Crystallex International Corporation is pleased to announce assay results from the completed drilling program carried out during November and December, 1995 on its Albino 1 concession.
The ten hole 5,500 foot second phase was designed to test the downdip continuation and southwest extension of the La Conductora zone where previous drilling had encountered multiple high grade intersections that suggested the potential for a resource at depth exceeding 1,000,000 ounces in this one zone alone.
Every one of the ten holes, which were drilled on 80 foot centres, intersected economic mineralization. Widths and grades range from five feet at 0.77 oz/ton Au in hole 95-49 to 44 feet at 0.16 oz/ton Au in hole 95-51. The best combination of grade and thickness was encountered in hole 95-48 which penetrated 36 feet at 0.5 oz/ton Au between 490 and 526 feet.
In addition, drilling shows that the mineralization remains open down dip and on strike to the southwest. On the basis of these results, the Company is initiating a Phase III 16,500 foot diamond drill program to further explore the La Conductora shear zone along strike and to a depth of 1,000 feet. Further, the Company will conduct a separate systematic shallow trado drilling program to identify bulk tonnage reserves from areas of the property where previous auger and vibracore drilling had indicated the presence of large tonnage, lower grade saprolitic material suitable for heap leaching.
The Company's consultant, Dr. Luca Riccio, P. Geo, is confident that the drill programs, slated to begin in mid-February, will enable the Company to expand its existing proven-probable reserves, currently in excess of 200,000 ounces, to 500,000 ounces by mid-year as well as establish a significant inventory of heap-leachable ore. CEO Marc J. Oppenheimer recently stated that one of the Company's primary objectives for 1996 is to establish a 1,000,000 ounce proven-probable reserve at Albino.
Crystallex is the largest foreign-owned, self-generated, precious metals producer in Venezuela with multiple concessions in the Kilometre 88 district of the country. The Company produced 16,391 ounces in 1995, its first year of production, and expects to produce in excess of 40,000 ounces in 1996 at a cash cost of less than US$150.00 per ounce.
Based upon early stage exploration and engineering reports, the Company's concessions are currently estimated to contain a geologic resource in excess of 5,000,000 ounces.
On Behalf of the Board,
"Marc J, Oppenheimer"
Marc J, Oppenheimer, President & CEO
NOTE: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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