39
                                   32.0
 
     AL         90          55.5   Weakly    ------     -----     Margins
     03-01     degrees             mineral.                       of Ore
     AL        -90          51.5   Weakly    ------     -----     Zone
     04-01     degrees             mineral.
     AL        -90          54.5   Weakly    ------     -----
     05-01     degrees             mineral.
 
     AL        -90          60     8.0 -        7       2.2
     06-01     degrees             15.0
                                   38.0 -       5       1.52      Northern
                                   43.0                           Limit
                                   46.0 -       5       1.2       of
                                   51.0                           Main
     AL        -90          52     4.0 -       19       1.5       Ore Zone
     07-01     degrees             23.0
                                   33.0 -       4       1.12
                                   37.0
                                   41.0 -       8       1.28
                                   49.0
 
     AL        -90          75     Barren    ------     -----
     08-01     degrees
     AL        -90          68.5   Barren    ------     -----     Margins
     09-01     degrees                                            of
     AL        -90          67     Weakly    ------     -----     Ore Zone
     10-01     degrees             mineral.
     AL        -90          64     Weakly    ------     -----
     11-01     degrees             mineral.
 
     AL        -90          49     0.0 -        9       Weak.     Main
     12-01     degrees             9.0                            Ore Zone
                                   9.0 -       37       4.12
                                   46.0
     AL        -90          46.5   Barren    ------     -----
     13-01     degrees
 
     AL        -90          44.5   2.0 -       22       4.73
     14-01     degrees             24.0
                                   28.0 -       6       3.33
                                   34.0
                                   2.0 -       41       3.26       Main
                                   43.0                            Ore Zone
     AL        -90          44     2.0 -       17       5.11
     15-01     degrees             19.0
                                   28.0 -      16       3.56
                                   44.0
                                   0.0 -       44       3.36
                                   44.0
     AL        -90          49     0.0 -        7       1.38
     16-01     degrees             7.0
                                   10.0 -       7       2.15
                                   17.0
                                   21.0 -      13       2.96
                                   34.0
                                   0.0 -       34       2
                                   34.0
     AL        -90          62.5   39.0 -      10       5.54
     17-01     degrees             49.0
 
     AL        -90          69.5   Weakly    ------     -----       Outside
     18-01     degrees             Minera-                          Ore Zone
                                   lized
     AL        -90          78.5   As above  ------     -----
     19-01     degrees
 
     AL        -90          72     1.0 -       14       3.94
     20-01     degrees             15m
     AL        -90          52.5   14.0 -      21       2.95
     21-01     degrees             35.0
                                   43.0 -       8       4.4         Main
                                   51.0                             Ore Zone
                                   14.0 -      37       2.7
                                   51.0
     AL        -90          49.5   12.0 -      35       4.3
     22-01     degrees             47.0
                                   1.0 -       46       3.4
                                   47.0
     AL        -90          54     8.0 -        8       2.8
     23-01     degrees             16.0
                                   40.0 -       8       1.9
                                   48.8
 
     AL        -90          55     Barren    ------     -----       Outside
     24-01     degrees                                              Ore Zone
     AL        -90          46.5   Weakly    ------     -----
     25-01     degrees             minera-
                                   lized
 
     AL        -90          60     26.0 -      10       3.71
     26-01     degrees             36.0
                                   44.0 -      11       3.08
                                   55.0
                                   26.0 -      29       2.55        Main
                                   55.0                             Ore Zone
     AL        -90          83     2.0 -       18       3.26
     27-01     degrees             20.0
     AL        -90          50.5   32.0 -      10       4.95
     28-01     degrees             42.0
 
     AL        -90          49     24.0 -       4       3.44
     29-01     degrees             28.0
                                   34.0 -       2       4.07
                                   36.0
     AL        -90          50.5   6.0 -        2       4.3         Margins
     30-01     degrees             8.0                              Ore Zone
     AL        -90          50.5   Barren    ------     -----
     31-01     degrees
 
 
     Thomas Utter, President and Chief Executive Officer of Zaruma states: "we
 are very pleased with the results from the infill drilling at Alcaravan.
 Subject to detailed assessments and evaluation of the data, including a
 reserve/resource estimation which is expected to be concluded next month, it
 appears that the average gold grades are better than previously reported.
 However, the ore body has a more lenticular shape than previously assumed,
 indicating a lower volume of mineralized material." Utter continued: "it is
 Zaruma's concept at El Foco to identify a minimum of economically exploitable
 gold reserves on which an expandable pilot-stage gold production could be
 initiated".
     El Foco, a 48.000 hectares property located in the Bolivar State of
 southeastern Venezuela, has a number of untested geochemical anomalies and
 spread-out diamond drill holes, some with gold mineralization.
 
     Other Projects
     --------------
     Zaruma is currently conducting feasibility updating work, mainly related
 to metallurgical issues, on its 100% owned Luz del Cobre open pit copper
 deposit in Sonora, Northern Mexico. Zaruma additionally controls a 52,000
 hectare gold exploration property in Mexico, adjacent to Luz del Cobre. The
 San Antonio property includes a 900 hectare portion on which Alamos Minerals
 Ltd, through a joint venture, is currently developing a gold heap leach.
     Zaruma furthermore has an indirect 7% interest in Compania Minera de
 Zamora CA, (Cominzasa) which owns and operates the Guayzimi Alto gold mine in
 Ecuador. Zaruma also owns 100% to the rights to the Romina gold and diamond
 concession in Venezuela.
     Zaruma Resources Inc. is a junior mining and exploration company listed
 on The Toronto Stock Exchange (symbol: ZMR). The Company also trades over-the-
 counter on Nasdaq (ZMRAF) and in the Freiverkehr (Unofficial Market) of the
 Berlin Stock Exchange (Germany), symbol ZMR and WKN: 886597. The Company
 intends to become a significant presence in the mining sector, focusing on
 copper and gold, expanding its interests as strategic opportunities come
 about.
 
 

SOURCE Zaruma Resources Inc.
    TORONTO, April 3 /PRNewswire/ - Zaruma Resources Inc. (TSE-ZMR) (the
 "Company" or "Zaruma") is pleased to announce the drilling results obtained
 from infill drilling conducted on the oxide weathered ("saprolite") cap of the
 Alcaravan ore body, part of the Company's wholly-owned El Foco Project in
 Venezuela.
     The drilling was concluded mid-February totaling 1,850 meters of HQ core
 size drilling in 32 vertical holes in a 30 meters by 30 meters grid. Final
 evaluation and calculation of reserves/resources is expected to be concluded
 next month. From the 180 meters by 120 meters wide area drilled, previous
 owner and operator Homestake Mining reported the presence of a "mineralized
 breccia" and estimated a mineral resource of 4.6 million tonnes grading 1.8
 grams gold per tonne (g/t) to contain 263,000 ounces of gold applying a cut-
 off grade of 0.3 g/t. of which an estimated 2 million tonnes of saprolitic
 oxide material with an average grade of 1.9 g/t, resulting in 125.000 ounces
 of contained gold, were calculated.
     Geological Highlights of the infill drilling by Zaruma are:
 
     -  Better understanding of the geology: the Alcaravan gold
        mineralization has the features of a typical shear-zone hosted Archean
        gold lode and is intimately associated with a quartz-sericite-pyrite
        alteration. The northwest-trending lenticular-shaped body follows the
        regional trend of gold mineralization in the district.
 
     -  Grades in mineralized sections within saprolite average higher than in
        previous drill holes, examples:
 
        -   DDH AL12-01:    37 meters with 4.12 g/t gold (from 9 to 46 meters)
        -   DDH AL14-01:    41 meters with 3.26 g/t gold (from 2 to 43 meters)
        -   DDH AL15-01:    44 meters with 3.36 g/t gold (from 0 to 44 meters)
 
     -  Drilling was concentrated on the oxide material, however, most of the
        mineralized drill sections at the base of the oxide profile, ended in
        or close to mineralized material, confirming a continuation of gold
        mineralization to depth as already indicated by the previous Homestake
        drilling.
 
     The drill cores (recovery has been better than 95%) were spilt in halves
 and had been sampled at 1 meter intervals, one half has been submitted for
 fire assay at XRL-SGS Laboratories in Toronto (Canada), the remaining halves
 are stored at the Company's El Foco camp. Drilling, sampling and geological
 recording has been supervised on site by Dr. Alfredo Bernasconi, a qualified
 exploration geologist with more than 30 years of international exploration
 experience.
 
     The drilling results are summarized in the following table:
 
       HQ
     Diamond   Dip         Depth   Minerali-  Minera-  Gold       Remarks
      Drill                in       zation    lized    g/t
      Hole                 meter   from - to  Widths
       No.                          (meter)   (m) at
                                               1 g/t
                                              cut off
     -------  -------     -------  ---------  -------  ------     -----------
 
     AL        -90          52     0.0 -       39       1.9       Northern
     01-01     degrees             39.0                           Mineralized
     AL         90          71     2.0 -       33       3.94      Appendix
     01A-01    degrees             35.0
     AL        -90          59.5   0.0 -       25       2.86
     02-01     degrees             25.0
                                   0.0 -       32       2.39
                                   32.0
 
     AL         90          55.5   Weakly    ------     -----     Margins
     03-01     degrees             mineral.                       of Ore
     AL        -90          51.5   Weakly    ------     -----     Zone
     04-01     degrees             mineral.
     AL        -90          54.5   Weakly    ------     -----
     05-01     degrees             mineral.
 
     AL        -90          60     8.0 -        7       2.2
     06-01     degrees             15.0
                                   38.0 -       5       1.52      Northern
                                   43.0                           Limit
                                   46.0 -       5       1.2       of
                                   51.0                           Main
     AL        -90          52     4.0 -       19       1.5       Ore Zone
     07-01     degrees             23.0
                                   33.0 -       4       1.12
                                   37.0
                                   41.0 -       8       1.28
                                   49.0
 
     AL        -90          75     Barren    ------     -----
     08-01     degrees
     AL        -90          68.5   Barren    ------     -----     Margins
     09-01     degrees                                            of
     AL        -90          67     Weakly    ------     -----     Ore Zone
     10-01     degrees             mineral.
     AL        -90          64     Weakly    ------     -----
     11-01     degrees             mineral.
 
     AL        -90          49     0.0 -        9       Weak.     Main
     12-01     degrees             9.0                            Ore Zone
                                   9.0 -       37       4.12
                                   46.0
     AL        -90          46.5   Barren    ------     -----
     13-01     degrees
 
     AL        -90          44.5   2.0 -       22       4.73
     14-01     degrees             24.0
                                   28.0 -       6       3.33
                                   34.0
                                   2.0 -       41       3.26       Main
                                   43.0                            Ore Zone
     AL        -90          44     2.0 -       17       5.11
     15-01     degrees             19.0
                                   28.0 -      16       3.56
                                   44.0
                                   0.0 -       44       3.36
                                   44.0
     AL        -90          49     0.0 -        7       1.38
     16-01     degrees             7.0
                                   10.0 -       7       2.15
                                   17.0
                                   21.0 -      13       2.96
                                   34.0
                                   0.0 -       34       2
                                   34.0
     AL        -90          62.5   39.0 -      10       5.54
     17-01     degrees             49.0
 
     AL        -90          69.5   Weakly    ------     -----       Outside
     18-01     degrees             Minera-                          Ore Zone
                                   lized
     AL        -90          78.5   As above  ------     -----
     19-01     degrees
 
     AL        -90          72     1.0 -       14       3.94
     20-01     degrees             15m
     AL        -90          52.5   14.0 -      21       2.95
     21-01     degrees             35.0
                                   43.0 -       8       4.4         Main
                                   51.0                             Ore Zone
                                   14.0 -      37       2.7
                                   51.0
     AL        -90          49.5   12.0 -      35       4.3
     22-01     degrees             47.0
                                   1.0 -       46       3.4
                                   47.0
     AL        -90          54     8.0 -        8       2.8
     23-01     degrees             16.0
                                   40.0 -       8       1.9
                                   48.8
 
     AL        -90          55     Barren    ------     -----       Outside
     24-01     degrees                                              Ore Zone
     AL        -90          46.5   Weakly    ------     -----
     25-01     degrees             minera-
                                   lized
 
     AL        -90          60     26.0 -      10       3.71
     26-01     degrees             36.0
                                   44.0 -      11       3.08
                                   55.0
                                   26.0 -      29       2.55        Main
                                   55.0                             Ore Zone
     AL        -90          83     2.0 -       18       3.26
     27-01     degrees             20.0
     AL        -90          50.5   32.0 -      10       4.95
     28-01     degrees             42.0
 
     AL        -90          49     24.0 -       4       3.44
     29-01     degrees             28.0
                                   34.0 -       2       4.07
                                   36.0
     AL        -90          50.5   6.0 -        2       4.3         Margins
     30-01     degrees             8.0                              Ore Zone
     AL        -90          50.5   Barren    ------     -----
     31-01     degrees
 
 
     Thomas Utter, President and Chief Executive Officer of Zaruma states: "we
 are very pleased with the results from the infill drilling at Alcaravan.
 Subject to detailed assessments and evaluation of the data, including a
 reserve/resource estimation which is expected to be concluded next month, it
 appears that the average gold grades are better than previously reported.
 However, the ore body has a more lenticular shape than previously assumed,
 indicating a lower volume of mineralized material." Utter continued: "it is
 Zaruma's concept at El Foco to identify a minimum of economically exploitable
 gold reserves on which an expandable pilot-stage gold production could be
 initiated".
     El Foco, a 48.000 hectares property located in the Bolivar State of
 southeastern Venezuela, has a number of untested geochemical anomalies and
 spread-out diamond drill holes, some with gold mineralization.
 
     Other Projects
     --------------
     Zaruma is currently conducting feasibility updating work, mainly related
 to metallurgical issues, on its 100% owned Luz del Cobre open pit copper
 deposit in Sonora, Northern Mexico. Zaruma additionally controls a 52,000
 hectare gold exploration property in Mexico, adjacent to Luz del Cobre. The
 San Antonio property includes a 900 hectare portion on which Alamos Minerals
 Ltd, through a joint venture, is currently developing a gold heap leach.
     Zaruma furthermore has an indirect 7% interest in Compania Minera de
 Zamora CA, (Cominzasa) which owns and operates the Guayzimi Alto gold mine in
 Ecuador. Zaruma also owns 100% to the rights to the Romina gold and diamond
 concession in Venezuela.
     Zaruma Resources Inc. is a junior mining and exploration company listed
 on The Toronto Stock Exchange (symbol: ZMR). The Company also trades over-the-
 counter on Nasdaq (ZMRAF) and in the Freiverkehr (Unofficial Market) of the
 Berlin Stock Exchange (Germany), symbol ZMR and WKN: 886597. The Company
 intends to become a significant presence in the mining sector, focusing on
 copper and gold, expanding its interests as strategic opportunities come
 about.
 
 SOURCE Zaruma Resources Inc.