News Release
September 17, 2002
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DRILLING COMPLETED BY TECK COMINCO ON
ROBERTO SILVER-ZINC-LEAD PROSPECT IN PERU
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Ballad Ventures Ltd. (“Ballad”) is pleased to report that Teck Cominco’s Peruvian subsidiary has advised that it recently completed 5 reverse circulation drill holes (totalling 637 metres) on the Roberto silver-zinc-lead-copper prospect near Huancavelica in Central Peru. Detailed results will be released when received from Teck Cominco Limited.
The drilling tested a geophysical target in the area of the Ponciano showing. The best channel sample values reported from the Ponciano showing by Teck Cominco were: 9.5% zinc, 141 g/t silver, and 7.9% lead over 3 m. At Ponciano anomalous silver, lead, zinc and copper in soils closely coincide with two electromagnetic conductors (over 300 and 400 meters long). The conductors occur in an area of overburden and could be caused by massive sulphide mineralization.
The Roberto property is in the heart of an area of traditional silver mining. One km south of the property is the Martha Mine, a former producer (at a rate of 150 tonnes/day) of silver, zinc and lead from 1950 to 1980. Resources at Mina Martha, 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 granted Teck Cominco’s Peruvian Subsidiary an option to acquire 65% in early 2001. Teck Cominco can earn their interest by cash payments totalling approximately US $240,000 and incurring exploration expenditures of approximately US $650,000 staged over 5 years. Teck Cominco completed the first year’s work in 2001 and the recent drilling is part of the work commitment called for in the second year of the option agreement.
BALLAD VENTURES LTD.
Per: “Andre M. Pauwels”
Andre M. Pauwels , P. Geo. , Vice President Exploration
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