TRIBUTE REPORTS DRILL RESULTS FROM DIXIE PROPERTY
Monday October 27, 2003
Tribute Minerals is pleased to report the results of its initial deep exploratory drill hole on the Dixie Property in the Confederation Lake Greenstone belt, Red Lake Mining Division.
The purpose of the deep hole was to test a significant conductive feature represented in the data initially obtained during the OMET program. Hole DX-2003-01 was drilled to a depth of 1833.3 metres on line 1200 E. Based on the TITAN 24 technology the horizon is projected to extend from the Dixie 18 discovery zone near surface to depths greater than 1km along an east-west trend of greater than 1.5kms.
Due to the limited constraints applied to the geophysical inversions, the vertical top and extent to depth sat in a range of potential models. Two target models have been tested by the first deep hole.
Sulphides, chiefly pyrite, and intensely altered lithologies, primarily silica-sericite-clay replacing felsic tuffs, and quartz-magnetite iron formation with minor grafitic argillite, were intersected at depths of greater than 700 metres. An intersection of 90 metres from 735m to 825m of sulphide-bearing units may be related to the large conductive TITAN 24 MT anomaly.
Assay results indicated anomalous copper, zinc, silver and gold, with narrow widths of higher grades, particularly copper. The highest grade intersection of base metals was 1 metre of 1.13% Copper, zinc grades ranged up to 0.98%. The highest precious metals section was 1 metre averaging 33.5 grams silver and 0.20 grams gold. Tribute is encouraged by the extent and intensity of the alteration and sulphide mineralization observed in the first drill hole and its similarities to zones associated with known VMS (Base Metal) deposits. Further assays are pending from the ongoing drill program and results will be made available shortly. A full update of Tribute's 2003 field program is also forthcoming.
Tribute plans to incorporate the new geological data from the Dixie project into a 3-D modeling application, the GOCAD WHOLE EARTH MODEL, to further analyze recent drill results and vector towards the highest potential zone within the anomalous horizon. The modeling system provides a powerful analytical tool allowing explorers to amalgamate all the raw data, geophysics, drill results and geology in order to better target promising areas.
Tribute is also pleased to announce that with the completion of this hole the company has met its drilling and work commitment on the Confederation Lake Belt for year two, with four months still remaining. All future work conducted after the completion of this hole will be applicable to year three which commences in February 2004.
The Confederation Lake exploration programs are under the direction of Greg Davison, P.Geo., Vice President Exploration, Tribute Minerals, and a qualified person (QP) for the purposes of NI 43-101
On Behalf of the Board of Directors,
Ian A. Brodie-Brown President & C.E.O.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tribute Minerals Inc.
Ian Brodie-Brown
President and C.E.O.
(416) 368-2929
(416) 601-1450 (FAX)
info@tributeminerals.com
www.tributeminerals.com
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