News Release
November 7, 2002
DRILLING RESULTS RECEIVED FROM TECK COMINCO ON
ROBERTO SILVER-ZINC-LEAD-COPPER PROSPECT IN PERU
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Ballad Ventures Inc. (“Ballad”) received a detailed report from Teck Cominco Ltd. on five percussion holes (637 m) drilled recently at the Roberto zinc-silver-lead-copper property in Peru. Teck Cominco’s drilling targeted several styles of mineralization, including massive sulphides and disseminated mineralization. All five holes intercepted 3 to 60 m long intervals with low grade zinc (0.1 to 0.38% Zn) and/or copper mineralization (0.15 to 0.25%). The best silver grades found were in hole COO1: 31.4 g/t over 12 m from 29.5m to 41.5m. Two of the holes in particular were aimed at conductive zones, considered to be potentially massive sulphide zones. O ne of those holes intercepted a short and un-mineralized interval with 25% sulphides. Teck Cominco notified Ballad they are relinquishing their option to Roberto. Teck Cominco exploration expenditures exceed C $200,000 over two years.
During Teck Cominco’s 2 years of exploration on the Roberto property it did detailed geological mapping, detailed rock and soil sampling, airborne and ground geophysics prior to drilling five percussion holes. The main result was the delineation of large areas of skarn-style alteration with 11 showings of zinc, silver, copper and lead. The best channel sample values reported by Teck Cominco were: 9.5% zinc, 141 g/t silver and 7.9% lead over 3 m at the Ponciano showing. In the same Ponciano area several geophysical conductors, potentially caused by massive sulphide mineralization, were located. Ballad notes that only a small part of the mineralized areas identified initially by Teck Cominco have been tested with electromagnetic surveys for potential massive sulphide mineralization and also that long lengths of conductors already identified by Teck Cominco have not been drill tested to date.
Ballad believes that the property has superior potential for a medium sized, but high grade, silver deposit in massive sulphides associated with skarn, similar to the nearby historic Marta Mine. Marta Mine is one km south of the property, a former producer (at a rate of 150 t/day) of silver, zinc and lead from 1950 to 1980. Present resources at Mina Marta, as tabled in the Atlas Mineria en Peru by Ministerio de Energia y Minas, total: 546,000 tonnes @ 8% Pb, 6% Zn, 10 oz/t Ag.
Ballad owns a 100% interest in the Roberto property and has been approached by several parties for further joint venture development of the property.
BALLAD VENTURES LTD.
Per: “ Andre M. Pauwels”
Andre M. Pauwels , P. Geo., Vice President Exploration
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