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| | Thu Sep 2, 2004
Exploration Update - Drilling Discovers Important New Gold and Silver System
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| | The Company has completed 16 core-holes of a planned 38-hole program on eight mineralized prospects in the Sickle Creek area. The eight showings exist in an area that is roughly seven kilometres north-south by five kilometres east-west. The alteration and mineralization in all showings may be related as it is possible to show an alteration continuum from porphyry to epithermal styles of mineralization. Six of the showings, Quartz Lake, North Ridge, Alunite Ridge, Breccia Ridge, Griz Bowl and Sickle Creek, display epithermal characteristics. Two of the showings, Sofia and Alexandra, display porphyry style characteristics. All of the showings will be subject to wildcat and reconnaissance style drilling this year. To date, drilling has been conducted at Quartz Lake, North Ridge and Alunite Ridge.
Prospecting in the Sofia area, 3,500 metres northeast of Quartz Lake, has produced high-gold values, up to 6.2g/t gold, in a quartz vein within the monzonite intrusion. Intensive outcrop prospecting is now focused on this area. Soil sampling in the Alexandra area, 2,500 metres southwest of Sofia, has produced an anomaly with coincident gold and copper values over an 800 metre by 250 metre area. The zone is open along strike to the northwest and southeast. Alexandra is located in close proximity to an intrusive-volcanic contact.
The Company has received assays from the first two of eleven core-holes in the Quartz Lake prospect. This area is approximately 1,900 metres north of the high-grade (82g/t gold, 2060g/t silver) discovery at Sickle Creek in August of last year. The Sickle Creek discovery zone is scheduled for drilling in September.
Quartz Lake core-holes GS-04-01 (-500) and GS-04-02 (-850) were drilled from the same collar, at the same azimuth. Both holes intersected two intervals of gold and silver mineralization within a thicker system of lower grade mineralization. The mineralized system dips at approximately -650 to the east. These holes were drilled to intersect the "A" vein, which is the most westerly of five sub-parallel veins identified in the Quartz Lake area. Intervals reported approximate true thickness.
GS-04-01-from 33.0 metres to 35.0 metres, 2.0 metres of 1.5g/t gold and 17.6g/t silver
and, from 51.5 metres to 53.6 metres, 2.1 metres of 3.43g/t gold and 36.8g/t silver
GS-04-02-from 47.0 metres to 50.0 metres, 3.0 metres of 2.98g/t gold and 8.9g/t silver and, from 108.0 metres to 110.5 metres, 2.5 metres of 3.18g/t gold and 107.8g/t silver
Each of the eleven holes in the Quartz Lake area has intersected the mineralized system over a strike length of 350 metres. The zone is open to the south, north and to depth. Core-holes GS-04-3 to GS-04-11 are along strike to the north in an area of overburden. The discreet interval within the thicker mineralized system appears to thicken along strike to the north as GS-04-08 intersected a 15.2 metre mineralized interval within a broader zone of mineralization. Each of the eleven core-holes has discreet mineralized intervals within the broader system.
The Company submitted a surface rock sample from the "A" vein at Quartz Lake for polished section analysis by PetraScience Consultants of Vancouver. Fine visible free gold was observed in this sample. A piece of drill core from GS-04-02 has been submitted for similar analysis.
Assaying was by 30 gram-tonne conventional fire assay and conducted by Assayers Canada of Vancouver. The rejects from certain Quartz Lake drill core samples were subject to check assays (30 gram-tonne) by conventional fire assay at Acme Labs of Vancouver. There was no material discrepancy between the reported assays from the two laboratories. The field program is under the direction of Dave Kuran, P.Geo., who is the qualified person for the Company.
Bill McWilliam
Chief Executive Officer
604-999-0391
email: Bill@stealthminerals.ca
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