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Name | Symbol | Market | Type |
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NYLI Merger Arbitrage ETF | AMEX:MNA | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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-0.01 | -0.03% | 33.54 | 33.57 | 33.49 | 33.49 | 3,154 | 15:19:28 |
RNS Number:4229I Monterrico Metals PLC 07 March 2003 For release at 07.00, 7 March 2003 Monterrico Metals plc Additional high grade results from Rio Blanco LONDON: 07 March 2003 - Monterrico Metals ("Monterrico") (MNA.LSE) is pleased to report results from the latest round of resource definition drilling at the Rio Blanco project in northern Peru. To-date 41 holes have been drilled on the property aimed at defining the limits to, and the geometry of, a high-grade soluble copper resource. Six holes have been drilled on the main Henry's Hill target since the last reporting date (see NR 13 January), and an initial two scout holes on the adjacent Soho prospect. Henry's Hill Three holes were designed as infill holes in the Central Zone and angled toward targets to establish geological boundaries and assist in the current geological modeling and resource estimate. Assay results are tabulated below along with collar details: Hole ID RB-34 RB-35 RB-36 Total depth (m) 341.07 451.10 299.92 Global Intercept %Cu post-min. dyke 295.1*m @ 1.12 44m @ 0.88 From....to.... (m) 100 260 156 EOH 210 254 Including %Cu 48m @ 0.50 106m @ 1.44 18m @ 1.00 From....to.... (m) 266 314 156 262 210 228 * EOH = end of hole * RB-34 was set up from pad RB-1 and drilled grid south at -80degrees. Unfortunately the hole intersected 160 metres of post-mineral dyke (that was later cut perpendicular in RB-36 and revealed to be only ten metres wide). * RB-35 was set-up from pad RB-22 and drilled grid east at -67degrees toward the tail of RB-31. * RB-36 was set-up from pad RB-21 and drilled grid west at -60degrees toward the tail of RB-1. Three holes were drilled on the Eastern Slope where copper values continue to deliver exceptional results both in higher-grade assays and/or thickness of the drill interval. Hole ID RB-37 RB-38 RB-39 Total depth (m) 312.42 265.79 299.60 Global Intercept %Cu 110.4*m @ 0.96 88m @ 1.43 227.6*m @ 0.65 From....to.... (m) 202 EOH 90 178 72 EOH Including %Cu 38m @ 1.66 20m @ 1.98 114m @ 0.78 From....to.... (m) 202 240 154 174 154 268 * RB-37 was set-up from pad RB-33 and drilled in an opposite direction (grid north) at -72degrees toward RB-14. * RB-38 was a step out hole approximately 75m grid west of RB-33 and drilled bearing 225degrees at -75degrees. * RB-39 was a step out hole approximately 125m grid south of RB-31 and drilled vertically. The zone of enriched mineralization at Henry's Hill has now been traced by drilling for 1,300 metres in length, across widths up to 600 metres, and has an average drill intercept thickness of 130 metres. The zone remains open (in three directions) for further expansion with an additional 15 to 18 holes scheduled to complete coverage for the ultimate resource estimate. Soho Two wide-spaced holes have probed the northern side of the Soho prospect and intersected phreatomagmatic breccia bodies. Brecciation, alteration and mineralization in this area may relate to a separate concealed intrusive body. Preliminary down-hole geochemistry shows anomalous copper and gold +/- base metals throughout much of the drill intersection. A second target style similar in nature to the geological setting at Henry's Hill is yet to be tested. Management have approved the 2003 budget for an initial 10-15 holes to adequately test this area by a systematic drill approach. Monterrico is focused on assessing the development potential of a large scale, heap leach operation that would produce copper metal on site. The company is working with independent mining industry consultants on a pre-feasibility study to be completed this year. Monterrico plans to move directly into final feasibility once this pre-feasibility study is complete. Mr Chris Eager, managing director, said "We are very pleased with progress at Rio Blanco. The continued drilling success at Henry's Hill has firmly established the presence of above average grade and thickness of soluble copper mineralization. These results provide Monterrico with the increasing confidence that the project has the potential to be developed into a significant low cost heap leach copper producer. Added bonus is derived from the initial encouragement that the new Soho prospect is giving." Rio Blanco is operated by Monterrico through an option agreement with Gitennes Exploration where Monterrico may earn up to a 75% interest in the project. The joint venture partners will be attending the PDAC conference in Toronto to exhibit the Rio Blanco project. Shareholders and all interested parties are kindly invited to visit the Core Shack between March 9 and 10. Ends For further information: Chris Eager, Chief Executive, Monterrico Metals plc Tel: 020 7448 5088/ Mobile: 07903 158 301 Keith Irons, Bankside Consultants Tel: 020 7444 4155/ Mobile: 07885 356 639 Jerry Blackwell, President, Tel: 604 682 7970 Gitennes Exploration Inc. This information is provided by RNS The company news service from the London Stock Exchange END DRLNKAKDCBKDDNK
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