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Why not play this thru Vulcan? They get a piece of the minerals, stock in Nortec, have other mineral properties, a huge area for wildcat oil/gas and beaucoup salt---in highest salt consumption area on the continent. With a haul road in place to a deep water port. In other developements, Altius is halted with a bid sitting there for 12000 @ a dime over the close. Their news outghta be good.
This part is interesting:
Nortec Ventures Corp. is a Vancouver based capital pool company with presently 2.5 million shares outstanding, trading under the symbol NVT on the TSX Venture Exchange. The company President is Mohan Vulimiri, M.Sc., P.Geo. a highly respected exploration geologist who is also Chairman of Frontier Pacific Mining Corporation. The acquisition of the TL Property is intended to be a qualifying transaction pursuant to the capital pool company rules of the TSX Venture Exchange.
Frontier Pacific is on a tear lately so it may be a good idea to keep an eye on Nortec.
Nortec doesnt appear to be trading right now. No bid/ask must mean it is halted.
Vulcan Minerals options out its Newfoundland properties:
Vulcan Minerals Inc. Quick Quote: V.VUL 0.19 (+0.02)
Options out Newfoundland Gold and Labrador Nickel Properties
5/30/03
Vulcan Minerals Inc. ('the Company') is pleased to announce that it has optioned its TL Nickel-Copper-Platinum Group Element Property in Labrador and its Little River Gold Property in Newfoundland to Nortec Venture Corp (Nortec).
TL-Nickel-Copper-PGE Option
Nortec may earn a 51% interest in the property by expending 1.5 million dollars on the property and making payments of $100,000 cash over 5 years. Upon acceptance of the agreement by the TSX Venture Exchange, Nortec will issue to Vulcan 500,000 common shares and 500,000 share-purchase warrants exercisable at $0.20 in the first year and $0.25 in the second year. An additional 200,000 shares of Nortec is payable at the end of the 5th anniversary of the agreement. If Nortec earns a 51% interest Vulcan has the option to elect to participate in a joint venture as to its 49% interest or Vulcan may allow Nortec to earn an additional 24% interest (total of 75%) by issuing 200,000 shares to Vulcan and expending $5,000,000 over 3 years. If Nortec earns a 75% interest Vulcan has the option to elect to participate in a joint venture as to its 25% interest or Vulcan may allow Nortec to earn an additional 15% interest (total 90%) by issuing 200,000 shares to Vulcan and expending $5,000,000 over 3 years whereupon Vulcan's remaining 10% interest would convert to a 2.5% net smelter return interest. If Vulcan elects to participate as a joint venture contributor at any time after Nortec earns its 51% interest Nortec may elect to convert its interest to a 2.5% net smelter return interest. Nortec will be the operator of the project. The agreement is subject to receipt by Vulcan of a refundable security deposit from Nortec.
The TL Property is situated approximately 50 kilometres northwest of the Voisey's Bay nickel-copper-cobalt discovery. The Voisey's Bay mine is presently under development. The TL Property has one of the best series of drill intersections for nickel in Labrador outside of the Voisey's Bay discovery. For example, drilling by a previous operator intersected 23.7 metres of 0.47% nickel (Ni), 0.16% Copper (Cu) including 5.2 metres of 1.15% Ni, 0.42% Cu, 0.11 gram/tonne Palladium and 0.25 gram/tonne Platinum. This zone of mineralization outcrops at surface and has been traced by drilling and geophysics over a 1.2 kilometre strike length. Several coincident magnetic and electro-magnetic geophysical anomalies have been located on the property and require drill testing, including a UTEM anomaly covering a strike length in excess of 1.8 kilometres.
Little River Gold Option
Nortec may earn a 51% interest in the property by expending 1.5 million dollars on the property and making payments of $100,000 cash over 5 years. Upon acceptance of the agreement by the TSX Venture Exchange, Nortec will issue to Vulcan 300,000 common shares and 300,000 share-purchase warrants exercisable at $0.20 in the first year and $0.25 in the second year. An additional 200,000 shares is payable to Vulcan at the end of the 5th anniversary of the agreement. If Nortec earns a 51% interest, Vulcan has the option to elect to participate in a joint venture as to its 49% interest, or Vulcan may allow Nortec to earn an additional 24% interest (total of 75%) by issuing 200,000 shares to Vulcan and expending $5,000,000 over 3 years. If Nortec earns a 75% interest Vulcan has the option to elect to participate in a joint venture as to its 25% interest or Vulcan may allow Nortec to earn an additional 15% interest (total 90%) by issuing 200,000 shares to Vulcan and expending $5,000,000 over 3 years whereupon Vulcan's remaining 10% interest would convert to a 2.5% net smelter royalty interest. If Vulcan elects to participate as a joint venture contributor at any time after Nortec earns its 51% interest, Nortec may elect to convert its interest to a 2.5% net smelter return interest. Nortec will be the operator of the project.
Nortec and Vulcan have agreed that if Nortec, for some reason, cannot fulfill its $100,000 first year work commitment on the TL option (above) then Nortec can spend that $100,000 on the Little River Property in addition to its $100,000 first year commitment on the Little River option.
The Little River Gold Property covers 490 claims and is situated in Central Newfoundland where significant exploration is ongoing for gold. The property covers approximately 30 kilometres of strike length along two gold bearing Ordovician aged units. Gold is associated with carbonatized intermediate tuffs and secondary antimony-quartz veins. Regionally, the host rocks may be correlative with the Hope Brook Gold Mine (approximately two million ounces gold) in southwestern Newfoundland. Surface samples have yielded 12.3 grams/tonne and 13.7 grams/tonne gold at the Bowers Tickle and Long Jacks Bight showings. Previous drill intersections included 5.81 grams/tonne gold over 2.5 metres in hole DDH-87-04 and 2.38 grams/tonne gold over 8.2 metres in hole DDH-87-09. Numerous gold-in-soil anomalies exceeding 100 ppb gold remain untested and require trenching and/or drilling.
Exploration plans for both properties will be announced as they are formalized. Both option agreements are subject to the approval of the TSX Venture Exchange.
Background
Nortec Ventures Corp. is a Vancouver based capital pool company with presently 2.5 million shares outstanding, trading under the symbol NVT on the TSX Venture Exchange. The company President is Mohan Vulimiri, M.Sc., P.Geo. a highly respected exploration geologist who is also Chairman of Frontier Pacific Mining Corporation. The acquisition of the TL Property is intended to be a qualifying transaction pursuant to the capital pool company rules of the TSX Venture Exchange.
Vulcan Minerals Inc. is a Newfoundland based exploration company engaged in the petroleum exploration of the unexplored Bay St. George Basin in western Newfoundland and the exploration of strategic mineral properties in Newfoundland and Labrador. These agreements with Nortec provide Vulcan shareholders with exploration exposure to gold and nickel (Voisey's Bay area) as well as its ongoing oil exploration.
CONTACT: TEL: (709) 754-3186 Mr. Patrick Laracy, President of Vulcan Minerals Inc.
FAX: (709) 754-3946
Email: info@vulcanminerals.ca
Internet: www.vulcanminerals.ca
Here is a Northern Miner article on Cornerstone (from March)
Cornerstone spreads risk, saves cash by joint venturing
By STEVEN DAWSON, SPECIAL TO THE NORTHERN MINER
For many juniors, keeping the treasury topped up while funding exploration on projects is difficult. One way a company can achieve this is through joint ventures, whereby a partner earns an interest in the property by financing exploration work.
One company that has succeeded by employing this strategy is Cornerstone Capital Resources (CGP-V), which holds 15 base and precious metal properties in Newfoundland and Labrador, five of which are joint-ventured.
Cornerstone President Glen McKay says his company's properties have to have a plausible geological model and that the resources must stand a better-than-average chance of being expanded at a minimal cost.
In addition to spreading the risk involved with exploration, Cornerstone's joint-venture strategy generates cash to carry out work programs.
"We have enough cash to fund three years worth of work," says McKay. "If options and warrants get exercised, that would fund an additional two years of work, meaning we shouldn't have to go to the market for the next five years."
Cornerstone recently signed a joint-venture agreement with Inmet Mining (IMN-T) concerning the volcanogenic massive sulphide property in central Newfoundland known as Noel Paul's Brook. Inmet can earn a 60% interest by spending $1.5 million on exploration and paying Cornerstone $100,000 over five years.
The 137-claim property comprises 27 km of favourable felsic volcanic stratigraphy, which is described as a suitable environment for finding copper-zinc-lead massive sulphide deposits with gold and silver credits similar to those found in the nearby Buchans camp. Historically, the Buchans camp yielded 16.2 million tonnes averaging 14.51% zinc, 7.56% lead and 1.33% copper, plus 126 grams silver and 1.37 grams gold per tonne.
Noel Paul's Brook is adjacent to the Haven Steady prospect, where previous drilling intersected 7 metres averaging 4.36% zinc, 1.26% lead, 0.48% copper, 29.04 grams silver and 1.02 grams gold.
Cornerstone has discovered several alteration zones along strike from Haven Steady. In addition, Noel Paul's Brook hosts high-grade massive sulphide float and several airborne geophysical and soil geochemical anomalies. A subsequently completed horizontal loop electromagnetic (HLEM) survey has also identified several conductors of interest.
The joint venture, to be operated by Cornerstone for the first two years, will complete additional compilation, line-cutting, mapping, lithogeochemical sampling and time-domain electromagnetic geophysical surveys to outline first-stage drill targets to be tested late in the first year or early in the second year.
Colchester
Meanwhile, Cornerstone and Sudbury Contact Mines (SUD-T) have released encouraging results from the Colchester gold property, in the Notre Dame Bay region of Newfoundland.
Sudbury Contact can earn a 51% interest in the 181-claim, 45.2-sq-km. Colchester property by paying $210,000 to Cornerstone and spending $1.25 million on exploration over the next four years. It can increase its interest to 84% by producing a bankable feasibility study during this same time frame.
Colchester, once explored for base metals, is said to have potential for shear-zone-hosted gold deposits, gold-rich volcanogenic massive sulphide deposits in mafic-to-intermediate volcanic rocks and low-grade, large-tonnage, porphyry-style gold-copper deposits associated with high-level intrusive rocks.
In 2002, the joint venture established an 80-line-km grid and completed geological mapping, prospecting and geochemical sampling. This was followed by trenching over a 3.5-km belt of favourable geology with known occurrences and prospective horizons. As a result, several anomalous trends and mineralized zones were discovered.
One of these new discoveries was the Winston zone, a massive sulphide occurrence within a 700-by-200-metre multi-element geochemical anomaly. Subsequent limited trenching shows the Winston zone to be 3.5-5 metres wide with a strike length of more than 120 metres. Grab samples returned values of up to 15.9 grams gold per tonne with elevated levels of copper, zinc and silver. Chip samples from the trenches returned 2.6 grams gold over 3.4 metres, plus 1.44 grams gold and 0.55% copper over 4.6 metres.
Elsewhere at Colchester, trenching along the established McNeilly trend led to the discovery of three massive sulphide showings. Previous drilling of the trend in the 1960s intersected 7.6 grams gold over 2.7 metres and 3.4 grams gold over 0.5 metre. Channel samples from trenches over the new showings assayed as high as 1.7 grams gold and 2.4% zinc over 6.1 metres.
Other work was completed on the Alpha showing, 150 metres north-northwest of the main Colchester deposit. Earlier work on the Alpha showing established a resource of 1 million tons averaging 1.3% copper. However, work by the joint-venture partners determined that gold and other base metals are also present. Grab samples returned 26.8 grams gold, 0.9% copper, 4.8% zinc and 24.7 grams silver; and 10.8 grams gold, 7.4% copper, 0.4% zinc and 80.5 grams silver. Channel samples from these trenches assayed 18.9 grams gold, 4.7% copper, 0.4% zinc and 36.4 grams silver over 1.5 metres, and 5.9 grams gold, 2.05% copper, 1.18% zinc and 30.7 grams silver over 3 metres.
Island Pond
Candente Resources (DNT-V) can earn a 51% interest in the Island Pond property, in central Newfoundland, by spending $1.5 million on exploration, paying Cornerstone $115,000, and issuing to Cornerstone 115,000 Candente shares over four years. It can boost its stake to 61% by providing a bankable feasibility study and to 75% by arranging mine financing.
First-phase drilling, consisting of eight holes and 800 metres, tested mineralized structures identified by previous geophysical and geochemical surveys.
Four of the eight holes intersected northwest-trending structures hosting low-sulphidation, epithermal-style mineralization and multi-stage quartz veining and brecciation with sulphide and sulphosalt mineralization. The most significant result was 7.6 metres averaging 0.215 gram gold per tonne, together with elevated levels of arsenic and antimony.
Future drilling will target geophysical and geochemical anomalies and higher-grade zones close to, and on strike with, the recent intercept.
Results from a gravity survey at Cornerstone's wholly owned South Princess property show that it is underlain by a significant gravity anomaly, which is coincident with a 12-by-4-km magnetic anomaly, induced-polarization chargeability anomalies, and zones of potassic alteration. These geophysical signatures can be indicative of iron-oxide-type copper-gold deposits, such as Olympic Dam in South Australia.
The gravity anomaly extends off the existing grid, so its true size can not be determined. However, it is known to measure at least 1 by 1.5 km. Inversion of the gravity data suggests the core zone has a density of 3 grams per cubic cm, indicating a potenial for sulphide or oxide mineralization.
-- The author is a Toronto-based freelance writer on mining issues and a regular contributor to Nickel magazine.
Altius hinted drilling in the Botwood Basin later this year
05/22/2003 NR: Altius Receives $500,000 In Proceeds as a result of the exercise of common share purchase warrants.
It states, "2003 is set to become the most active year of exploration yet for Altius. Altius will operate significant, fully partner funded, exploration programs at Moosehead (Sudbury Contact Mines), Mustang Trend (Barrick), Robert's Arm (Inmet), Rocky Brook (Cameco). Most of these programs will include a significant amount of drilling to test key targets. Altius continues discussions with potential partners for certain of its wholly owned projects..."
=====================
While it is not being explicit here, it is generally expected Barrick will drill this year in the Mustang Gold trend properties where Barrick Gold and Altius Minerals are looking for sediment hosted (Carlin-Nevada style) gold mineralization. Grayd Resources (GYD on TSX-V), with John McCluskey (Alamo Gold) as director and Marc Prefontaine as President (Hunter Dickenson Group alumni active in South Africa), has property just next to the Altius/ABX ground, thought to have "same geological setting".
So far results from the Botwood Basin have not matched earlier exuberant expectation stemmed from Barrick's seemingly very generous deal going into the JV with Altius. We shall see if any salvation should Altius/ABX become successful...
I added a link to the Government of Newfoundland claim maps in the header. The old link that had been posted before stopped working.
Cornerstone news:
Cornerstone Launches Burnt Hill Gold Project
MOUNT PEARL, NEWFOUNDLAND--Cornerstone Capital Resources Inc.
(TSXV - "CGP") is pleased to announce the acquisition of a new
gold property, the Burnt Hill property located in South-Central
Newfoundland. The property consists of 120 claims acquired
through an option agreement with local prospectors plus 87 claims
staked directly, a total of 207 claims.
The Burnt Hill Gold project property lies geologically along what
has been termed the "Tim Horton Complex", an arcuate belt of
ophiolitic ultramafic rocks, mafic and felsic volcanic rocks and
sediments that frame a window around older Gander Zone
metasediments. Significant zones of volcanogenic massive
sulphide and epigenetic gold mineralization are associated with
this arcuate belt. A prominent example is the recently
discovered Brady Prospect where gold mineralization is reported
to be associated with pyrite and arsenopyrite in altered mafic
volcanics and quartz porphyries. Linear Resources has reported
up to 1.4 grams per tonne gold over 18.9 m in recent drilling on
the Brady property.
The Burnt Hill claims are approximately 10 km southwest of the
Brady property and separated from it by the Partridgeberry Hills
Granite. The Burnt Hill property hosts a significant zone of
silica-sericite-arsenopyrite alteration in felsic volcanics.
This alteration zone, which is over 300 m long and up to 15 m
wide, was discovered during regional follow-up of airborne EM
(AEM) anomalies during base metal exploration conducted by Rio
Tinto in 1980. A single diamond drill hole designed to test an
AEM conductor within this alteration zone returned 2.3 grams per
tonne gold over 2.0 m within a 12.3 m wide zone with anomalous
gold and arsenic values. The property also hosts a number of
quartz veins within the contact zone of the Partridgeberry Hills
granite where values up to 0.4 grams per tonne gold were reported
from sampling conducted during government mapping surveys.
Cornerstone is compiling data from all previous work in the Burnt
Hill area to identify target areas for follow-up. As soon as
this work is complete, discussions will be initiated with
potential joint venture partners.
Cornerstone's option on the 120 claims acquired from local
prospectors is exercisable over a period of three years under
terms that include cash payments totaling $55,800, the issuing of
a total of 55,000 common shares, and sufficient exploration
expenditures to maintain the claims in good standing. The option
agreement also provides the vendors with a 2% NSR, 1% of which
Cornerstone may purchase for $500,000. First year commitments
are $11,200 in cash and 15,000 shares.
Cornerstone is actively exploring throughout Newfoundland and
Labrador for gold, base metals and PGEs. The Company is currently
engaged in seventeen projects, eight with joint venture partners.
On Behalf of the Board of Directors
Glen H. McKay, President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Cornerstone Capital Resources Inc.
Tim Froude
VP Exploration
(709) 745-8377 or Toll Free: 1-877-277-8377
or
Cornerstone Capital Resources Inc.
Mike Basha
Exploration Manager
(709) 745-8377 or Toll Free: 1-877-277-8377
or
Cornerstone Capital Resources Inc.
Deborah Thiel
Corporate Development and Investor Relations
(709) 745-8377 or Toll Free: 1-877-277-8377
Email: info@crigold.com
Website: www.cornerstoneresources.com
The TSX Venture Exchange (TSXV) has not reviewed and does not
accept responsibility for the adequacy or accuracy of this
release.
Candente Resource Corp. - Corporate Update - Newfoundland and Peru
Thursday May 15, 4:19 pm ET
VANCOUVER, May 15 /PRNewswire-FirstCall/ - Candente is pleased to report that exploration is advancing as planned on its projects in Peru and Newfoundland.
Newfoundland - Goldcorp
Goldcorp continues to be interested in the gold potential of Newfoundland. Details of the Goldcorp-Candente Strategic Partnership for exploration in Newfoundland are currently being finalized. Candente's Newfoundland exploration is scheduled to recommence this month.
Peru - Apex Silver
On May 9th of this year Candente entered into an agreement with Apex Silver Mines Limited which provides for Candente to transfer its interest in a base and precious metals prospect in Central Peru for a 2% NSR on all copper, lead, zinc, silver and gold produced. Apex is actively exploring the region and will finance and control all further exploration and development on the property. Candente is also negotiating agreements with Apex Silver on other VMS (Volcanogenic Massive Sulphide) prospects currently held by the Company in Peru. Candente delineated several VMS targets in Peru in 1998 but has not conducted any exploration on them since that time as the corporate focus has been aimed specifically on gold exploration.
Peru - Alto Dorado: Toril Gold Zone
Candente is also actively exploring the Alto Dorado Property in Northern Peru, where gold mineralization in vuggy and granular silica is similar to ore bodies found at Peru's low cost gold producers, Yanacocha and Pierina. Recent geophysical test surveys on the Toril Zone have been successful in identifying both potential extensions to known gold zones and the existence of other potential buried mineral bodies in the area. The geophysical surveys also indicate that the Toril hydrothermal system has a minimum length of 3 kilometres. Additional information will be provided as soon as interpretations are completed. Exploration is ongoing such that additional geophysical surveys, geochemical sampling and overburden drilling will be carried out over the next several months.
Candente is a mineral exploration company focused on the acquisition, exploration and development of world-class gold projects and has a strategic partnership with a premier gold producer. Management has a track record of discovering world-class mines. For more information on our current exploration progress visit www.candente.com and/or contact us at (604) 689-1957, toll free 1-877-689-1964 or investor@candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne C. Freeze"
Joanne C. Freeze, P.Geo., President & CEO
CANDENTE RESOURCE CORP.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
GALLERY RESOURCES LTD.
TSX VENTURE SYMBOL: GYR
MAY 14, 2003 - 15:15 EST
Gallery Resources Upgrades Katie Drill Targets
VANCOUVER, BRITISH COLUMBIA--Gallery Resources Limited (GYR:
TSX.V) of Vancouver B.C. is pleased to announce it is finalizing
targets for a planned summer drilling program on the Katie
VMS-Epithermal Gold Property situated in the Botwood Basin of
central Newfoundland.
The geology team will commence a Mobile Metal Ion (MMI) soil
sampling survey to expand the area of interest. This survey will
also be carried out over previously untested gold prospects
discovered last summer and new drill intersected VMS-gold
mineralized zones, such as the Tall Tree and McDonald Zones, as
outlined during the winter drilling program. These targeted areas
are contained within a 20 km (12 miles) section of the Burnt Hill
Belt (ref. Press Release April 15, 2003). This belt is identified
on the Katie Property as a linear zone containing widespread
surface and drill intersected VMS and gold mineralization
coinciding with geochemical and geophysical anomalies.
Gallery Resources has selected the MMI survey because of the
success reported by companies using this technique for the
identification of drill targets in other areas of the Botwood
Basin. These areas are similar (same type of soil cover, bogs,
etc.) to the Katie Property and therefore, the MMI survey will
present a practical sampling method for precise selection of
drill sites. The Company understands from reports by companies
active in the Basin that MMI sample results are assisting in
pinpointing drill intersections of high-grade gold
mineralization. Project Manager, Vic French, advises the MMI
survey was delayed because of snow cover in wooded areas of the
Katie Property and drilling will resume upon completion of the
MMI survey.
The Company is also very pleased to announce it has increased the
property size by 100 claims to a total of 1007 claims by adding
four (4) strategic claim blocks along the north boundary of the
Katie Property. These claims encompass an area in which Gallery
work crews have mapped an extensive zone of previously unmapped
carbonate altered, pyrite mineralized sedimentary and volcanic
(rhyolite tuffs) rocks. Initial prospecting of these rocks, which
are favourable hosts for gold mineralization, has detected
anomalous gold up to 0.62 g/t. The rocks form a part of the newly
recognized Burnt Hill Belt. The new claims are also included in
the Katie option agreement with the Black Bart Prospecting Group.
Bruce Costerd, President & C.E.O
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Gallery Resources Limited
Investors Relations
1-800-565-7350 or (604) 662-8119
Email: info@gallery-gold.com
Website: www.gallery-gold.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Botwood Basin mentioned here:
http://www.321gold.com/editorials/moriarty/moriarty050803.html
VVC Exploration - Preliminary Exploration Results
Monday May 5, 6:21 pm ET
Symbol: VVC - TSXV
TORONTO, May 5 /CNW Telbec/ - VVC Exploration Corp. (VVC TSXV) (the "Company") is please to report the completion of its initial first phase drilling program on the Bowater Property in the Botwood Basin in central Newfoundland. The Bowater property is one of several Company's properties located amidst a recently identified geological setting that bears significant resemblance to the prolific Carlin Trend of Nevada.
Eighteen diamond drill holes were completed for a total of 1485.79m. Targeted were seven discrete MMI Au soil anomalies the Company had recently uncovered during its recent soil geochemical survey. The drilling commenced on January 13, 2003 and was completed on February 26, 2003.
Significant results of the recent drilling program include:
<<>>
_________________________________________________________________________
Hole No. Core lenght Description Assays (grams per
tonne Au / metre)
_________________________________________________________________________
VVC-03-04 55.78-56.39 Quartz breccia with 5% pyrite 2.81/0.61
+/- arsenopyrite
_________________________________________________________________________
VVC-03-05 6.22-6.64 Quartz vein with pyritic 1.13/0.42
greywacke wallrock
_________________________________________________________________________
14.33-15.85 Greywacke and quartz vein with 3.79/1.52
up to 15% sulphides
_________________________________________________________________________
VVC-03-06 6.25-6.86 Black shale with 50% quartz 1.15/0.61
veins
_________________________________________________________________________
21.34-21.64 Contact zone between shale and 1.63/0.30
greywacke with 50% quartz veins
and 5-10% pyrite-arsenopyrite
_________________________________________________________________________
VVC-03-08 14.02-36.88 Sericite, carbonate altered 0.194/22.86
sediments with quartz veinlets
hosting pyrite-arsenopyrite
_________________________________________________________________________
VVC-03-10 54.25-77.42 Wide zone of carbonaceous shale 0.466/23.17
and siltstone with abundant
quartz-calcite veining and
variable pyrite, arsenopyrite
and chalcopyrite mineralization
_________________________________________________________________________
VVC-03-14 6.22-11.80 Highly fractured zone healed by 0.336/5.58
quartz-calcite veining with (incl. 0.653/1.0)
minor pyrite in the wall rock
_________________________________________________________________________
VVC-03-16 23.60-23.86 Quartz veins with 5-10% pyrite 3.57/0.26
in wallrock and lesser in veins
_________________________________________________________________________
VVC-03-18 137.38-138.38 Up to 10-15% pyrite-arsenopyrite 1.59/1.0
in quartz (assayed at the very
bottom of the hole)
_________________________________________________________________________
That is some low grade. And some narrow. There is a powerful lot of it though, I will admit.
Reminds me of Champion Bear, who was religiously drilling this narrow vein thing near Dryden a few years back. They drove their stock to the several dollar range on the belief of nice, ingenuous shareholders. They were getting like 1 to 3 grams over perhaps 1 or 2 metres. 3 grams was the high grade. Like, maybe we will mine that sort of thing with robot miners and ultra cheap rock breaking without dynamite, someday... but right now it is kinda tough.
I could conceive of mining perhaps .05 or .07 ounces, (+1.72 grams underground if it were 20 feet wide. Perhaps you could robot mine it at 20,000 tons per day, and upgrade the chips with some kind or sensing tech. It would be nice (and lucky) to get 80% recovery. With full-milling it is marginally possible if you get lucky. A mine in Alaska worked at .05 ounces per short ton underground at 50,000 tons per day, using raw ore upgrading.
If the grades were in decrepitated limestone or soft sandstone that needed no blasting, then 1 gram can be mined provided you can make 5000 tons of the stuff per day. Because of the separations apparent here so far, this would be difficult.
In placer, one gram is high grade. You can mine .50 grams, no problem.
EC<:-}
Candente drill results:
Candente Resource Corp. - Drill Results Linear Property, Newfoundland
Tuesday April 29, 10:48 am ET
TSX-V: DNT
VANCOUVER, April 29 /PRNewswire-FirstCall/ - Candente Resource Corp. (the Company) is pleased to report that drilling
on the Linear Gold Property in Newfoundland has intersected a series of previously unidentified gold zones.
Three out of five holes drilled intersected numerous mineralized zones. The new zones occur south of all previous
drilling and have different mineralogy from the majority of the gold zones previously encountered on the property.
It is believed that the zones targeted in the first two holes were displaced by faulting.
Results are as follows:
DDH LG-2003-03 - Cokes Showing
-------------------------------------------------------------------------
From To Interval Gold
Metres (m) (m) (m) (g/t)
-------------------------------------------------------------------------
10.4 14.3 3.9 3.36
-------------------------------------------------------------------------
35.7 38.4 2.7 0.68
-------------------------------------------------------------------------
51.8 53.7 1.9 1.98
-------------------------------------------------------------------------
85.9 87.5 1.6 1.15
-------------------------------------------------------------------------
91.2 91.5 0.3 0.35
-------------------------------------------------------------------------
91.7 92.7 1.0 0.79
-------------------------------------------------------------------------
94.1 94.4 0.3 0.49
-------------------------------------------------------------------------
95.3 95.9 0.6 0.38
-------------------------------------------------------------------------
98.9 99.7 0.8 1.36
-------------------------------------------------------------------------
112.5 113.9 1.4 4.45
-------------------------------------------------------------------------
114.6 115.2 0.6 1.15
-------------------------------------------------------------------------
117.7 119.6 2.0 0.63
-------------------------------------------------------------------------
122.0 124.7 2.7 0.18
-------------------------------------------------------------------------
125.5 128.1 2.6 0.24
-------------------------------------------------------------------------
147.8 148.9 1.1 0.70
-------------------------------------------------------------------------
Note: Poor core recovery (51%)
from the interval 4.57 to 17.07m
DDH LG-2003-04 - Cokes Showing
-------------------------------------------------------------------------
From To Interval Gold
Metres (m) (m) (m) (g/t)
-------------------------------------------------------------------------
8.1 11.9 3.8 0.77
-------------------------------------------------------------------------
14.2 16.0 2.2 2.85
-------------------------------------------------------------------------
21.5 22.3 0.8 1.92
-------------------------------------------------------------------------
25.4 27.7 2.3 1.30
-------------------------------------------------------------------------
31.0 38.4 7.4 2.89
-------------------------------------------------------------------------
45.4 50.6 5.2 0.17
-------------------------------------------------------------------------
Hole LG2003-04 was drilled at steeper dip from the same collar location as Hole LG2003-03 to obtain better core recoveries
in the upper 50 metres of the favourable mineralization intersected which were not recovered in DDH LG2003-03.
DDH LG-2003-05 - Keats Showing
-------------------------------------------------------------------------
From To Interval Gold
Metres (m) (m) (m) (g/t)
-------------------------------------------------------------------------
36.2 38.2 2.0 2.60
-------------------------------------------------------------------------
52.1 55.1 3.0 0.53
-------------------------------------------------------------------------
73.2 75.8 2.6 0.77
-------------------------------------------------------------------------
92.4 96.5 4.1 0.69
-------------------------------------------------------------------------
98.9 101.7 2.8 0.41
-------------------------------------------------------------------------
105.3 106.0 0.7 0.72
-------------------------------------------------------------------------
110.0 111.6 1.6 0.93
-------------------------------------------------------------------------
111.6 116.8 5.2 0.48
-------------------------------------------------------------------------
117.8 125.3 7.5 0.65
-------------------------------------------------------------------------
126.0 131.0 5.0 0.48
-------------------------------------------------------------------------
132.8 134.9 2.1 0.39
-------------------------------------------------------------------------
136.2 136.6 0.4 7.20
-------------------------------------------------------------------------
138.0 139.3 1.3 0.35
-------------------------------------------------------------------------
141.0 142.4 2.4 0.54
-------------------------------------------------------------------------
150.6 150.9 0.3 0.41
-------------------------------------------------------------------------
Here is an article about Altius from Mineweb:
http://www.minesite.com/archives/news_archive/2003/april-2003/altius240403.htm
Altius Minerals Demonstrates Value of Junior Explorer Role In Newfoundland & Labrador To Perfection.
Last October the Newfoundland and Labrador Chamber of Mineral Resources sent a small party of listed Canadian companies with operations in that part of the world on a trip to London. The idea was to focus investors' attention on the gold rush that had started around the Botwood Basin. Such a rush was unusual as it is virgin territory which has not had any history of commercial gold production. Newfoundland itself has a unique geological history with rocks that illustrate the complete tectonic cycle from the rifting of an ancient continental mass through to eventual closure through subduction which generated plutonism, related volcanism, and related mineralising events. If that sounds a bit technical, take it that the earth's surface crunched up all around Newfoundland releasing a lot of liquefied metals and minerals. The big deposit found in the region to date is the Voisey's Bay nickel deposit.
It was a founder of one of these junior companies, Altius Minerals, who came up with the theory that the Botwood Basin, at the centre of this disturbance, was a dead ringer for the Carlin Trend in Nevada with its epithermal gold deposits. In 2001 Roland Butler, for it was he, went down to Nevada and convinced Barrick Gold, with its major production on the Carlin Trend, to take a hike up to Newfoundland. In the meantime his company shrewdly took a lot more ground over three regional trends and Barrick signed up as a joint venture partner on the Mustang trend in December 2001.
Altius is run by Brian Dalton and Roland Hill who are both still in their 30s, but started doing mining deals to finance their way through university where they were studying geology. In fact Brian claims that Roland actually completed his first deal while still at high school. They clearly respect each other's strengths as Brian points out that Roland is not the man to run a meticulous mapping exercise. "Leave him to look at the big picture and he will come up with a conclusion that no one has thought about. Hence the Botwood Basin where so many companies have followed our lead. The latest contender is Goldcorp which has entered a joint venture with Candente Resources."
It is still early days at Botwood. Last winter was one of the worst on record so virtually no work could be carried out. Now the various companies are getting ready for action and from May onwards Brian Dalton reckons there will be a spate of news. His own company will be involved in the drilling of between 150 and 200 holes this year as its essential policy is to lay off risk through joint ventures. Asked if this policy would vary if he was sure that he was sitting on a major deposit, the answer is still, "No, there is always geological risk and our shareholders appreciate the way we do things here." Not only shareholders, it has to be said, but partners as well. Names such as Billiton, Teck Corporation, GNI and Cameco feature among those which have been involved in joint ventures with Altius since it started in 1998. What is more the share price has grown steadily over the period in broad correlation with increasing partner funded drilling levels which confirms that the business plan increases value for shareholders.
At the end of March Altius had exploration rights to more than 40 properties spread over six exploration plays in Newfoundland & Labrador including the Botwood Basin. Fifteen of these are already joint ventures including six with Barrick Gold in the eastern Botwood Basin where three key target areas for Carlin -type gold deposits have already been identified. This land package is about the same size as the entire Carlin trend in Nevada. Sudbury Contact Mines, a subsidiary of Agnico Eagle is funding drilling at Moosehead which is the most advanced of these joint ventures. It appears to be an intermediate epithermal system on the lines of El Penon in Chile, but more will be known when the results of the winter drilling are fully analysed.
2003 will see a lot of activity with Altius operating exploration programmes funded by its partners on both the above joint ventures as well as at Roberts Arm, a volcanic massive sulphide prospect in central Newfoundland being funded by Inmet, and Rocky Brook a uranium-gold-silver property in western Newfoundland where Cameco is partner. Very recently Altius announced a strategic alliance with Fronteer Development to explore the central mineral belt in Labrador for iron oxide copper gold deposits and it is seeking a partner for the Rambler gold property where high gold production ceased when mining hit a boundary. Needless to say Altius has consolidated all the land around the mine as a result of its plan to get involved in the region when no one else was interested.
Last, but by no means least, the company is in a sound financial position. It has around C$2 million in the kitty and its burn rate is low as virtually everything, part from its own think-tank, is funded by partners. Moreover it generates a certain amount of cash from payments associated with its joint ventures and Brian Dalton reckons Altius can continue to operate for at least two years without having to think of a funding. By that time one or more of its joint ventures could have come up with the goods and transformed the outlook for the company.
The haystack is some hard, but the needle orebody is larger than average.
There are ways to find this thing. Probably IP would help. Then MMI, and geology. What gallery needs is a geologist to tell them where to drill.
VENTS, ALTERATION, PHREATOMAGMATISM.. ROCK GEOCHEMISTRY, VOLCANIC GEOLOGY.. FAULT ZONES... DOWNHOLE.. PORPHYRY...
just a few hints..
EC<:-}
I agree that the grades do not look that good but drilling for mineralization is a bit like looking for a needle in a haystack, no?
Do these guys have anything besides "proto ore" in any of their holes?
You cannot mine that crap, I don't care if they have 50 square miles of it continuous and 500 feet thick.
Someday we will hit the massive stuff we have heard before.
I know where there is 300 feet wide of 1% zinc in Timmins Ontario and nobody is calling it the Timmins basin. And we know there is massive sulphides in 100's of showing throughout the area. I know, I know you are going to say " Botwood has chance then.."
There is a principle in VMS epithermal. (if there is such a mix) that what you find is what you are going to find. Usually when you drill, the next 20 drill holes have exactly the same characteristics. I know of several 11 mile long pyrite zones and low grade lead zinc zones, and that is all you get, no matter how much you sample. As a matter of fact there about 3 or 4 long sub 4% zinc vein/banded sulphide showings in the Timmins area and some of them are polymetalic. Widths to 30 feet. Silver, gold lead, copper in the veins too.
Good luck to them though. You never know.
EC<:-}
More Gallery news:
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: GALLERY RESOURCES LTD.
TSX VENTURE SYMBOL: GYR
APRIL 15, 2003 - 11:01 EST
Gallery Resources Limited: Major Mineral Belt Potential
Identified on Gallery's Katie Property
VANCOUVER, BRITISH COLUMBIA--Gallery Resources Limited (GYR:
TSX.V) of Vancouver, B.C. is pleased to announce that it has
received further positive assay results from the latest round of
drilling on its Black Bart Katie Project located in the Botwood
Basin, central Newfoundland.
These results are highlighted by the intersection of a 30 ft.
thick, zinc enriched VMS zone, "The Tall Tree Zone" (TTZ),
located 7,550 ft. south of the initial discovery of VMS
mineralization at the Black Bart Prospect. This zone contains an
average grade of 0.60% zinc and up to 0.43 g/t of gold, which is
hosted in low sulphides (visually estimated at a maximum 2%) and
therefore, higher concentrations of sulphides, when encountered,
should yield much higher zinc and gold grades proportionately.
Also highlighting the latest results are the remaining assays
from all five holes, which intersected a zone of epithermal
veining and VMS mineralization. The results from this zone,
referred to as "The McDonald Zone"(MZ), confirm widespread
enrichments in gold, silver, zinc, lead and copper with metal
values recorded in most of the 61 (1 to 3 feet) samples selected
for assaying. Gold mineralization is very widespread, with
thirty-six (36) of these samples containing assays up to 2.52 g/t
gold, associated with both epithermal and VMS mineralization.
Significant results have been obtained from the last hole,
drilled at the McDonald Zone (MZ). This hole also cut the
epithermal and VMS style mineralization. Eight of ten samples
selected to a vertical depth of 460 ft. contained gold
mineralization up to 0.65 g/t, zinc up to 0.12%, lead up to 0.23%
and silver up to 13.0 g/t (0.42 oz/t). The MZ has now been
intersected over an area measuring at least 1,640 x 738 ft and
down to a vertical depth of 460 ft.
The latest round of drilling has achieved the objectives of
demonstrating both the extensive development and close
relationship of the epithermal and VMS mineralization. Drilling
to date has outlined four mineralized zones, located along a 1.7
mile section of what is emerging to be a potentially significant
mineralized belt, now referred to as "the Burnt Hill Belt".
During the next few weeks Gallery's field crew will be carrying
out both research and field investigations to map out the next
phase of exploration work. Field work will commence next week
with geochemical sampling using the Mobile Metal Ion (MMI)
technique to assist in delineating priority drill targets.
Planned fieldwork will also focus on detecting new drill targets
at other areas north and south of the four main mineralized zones
identified to date. For the latest update on the results of the
recently completed drill program and to view representative core
samples, please visit Gallery's website at
http://www.gallery-gold.com.
Bruce Costerd, President & C.E.O.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Gallery Resources Limited
Investor Relations
(604) 662-8119 or Toll Free Canada & USA: 1-800-565-7350
(604) 662-8616 (FAX)
Email: info@gallery-gold.com
Website: www.gallery-gold.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Gallery news:
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: GALLERY RESOURCES LTD.
TSX VENTURE SYMBOL: GYR
APRIL 2, 2003 - 10:49 EST
Gallery Reports on Latest Drill Results from the Katie
Project
VANCOUVER, BRITISH COLUMBIA--Gallery Resources Limited
(GYR:TSX.V) of Vancouver, B.C. is pleased to announce that the
first phase of the planned 2003 drilling program on it's Black
Bart Katie Property located in the Botwood Basin of central
Newfoundland has produced the best drill results to date. It was
initially planned to drill 1,500 metres (5,000 ft) but early
positive results prompted the company to carry out additional
drilling for a total of 2,273.78 metres (7,458 ft) completed to
March 25, 2003.
Drilling focused along a 2.5 km (8,200 ft) zone hosting the Black
Bart VMS and Bruce Pond Epithermal Gold prospects. The objective
was to map out the VMS and Epithermal zones over shallow depths
down to 125 metres (400 ft). This objective was met with both
zones being intersected at two (2) new areas targeted for
drilling.
The first new target located between the gold-bearing VMS and
Epithermal prospects, separated by 1.6 kms (5,300 ft), was
selected to drill test a 500 metre (1,650 ft) long soil anomaly
containing elevated values of gold, zinc, copper, lead and
silver, the same metals contained in high grade, zinc enriched
boulders at the Black Bart VMS Prospect. The widespread
distribution of gold throughout this anomaly indicated this area
could also be underlain by the epithermal gold system first
detected at the Bruce Pond Prospect, located 600 metres (2,000
ft) south.
Five (5) holes drilled to vertical depths between 50 and 125
metres (160 and 400 ft) have all intersected epithermal veining
typical of the epithermal alteration in other areas. Two (2) of
the 5 holes also intersected the blackjack sphalerite (zinc) VMS
mineralization seen at the Black Bart VMS Prospect. This visible
mineralization is hosted in banded silica (exhalite) horizons up
to 3.5 metres (12 ft) thick and also a zone of stringer and
banded (up to several cms thick) semi-massive to massive pyrite
dominated sulphides. This style of mineralization is typical of
VMS mineralized districts and is observed in drill core from
bedrock surface below the thin (up to 6 metres) overburden cover
to the vertical depth of 125 metres, drilled to date.
Because of the early positive results, fifteen (15) 0.5 to 1.0
metre (1.5 to 3.0 ft) samples were expedited for assaying with
results received on March 21, 2003. These initial results
represent the best drill intersections on the property. Gold
values of 2.52 g/t and 1.85 g/t were obtained respectively from
both the VMS exhalite and stringer sulphide zones, both of which
are cut by the epithermal alteration. The samples, up to 1.0
metre thick, also contain good enrichments of VMS mineralization
ranging up to 3.0% zinc, 0.60% lead, 0.17% copper and 0.57 oz/t
silver. These levels of precious and base metals are significant
and within the range of economic grades. Encountering gold grades
up to 2.52 g/t within the upper levels of the epithermal system
also suggest good potential for higher grades at deeper levels.
Based on these initial assays the drill was moved 1.4 kms (5,000
ft) south (800 metres south of the Bruce Pond Prospect) to test
another untested soil anomaly, where the latest drilling has also
intersected the VMS and Epithermal systems. This latest
discovery, 2.5 kms south of the Black Bart Prospect, and the
presence of other untested prospects and soil anomalies up to 9.5
kms (6 miles) north indicate the potential for a major
mineralized belt within the Katie Property.
A total of approximately 125 samples have been selected from
drill core and assay results will be released upon receipt. The
company is very encouraged by the assay results obtained to date.
Over the next few weeks these additional results will be
evaluated to direct the next round of drilling which will test
deeper levels for higher metal concentrations.
Bruce Costerd, President & C.E.O.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Gallery Resources Limited
Investor Relations
Toll Free, Canada & USA: 1-800-565-7350 or (604) 662-8119
(604) 662-8616 (FAX)
Email: info@gallery-gold.com
Website: www.gallery-gold.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
They are saying Carlin trend type rocks in the Botwood Basin. The only other place I have seen similar rocks to the Carlin was in Alberta with the Tintina mine stuff. A lot of people did not believe the Tintina stuff as coming from the clays and limestones there, but that is where the iron (sulphides) was, and that was the rocks near the fault. With Alberta there was a preg robbing assay problem in the rocks, but free gold kept turning up in the rivers and from what I know, river gold always has a local source.
EC<:-}
Vulcan--another one i had a nice sit down with at pda. They didn't have a booth, but Pat Laracy was in town on another deal. Very prospective---oil, on land, large properties, possible huge target.
Newfoundland and Labrador claim maps:
http://www.gov.nf.ca/mines&en/MINES/MineralLands/OnlineData/mapclaims.htm
tf
Gallery news:
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: GALLERY RESOURCES LIMITED
TSX VENTURE SYMBOL: GYR
MARCH 14, 2003 - 13:17 EST
Gallery Resources Limited: Latest Drill Results at Katie
Indicate Extensive Epithermal Gold System
VANCOUVER, BRITISH COLUMBIA--Gallery Resources Limited (GYR:
TSX.V) of Vancouver, B.C. is pleased to announce that drilling on
the Black Bart VMS Zone has intersected epithermal alteration
over a 2.2 metre (7.5 ft) zone at a vertical depth of 70 metres
(230 ft). The zone displays textures and pyrite mineralization
typical of the Bruce Pond Epithermal Gold Zone located 1.6 km
(5,500 ft) south. This new development demonstrates that the
epithermal system may extensively underlie the 50,000-acre Katie
Property located in the Botwood Basin of central Newfoundland.
This hole was drilled on a 200 metre (656 ft) step-out to test
the northeast strike extension of the zinc enriched VMS zone
outlined during earlier drilling completed last summer. The hole
also intersected a 6 metre (20 ft) thick section of the VMS zone,
and this close association of VMS and Epithermal Mineralization
confirm earlier observations that these two styles of
mineralization may be related. (Please see press release March 4,
2003).
Project Manager Vic French advises this new epithermal alteration
and mineralization may be an extension of the Bruce Pond Zone.
Based on the distribution of gold concentrations in soils, the
zone is inferred to have a strike length of 1.6 kms (5,500 ft) in
a north direction. (Please see March 4 press release). The 2.2
metre (7.5 ft) zone is located along this trend and north of the
closest gold anomaly, which is located 400 metres (1,300 ft)
south.
This potential for considerable strike length for the epithermal
alteration is further indicated from a reinterpretation of
Induced Polarization (IP) data collected during earlier surveys,
just completed by Dr. Dennis Woods. His report submitted March 7,
2003 shows IP resistivity anomalies (indicative of pervasive
silica alteration in the epithermal zone) along the inferred
trend and corresponding to the gold anomalies.
The company has moved the drill to start testing this 1.6 km zone
of corresponding gold and IP anomalies. The first hole planned
along this trend was started last evening and collared in
sulphide mineralization below the 6 metre (20 ft) thick bog
cover. The immediate drill plans will focus on establishing the
extent of the epithermal system along the 1.6 kms (5,500 ft)
separating the Bruce Pond Epithermal and Black Bart VMS Zones and
will avail of the good drilling conditions afforded by the winter
freeze up. Core samples are being prepared for shipment and assay
results will be published as they become available.
Bruce Costerd, President & C.E.O.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Gallery Resources Limited
Investor Relations
(604) 662-8119 or Toll Free, Canada & USA: 1-800-565-7350
(604) 662-8616 (FAX)
Email: info@gallery-gold.com
Website: www.gallery-gold.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Here is a write-up on Candente from the "Resource Opportunities" newsletter:
http://www.resourceopportunities.com/s/RecentSampleReports.asp
Candente Resource Corp.
(DNT-TSXV)
Candente recently reported a couple of news items with very important implications that may not yet be fully appreciated by investors.
On February 5, the company reported assay results from surface sampling on its Alto Dorado property in Peru. The results, from trenches and pits, ranged up to 3.6 grams per tonne. These results are extremely significant in that the geological setting and the rocks that produced those grades are similar to those found in the huge Yanacocha and Pierina deposits, which lie to the north and south, respectively, of Alto Dorado.
Previous work on the property encountered only low gold values in soil geochemical samples taken in the area. Vice-president of exploration, Fredie Huanqui, is using the same exploration approach that he employed in the early days of exploration at Pierina: he brought in crews of local labourers to dig pits through the several meters of soil in order to sample the bedrock directly.
The work being done by Candente is a good example of why junior explorers are often more successful than the larger companies. In the previous program at Alto Dorado, the major sampled the soil only to about 1 meter depth. Finding only low gold values in the soils, the company dropped the project.
In contrast, Fredie insisted on getting all with through to the bedrock -- up to 5 meters below the soil surface. That is a deep hole in the ground, and represents much more effort than would be employed by most mining companies. Having established the presence of gold in the bedrock, Candente now plans to bring in a small drill rig in order to systematically sample the bedrock.
Candente has a strong exploration team in Peru, including geologists with hands-on experience at Yanacocha. That exploration team is excited about what they're finding at Alto Dorado.
Candente has numerous other projects in Peru, including a group of properties staked in an emerging gold belt in southern Peru. Anglo Gold has apparently outlined a substantial deposit in this area and is conducting a regional program. The major, as frequently occurs, may find that the best prospects have already been staked by a nimble junior. As a result, Anglo, Newmont or the other majors may have to enter into a joint venture agreements with Candente in order to gain access to some of the top prospects.
Peru is only half of the story of Candente. The company also has one of the larger land positions in the emerging Botwood Basin region of Newfoundland. Barrick endorsed the concept that the Botwood Basin area may be an analog of the Carlin Trend in Nevada, the world's second largest depository of gold, by optioning a property in the district.
A second major mining company has now officially recognized the enormous significance of this district. Goldcorp has just announced a C$1 million investment in Candente, by way of a private placement at C$0.60, with a half warrant at C$0.90 in the first year and C$1.10 in the second year. The financing deal carries no strings, although the junior company announced its intentions to develop a "strategic partnership" with Goldcorp for exploration of the company's Newfoundland properties.
Whatever form the balance of the deal takes, it will be negotiated independent of the investments already made by Goldcorp in the junior explorer. It is clear that Goldcorp sees potential in the Newfoundland project, and places a high value on the property position held by Candente, as well as the geological team that assembled that property position.
Candente's exploration properties are all at an early stage, but those projects have large-scale potential and the company has better than average prospects for delivering success. It is important to remember that Barrick's 1996 takeover offer for Arequipa came after only nine drill holes on the Pierina project. That offer was raised to C$30 per share, or nearly C$1 billion, before the junior could complete another 20 drill holes.
Candente has a lot of shots at a big success. The investment by Goldcorp provides an added endorsement (not that one was needed) and adds cash to keep the projects moving forward.
Candente is building an ever larger following of loyal believers. I encourage subscribers to maintain a position in this company. It's not too late to acquire a stake if you don't already own some Candente. More than most explorers, this company offers upside potential in the near term through growing investor awareness, and several chances of a home run.
Price February 10, 2003: C$0.73
Shares Outstanding: 21.1 million
Market Cap: C$15.4 million
Contact: Reg Advocaat
604-689-1957
www.candente.com
Hi. Spruce Ridge, I don't know anything about. Vulcan--Pat Laracy runs it, worked oil/gas outa Calgary, was on oil/gas board for provence of newfoundland, does lots of consulting, pretty sharp guy.
Added to the header. Not sure how I missed Copper Hill. Vulcan is a new one to me though. What do you think of Spruce Ridge?
tf
ycu--copper hill. they got some property and fair prospects----havn't been doing much, can buy them maybe .04. Another one is vulcan--vul.v---focusing on oil, but probably has enuf mineral claims to spin off. This guy will--and does--claim everything: gas oil minerals salt. Not too many shares out. thrifty operator. He's also a lawyer ( automatic 10 demerits, in my book) I asked him why the hell he became a lawyer. (few good answers in same book) he said: 1. self defense 2. saves co a lot of money. disclosure: i got a gob of it. lj
The geology of Newfoundland is very like Ireland, which has some gold in a formation called the Dalrydian. Newfie geology is very unlike its neighbour Labrador, despite the seemingly similar-to-VB mafics on its west coast (North Arm).
Having said that, in the interior of NFLD are shears zone containing some gold that is remarkably similar in geology and deposit type to the fuschistic carbonate shears of the Timmins, Cadillac Kerr-Addison gold camp. Noranda did some work on these zones a few years back.
EC<:-}
Yes. I completely forgot to add them to the header though they are the three most obvious.
Best map bar none is on the Altius website:
http://www.altiusminerals.com/botwood.asp
Too big for the header though! (g)
tf
You don't have Candente in the header, tf ... or Altius ... everybody knows of their involvement in Botwood already, likely
http://www.candente.com
http://www.altiusminerals.com
It's a good idea for a thread ... which company provides the best overall maps of the district on their website, do you think? ... it's been a while since i checked around
[edit] - Moydow as well ... you forgot about these because they started it all off ... too obvious -g-
Western Keltic Mines added to the header
http://www.keltic.com/s/NewsReleases.asp?ReportID=44829&_Title=Keltic-Expands-Newfoundland-Holdi....
tf
VVC Exploration Corp. - Update on Bowater Property in Newfoundland
Monday February 24, 3:58 pm ET
Symbol: VVC - TSXV
TORONTO, Feb. 24 /CNW Telbec/ - VVC Exploration Corp. (VVC TSXV) wishes to give an update on the ongoing drilling program on the Glenwood-Appleton NFLD property (aka the "Bowater Property") where soil geochemical gold anomalies (MMI) are being investigated by several drill holes.
Seven drill holes have now been completed in the southeast sector of the Property in the vicinity of reported visible gold occurrences (drill holes GLN- 99-13 and GLN-99-11 and surface showing "the Knob"). "The Knob" showing is a gold mineralized zone located on adjacent Rubicon Minerals' property (some 80 metres east of the Bowater Property boundary) where typically high grade gold bearing quartz veins occur with visible gold, boulangerite, and minor sulphide content (pyrite-arsenopyrite-chalcopyrite). The Knob showing had previously been drilled by Noranda Exploration (GLN-99-11 - 38.53 g/t Au over 1.6 m - collared 57 metres east off the Bowater Property boundary). Further to the west, on the Bowater Property, a similar or related zone consisting of a quartz vein with visible gold, boulangerite and minor sulphide content was intersected by Noranda Exploration drill hole GLN-99-13 (32.2 g/t Au over 1.6 m).
Drill hole No. 1 of the current drill program, was intended to twin hole GLN-99-13. Drill holes 2, 3, and 4 were aimed to test the westerly down dip potential extension of visible gold bearing mineralized zones intercepted in GLN-99-11 and GLN-99-13. Drill holes 4, 5, and 6 were drilled to investigate the adjacent soil geochemical gold MMI anomalies.
Several core samples from drill holes 1 to 7 have been sent for assaying and but no results are available yet. The mineralization is present in sericitized/carbonatized sheared (locally brechiated) greywacke/siltstone and consist of up to 15% of disseminated pyrite-arsenopyrite plus minor chalcopyrite.
Also being assayed are mineralized quartz veins (from 5 cm to 1.2 m wide) generally carrying low content of sulphide (pyrite-arsenopyrite-chalcopyrite) and specifically boulangerite. This type of mineralization has been observed at other locations on the property.
Meanwhile, additional MMI gold soil geochemical data from recently completed survey has been received and has delineated new Au soil anomalies on the property. Drilling is continuing and new targets defined by MMI are being investigated.
The Qualified person who has prepared this news release is Paul Delaney, P.Geo.
VVC Exploration is a Canadian junior mining company listed on the TSX Venture Exchange.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Altius Minerals Corporation
http://biz.yahoo.com/ccn/030218/6c6c78d956855f41812100ea11f4...
Altius Looks Forward: Corporate And Exploration Update
Tuesday February 18, 10:45 am ET
ST. JOHN'S, NEWFOUNDLAND--Altius Minerals Corporation is pleased to provide an overview of new corporate developments as well as give an update on current and planned exploration.
Altius is looking forward to an active 2003. All current gold, base metal and uranium exploration projects are fully financed, mostly by senior joint venture partners Sudbury Contact Mines, Barrick Gold, Cameco Corporation and Inmet Mining as well as by junior company partners. These agreements also provide cash and/or share payments to Altius.
In December and January 185,000 common shares were issued upon the early exercise of warrants by participants in private placements completed in December 2001 and May 2002 respectively. The Company received total proceeds of $224,500 as a result. In keeping with Altius' strategic business plan, these funds will be utilized to advance wholly-owned gold and base metal projects to joint venture status.
The Company is also pleased to announce that it has hired Chad Wells, B.Sc (Hons) to assist with corporate marketing and project development activities. Chad has previous experience working with junior and senior companies in the mineral and petroleum sectors across Canada, most recently with the Voisey's Bay Nickel division of INCO.
Botwood Basin
The first of the planned 2003 drilling stages has commenced at the Moosehead gold property, which is located in the western Botwood Basin. Sudbury Contact is funding an estimated twelve-hole program totaling approximately 1500 metres. Details of the program are given in the press release dated January 23, 2003.
The Twilight property is also located in the western part of the Botwood Basin. Results from a recent till geochemical survey over the Twilight Property have been received and compiled. Anomalous values of gold, arsenic, antimony, molybdenum, barium and mercury have outlined a northwest-trending prospective corridor that extends for five kilometres across the property. This corridor is coincident with structures inferred from the high-resolution airborne magnetic survey completed last field season. In the southeastern part of the corridor, shallow drill intercepts of up to 10.8 g/t gold over 2.1 metres remain open for further drill testing. A new interpretation suggests that multiple shallow drill intercepts containing gold mineralization are confined to Ordovician rocks that structurally overlie nearby outcrops of locally calcareous, fossil-bearing rocks of Silurian age that elsewhere in the Botwood Basin are excellent host rocks for gold mineralization.
Also, in the western Botwood Basin, reconnaissance till geochemistry over the Exploits Property, which is located southwest along strike from Moosehead property, has returned anomalous values of gold, silver, arsenic, and mercury. These occur within a two kilometre long target area where soil samples assay up to 4.19 g/t gold and grab samples of altered and mineralized mafic dikes assay up to 5.82 g/t gold. Mafic dikes of similar character often exhibit a spatial association with high-grade gold mineralization in the Botwood Basin, including the Moosehead property.
Altius is presently seeking a partner to participate in the next phase of exploration on the Twilight and Exploits properties.
Avalon Copper-Gold Project
Altius has elected to renew its option on the Cross Hills Iron-Oxide Copper-Gold (IOCG) property in the Avalon Zone of eastern Newfoundland. Two regional gravity profiles separated by six kilometres were recently completed over two magnetic anomalies that each measure four kilometers long and two kilometres wide.
The gravity profiles indicate a significant regional gravity gradient of up to 8 milligals with three smaller, local anomalies ranging in amplitude from 1.0 to 1.4 milligals. These are located in areas of poor outcrop exposure. One anomaly is located one kilometre away from outcropping zones of magnetite-chalcocite mineralization, brecciation and albite-actinolite alteration, which are features consistent with IOCG deposit models.
Prospecting of the mineralized zones has returned maximum values of 3.10% copper, 1.25 g/t gold and 143.8 g/t silver from different grab samples. Altius is presently seeking a partner to fund additional gravity and magnetic survey coverage as a prelude to drilling.
Altius has demonstrated a record of solid performance in its first five years of operation. During this period, 28 property agreements have been made subject to exploration funding agreements, mostly with senior mining companies. Additional information concerning Altius' track record, business plan and projects can be found at the Company's website www.altiusminerals.com, which has been recently updated.
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Contact:
Altius Minerals Corporation
Brian F. Dalton
Phone: (709) 576-3440 or Toll Free 1-877-576-2209
Fax: (709) 576-3441
or
Altius Minerals Corporation
Roland W. Butler Jr.
Phone: (709) 576-3440 or Toll Free 1-877-576-2209
Fax: (709) 576-3441
Email: info@altiusminerals.com
Website: www.altiusminerals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Source: Altius Minerals Corporation
Rubicon Options Three Newfoundland Gold Projects to International Lima; Option Deals Include 25km Strike Length of Barrick's Mustang Trend
Tuesday February 18, 10:45 am ET
VANCOUVER, BRITISH COLUMBIA--David W. Adamson, President and CEO of Rubicon Minerals Corporation (RMX.TSX Venture) is pleased to announce that the Company has executed three separate option agreements on three of its Newfoundland gold properties with International Lima Resources ("ILR"). ILR has been granted an option to earn up to 60% interests in the Glenwood Break, Wing's Point - Titan and Southern Golden Promise Properties in exchange for spending a total of $5.25 million over four years and issuing 1.2 million shares of ILR. Exploration commitments in the first year of the Agreements total $650,000.
David Adamson said, "Two years ago, we began accumulating several district-size property packages in Newfoundland. We are pleased to welcome ILR as a partner to our Newfoundland projects. ILR will be carrying out significant first year exploration programs on three promising project areas which, combined, represent about 15% of our Newfoundland land holdings."
The properties optioned by the Company to ILR are as follows:
Southern Golden Promise Property
This project area comprises four separate claim blocks, involving 7 mineral licences and a total of 920 claims, which lie within a north-easterly oriented belt of volcano-sedimentary rocks, presumed to be part of the Victoria Lake Group strata. The claim blocks are located between 15 kilometres to 100 kilometres to the southwest of Rubicon's new Golden Promise, Jaclyn zone gold discovery. In September 2002, Rubicon announced that of the 17 holes that intersected the quartz zone, 15 contained visible gold. Intersections from the program included 16.57 g/t gold over a true thickness of 1.64 metres (see Rubicon's September 19, 2002 news release for complete results).
To earn a 60% interest in the Southern Golden Promise property, ILR must spend $1.75 million over four years and issue to Rubicon 400,000 ILR shares (100,000 on signing after regulatory approval). In the first year, ILR has made a commitment to spend $250,000 on the property.
Glenwood Break Property
This large gold property is strategically located on the north-east portion of the Barrick Mustang Carlin Trend Target and consists of 11 mineral licences (1477 claim units). The Glenwood Break Property was map-staked in March 2002 and covers a 25 kilometre strike length of the Mustang Carlin trend currently being explored by Barrick under an option agreement with Altius Minerals. A Government of Newfoundland and Labrador till database covers parts of the property and identifies numerous elevated gold values in till. Preliminary prospecting by Rubicon and several historic gold occurrences indicate a favourable bedrock environment for gold mineralization.
To earn a 60% interest in the Glenwood Break property, ILR must spend $2.0 million over four years and issue to Rubicon 400,000 ILR shares (100,000 on signing after regulatory approval). In the first year, ILR has made a commitment to spend $350,000 on the property.
Wings Point - Titan Property
The Wings Point - Titan gold property is located on the northern extension of the Barrick Mustang Carlin Trend Target and consists of 6 mineral licences (118 claim units). In 2002, Rubicon trenched a new mineralized zone located on the north portion of Barrick's Mustang Trend. Gold values of 47.0 g/t over 0.4 metres, 5.6 g/t over 0.5 metres, 8.2 g/t over 1.0 metres were returned from chip samples of carbonate-altered rocks and 16.4 g/t gold in a grab sample from two trenched areas 100 metres apart. The Qualified Person for the project is Ed Lyons, P. Geo. of Victoria, BC.
To earn a 60% interest in the Wings Point - Titan property, ILR must spend $1.5 million over four years and issue to Rubicon 400,000 ILR shares (100,000 on signing after regulatory approval). In the first year, ILR has made a commitment to spend $50,000 on the property.
In addition to its Newfoundland assets, Rubicon Minerals Corporation controls over 260 square kilometres of land holdings in the prolific Red Lake gold camp of Ontario which hosts two high-grade, world class gold mines (Placer Dome's Campbell Mine and Goldcorp's Red Lake Mine). Included in Rubicon's Red Lake holdings is the McFinley Gold Project, which contains a published Inferred Mineral Resource of 334,007 in situ tons* grading 0.20 oz/ton and recently reported high grade intercepts including 21.26 oz/ton gold over 1.15 feet and 1.85 oz/ton over 1.96 feet.
RUBICON MINERALS CORPORATION
David W. Adamson, President & CEO
* Note: This resource, according to Glenn Hogg, P.Eng. and QP, would be classified as an Inferred Mineral Resource under the standards of National Instrument 43-101 (see Rubicon's news releases dated June 24 and July 18, 2002 for more information on the property.
The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from targeted results. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The Company relies upon litigation protection for forward looking statements.
--------------------------------------------------------------------------------
Contact:
Rubicon Minerals Corporation
Bill Cavalluzzo
VP Investor Relations
Phone: Toll Free: 1-866-365-4706
Email: bcavalluzzo@rogers.com
Website: www.rubiconminerals.com
TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Tue Feb 4, 2003
VVC Exploration Corp. finds mineralization on its Bowater property in Newfoundland
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VVC Exploration Corp. (VVC TSXV) is pleased to report completion of the first five holes on its Appleton/Glenwood (Bowater) property .
The property, under option from Black Bart Prospecting, is located in the Botwood Basin, of central Newfoundland. The twenty-two (22) drill hole program is progressing well and the fifth hole has just been completed. The drill holes are collared 80 to 100 meters west of the "Knob Showing", where visible gold bearing quartz veins have been reported to occur in the outcrop (81.53 g/t Au over 0.81 m).
The current drill program is designed to test structural/shear zones believed to host gold bearing mineralization as demonstrated by 1991 Noranda Exploration Co drill holes (GLN-90-11: 38.53 g/t Au over 6.45 m; GLN-90-13: 32.20 g/t over 1.60 m). The program will also investigate newly discovered MMI Au soil anomalies in the vicinity. Holes one through five respectively, intersected several mineralized sections with widths of 3.5m, 2m, 10m, 18m, and 6m, and were sent for analysis. Assay results are pending and will be published as they become available.
VVC Exploration is a Canadian junior mining company listed on the TSX Venture Exchange.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
For further information please contact:
Mr. Michael Curtis of Cardwell Capital Corp. at 450-472-6166 <mcurtis@biz.videotron.ca> or
Michel Lafrance, Secretary-Treasurer at 416-368-9411 ext23 <investors@vvcexploration.com>
Dated: February 4th, 2003
On behalf of the Board of Directors
Michel Lafrance, Secretary-Treasurer
Symbol: VVC - TSXV
http://www.vvcexploration.com/s/Home.asp
2/11/2003
Gold Intersected In First Three Drill Holes
Brady Option Gold Property
ST. JOHN’S, NF, February 6, 2003 – Linear Resources Inc. (LRR.V) announces that the first three holes of a planned 7-8 hole drill program on the central Newfoundland, Brady Option gold property have all intersected gold mineralization. The gold values are hosted in silicified quartz porphyries and altered (silicified, chloritized) mafic volcanics, are associated with pyrite and arsenopyrite and extend the gold mineralized zone over a minimum 100 metre strike length and over 75 metres across strike. The results indicate a strong, mineralized, gold-bearing quartz porphyry system that has intruded and mineralized the host mafic and ultramafic units in the area giving wide zones of significant values in the 0.1 to 2.5 grams per tonne range. Mineralization consists of disseminated blebby and euhedral, and fracture filling pyrite and disseminated, acicular (needle-like) arsenopyrite. Strongest sections carry up to 10% sulphides over narrow intervals. Both the porphyry and the volcanics are variably altered (silicified, chloritized) and mineralized.
The target of the drilling is a coincident magnetic low, gold and arsenic soil geochemical anomaly with a sheet-like zone of high chargeability and high resistivity induced polarization (IP) values over a minimum 300-metre by 300-metre area, which appears to be bounded by faults to the north, south and west. Significant gold mineralization has been located in float from the property in three rock types, including altered and mineralized ultramafic intrusives (values to 6.6 grams per tonne gold), mafic volcanics (values to 4 grams per tonne) and the quartz porphyry (values to 3 grams per tonne). It appears that the alteration and mineralization in the mafic volcanics and ultramafics is related to mineralizing fluids associated with the quartz porphyry.
Following is a summary of the drill results:
Drill hole BO-03-1, a 122 metre vertical hole at L 2 E, 2+50 N, intersected variably altered and mineralized mafic volcanics cut by a narrow (0.8 metres) porphyry unit. Two significant gold intersections were noted: 17.6 to 19.2 (1.6 metres) at 1.87 grams per tonne, including 18.4-19.2 (0.8 metres) at 2.9 grams per tonne and 51.8 to 55.0 (3.2 metres) at 1.69 grams per tonne. The mineralization is pervasive along fractures cutting the mafic units. Hydrothermal breccias are noted.
Drill hole BO-03-2, a 170 metre vertical hole at L 1 E, 2+25 N, intersected variably altered and mineralized mafic volcanics with narrow (up to 3.5 metres wide) quartz porphyry units to 39.1, then 103.9 metres of quartz porphyry to 143, variably altered / mineralized mafic volcanics to 154.8 and altered quartz porphyry to the bottom of the hole. A total of 98.8 metres was sawed and analyzed from the drill hole. Significant gold intersections were: 48.5 to 51.6 (3.1 metres) at 1.3 grams per tonne; 60.3 to 61.6 (1.3 metres) at 1.2 grams per tonne; 81.2 to 102.7 (21.5 metres) at 1.1 grams per tonne including 82.2 to 88.3 (6.1 metres) at 1.4 grams per tonne including 85.2 to 86.3 (1.1 metres) at 2.3 grams per tonne and 96.7 to 102.7 (6.0 metres) at 1.6 grams per tonne including 100.7 to 101.7 (1 metre) at 2.4 grams per tonne; 108.5 to 110 (1.5 metres) at 1.1 grams per tonne; and 159 to 164 (5.0 metres) at 0.9 grams per tonne including 159 to 161.9 (2.9 metres) at 1.2 grams per tonne.
Drill hole BO-03-3, an uncompleted vertical hole at L 1 E, 1+75 N, intersected variably altered mafic volcanics with a narrow (2 metres wide) quartz porphyry unit to 59.2 metres then variably altered (silicified) porphyry to 68 metres where it is presently stopped. Significant intersections were: 6.7 to 7.6 (0.9 metres) at 2.04 grams per tonne; 22.5 to 23.0 (0.5 metres) at 2.6 grams per tonne; 29.7 to 30.2 (0.5 metres) at 1.28 grams per tonne; 46.8 to 48.5 (1.7 metres) at 2.4 grams per tonne and 60.2 to 65.1 (4.9 metres) at 1.45 grams per tonne including 63.2 to 65.1 (1.9 metres) at 2.22 grams per tonne.
Drilling has been curtailed since January 26, due to unusual weather conditions (flooding and loss of snow) and will recommence as soon as weather conditions permit. The drilling will continue to test the porphyry as defined by the induced polarization (IP) resistivity and chargeability plus linear structural targets, located within and marginal to the porphyry body. High IP chargeability zones, which may represent sulphides, to the north and south of the porphyry bounding faults, will also be tested.
The drill core was sawed on site by Linear personnel with samples shipped to the Eastern Analytical Ltd. laboratories in Springdale, Newfoundland where they were analyzed utilizing a half assay ton, fire assay technique. The assays indicate further sampling of the core is required and this will be done when conditions permit. Rejects from some of the samples have been sent for check assays and these will be reported when received.
The company is encouraged by the strength of this newly discovered mineralized system in an area where gold mineralization was previously unknown. The widespread nature of the mineralization, the size of the geophysical anomaly, at a minimum of 300 metres by 300 metres, that appears to define the mineralization and the success of this early phase of exploration (2.5 drill holes completed, all intersecting significant gold values) all indicate the potential for a major gold deposit.
Based on the success of the drilling, the company has expanded its ground position in the area by the acquisition by staking of a further 465 claims (11,625 hectares) to bring the total for the Brady area to 541 claims (13,525 hectares). The new claims cover the Spruce Brook Formation in the area of the discovery and the contact area of the Spruce Brook and Coy Pond Complex to the southwest. The company may seek joint venture partners for some of these claims.
NEWS RELEASE
2003-02-14 - Gallery to Drill its Katie Property in the Botwood Basin
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Gallery Resources Limited (GYR:TSX.V) of Vancouver, B.C. is pleased to announce exploration plans for 2003 show the Company will be very active in exploring its major property situated in the Botwood Basin, central Newfoundland. The fieldwork is scheduled to start later this month with the recommencement of drilling on the Katie Property. This new phase of drilling will test the strike and down dip extensions of the Bruce Pond Epithermal and Black Bart VMS gold zones and untested geophysical anomalies in these areas.
The Company had planned to resume drilling at Katie in late January, but on the advice of industry consultants delayed the start-up to allow further evaluation of earlier drilling and surface results. This work is being carried out to provide more information on the shape, size, strike and dip extensions of the Bruce Pond Epithermal and Black Bart VMS gold zones.
The initial drill holes will test the VMS gold zone based on new interpretations by Geophysics Consultant, Dr. Dennis Woods. He interprets the 40 metre (130 ft) thick section of mineralization intersected in Hole KP-27 last August may have a strike length of at least 600 metres (2,000 ft) open to the northeast and also thickening in that direction. This zone corresponds with coincident surface geophysical anomalies, which extend northeast from the drill hole and support the interpretations. Dr. Woods has recommended a precise drill hole location for immediate testing of the VMS gold mineralized zone to the northeast.
Dr. Derek Wilton is completing research work on drill core from the Bruce Pond Epithermal Gold Zone also at the recommendation of industry consultants who viewed the drill core at the recent Cordilleran Round-up in Vancouver, B.C. They confirmed the textures and alteration contained in the Bruce Pond drill core are typical of the upper boiling levels in epithermal systems and are known to overlie Bonanza Grade (high-grade) gold deposits such as in Nevada, USA. These consultants and Dr. Woods also recommend completing a detailed Induced Polarization (IP) survey prior to deeper drilling. The IP survey will measure the resistance of the rocks at the Bruce Pond Epithermal Gold Zone (high resistivity anomalies are generally associated with any potential epithermal gold zone due to silica emplacement). This survey is scheduled to be completed in the first week of March. Successfully outlining a resistivity anomaly will provide a more precise target for deeper drilling at this potentially significant gold zone.
_____________________
“Bruce Costerd”
President & C.E.O.
FOR MORE INFORMATION, PLEASE CONTACT INVESTOR RELATIONS:
TOLL-FREE, CANADA & USA: 1-800-565-7350.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Other juniors with properties in the Botwood Basin:
Linear Resources http://www.linearresources.com
Grayd resources http://www.grayd.com/s/default.asp
Wave exploration http://www.wave-corp.com/pages/360450/index.htm
Canalaska http://www.canalaska.com/s/Frontpage.asp
Consolidated Abaddon http://www.consolidatedabaddon.com/
Sudbury Contact Mines http://www.agnico-eagle.com/
Rubicon Minerals http://www.rubiconminerals.com/home.htm
Cornerstone Capital http://www.ccriglobal.com/
Gallery Resources http://www.gallery-gold.com/
tf
Hi Marcos--Altius was pretty much centerpiece of Roulstons focus on Botswood. I ain't smart enuf to paste off of acrobat reader. If you want to send me an email address to littlejoept@yahoo.com I'll forward you the article.
Yes, Goldcorp is producing gold at an average of 2 oz/ton in Red Lake aren't they?
Some of it is up to 4 oz/ton I believe-
Different geology I think, though I'm no expert in that department. Botwood Basin has been described as having similar geology to the Carlin Trend in Nevada.
Also, there are no producing mines in the Botwood Basin as you have in Red Lake where there are two big ones that I am know of.
tf
It's a good article, though it's a bit of a teaser. Did you sign up for a subscription?
I think that when the war is announced gold will go down $20 then slowly start back up again. There are fundamental reasons for its rise and its not just the talk of war. Wonder how the pennies would react to a correction in the price of gold right now? Mind you, I've heard a few say they were just waiting for a pullback so they could load themselves up. Sounds like a bull market doesnt it?
'This article is taken from the January issue of Resource Opportunities, which discussed the gold exploration potential of the Botwood Basin area of Newfoundland. You can pick up a free copy of the entire recent Botwood Basin issue at the Resource Opportunities booth at the Cambridge House Gold show in Vancouver on January 26th and 27th.'
http://www.kitco.com/ind/Resopp/jan242003.html
Roulston likes Candente, that's been known for some time, if memory serves he showed up in the list of early placees .... i don't know where he stands on Altius or Moydow, or any of the others .... if he's handing these out at the gold show, somebody should type in the relevant bits
'Should be good for a pop during the summer drilling season.'
Doesn't the greater part of speculation come traditionally from the time leading into drilling ... 'the promo/financing' part of the cycle .... time to get established, if you want to work into house-money shares to hold through drilling, is now to April, or so, imho .... each one is distinct of course, none follows the pattern lockstep, but generally speaking ...
I like dnt and als. Should be good for a pop during the summer drilling season.
tf
DNT I've always liked. I think one really good find in botswood basin, and things will get interesting. Supposed to be 'carlin' type trend. Vulcan has very large land position, and tied up the whole clatter--oil, gas, salt, minerals. I think als announced they're gonna resume drilling. Vulcans gonna drill a shallow well, and frac another.
VVC Exploration is doing some drilling nearby and had a nice pop today.
http://ca.finance.yahoo.com/q?s=VVC.V&d=c&k=c1&a=v&p=s&t=5d&l=on&z=m&...
Might be worth keeping an eye on.
tf
Seemed like a good idea since this is an emerging gold camp and there should be lots of exploration news in the coming year. Companies exploring the area include
Altius Minerals (ALS) #board-1493
Candente Resources (DNT) #board-1373
Moydow Mines (MOY) #board-1502
tf
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