EXPLORATION 1998 — Rift, Reunion hit widespread gold in Zimbabwe

With results in hand from the first 20 holes of an 80-hole drill program, Rift Resources (RIF-V) is reporting the discovery of widespread gold mineralization at the Silobela project in Zimbabwe.

The Toronto-based junior is earning a 50% interest in the project from London-listed Reunion Mining by spending $1.5 million over a 4-year period.

The short-hole program, operated by Reunion, is aimed at confirming gold mineralization previously outlined in soil geochemical and

induced-polarization (IP) anomalies. Rift says the gold appears to be associated with pyrite mineralization and crosscutting shear zones up to 20 metres in thickness.

Reunion has drilled 31 percussion holes in the Northallerton area, and 20 percussion holes at Leith Hills, with all of the holes drilled to a maximum depth of 45 metres. Work is ongoing, and a further 32 precussion holes will be completed at Leith Hills.

Selected results from the first 20 holes at Northallerton include: 2 metres grading 2.33 grams gold per tonne; 14 metres of 0.23 gram; 6 metres of 2.24 grams; 2 metres of 5.2 grams; 10 metres of 4.03 grams; and 6 metres of 0.33 gram.

Rift notes that the mineralized intercepts represent at least three separate zones of shearing. The mineralization remains open at depth and along strike.

The Silobela property includes a number of former gold mines, and is near the Jena gold mine, which is operated by Trillion Resources and a local partner, and Reunion’s Maligreen gold project, which is reported to host 2.5 million tonnes grading 5.5 grams gold.

Because percussion drilling is considered more qualitative than definitive, Rift points out that diamond drilling will be necessary to fully evaluate the prospect areas in subsequent programs.

The Silobela project is one of 16 gold projects in which Rift holds interests in Africa. The properties total about 3 million ha in six countries, including ground in Eritrea, Ethiopia, Uganda and Niger.

Late last year, Rift and partner Anglo American were awarded the Augaro exploration licence (which includes a former gold producer of the same name) in southwestern Eritrea. At the same time, Rift was awarded the adjacent Tekezie exploration licence.

Anglo will operate the Augaro license, in which Rift will earn a 40% interest by contributing 20% of exploration costs. This concession covers about 70 km of the strike extent of the Barentu shear zone,

a major northeasterly trending regional shear structure with a total strike extent of more than 200 km.

Included in the joint-venture licence area are several gold occurrences, including the former Augaro mine, which produced limited amounts of gold during the Italian colonial period and again in the early 1960s. Reported grades were in the range of 30 to 40 grams per tonne.

Rift notes that the Barentu shear zone, which appears to be the controlling structure for the known mineralization, has never been systematically explored. The partners plan to test for extensions of known gold deposits at depth and along strike. Also planned are geophysical and geochemical programs to identify additional drill targets. Rift is also planning an exploration program at the Tekezie project. The company now holds interests in five active projects in Eritrea and adjacent areas of northern Ethiopia, and has other properties under application.