GLR Resources drills Box, draws Contact Lake plans
2004-09-10 09:31 ET - News Release
Mr. Robert Kasner reports
GLR Resources Inc. has released an update on the company's numerous projects contained within the Goldfields property in Northern Saskatchewan, Canada.
Goldfields property
The Goldfields property consists of 33 contiguous mining claims and five mining leases that comprise an area of approximately 27,236 hectares (67,300 acres) which is 100 per cent owned by GLR.
Goldfields property: Box gold mine project
Drilling has commenced and is anticipated to be completed by September. Once all assay data have been collected, AMEC will undertake a resource estimate of the deposit, which will be suitable for incorporation into a mining feasibility study and NI 43-101-compliant technical report. The anticipated completion of the resource is the middle of October.
Goldfields property: Contact Lake project (uranium and gold)
GLR plans for drilling to commence at Contact Lake once the drilling has been completed at the Box mine. For further information, please see the news in Stockwatch dated June 28, 2004, for details.
Goldfields property: Review of exploration potential
As outlined in the news issued in Stockwatch on April 30, 2004, both the Box and Athona gold deposits have only been explored and developed to relatively shallow depths. Both deposits are open at depth, which could subsequently lead to an increase in the resource of both projects if additional exploration is carried out below present workings.
Historical production and future potential
Previous news in Stockwatch regarding exploration potential has typically concentrated on the gold and uranium plus gold potential of the Goldfields property. This update will concentrate on the gold and platinum group element potential (Au-PGE) of the Goldfields property.
Company personnel initially visited the Goldfields property in 1986 because of the Au-PGE potential brought to the attention of the company by Eldor Resources (then a federal Crown corporation -- now Cameco). An agreement between the company and Eldor was signed and exploration was undertaken on the Fishhook and Nicholson properties that are now owned 100 per cent by GLR.
For details of that exploration, please see the Goldfields NI 43-101 report filed on www.sedar.com or on the GLR website www.glrresources.com.
A great deal of emphasis on the exploration potential of the Goldfields property and region can be found in the literature. Following are some excerpts from both the Saskatchewan Geological Survey and the Geological Survey of Canada on the Au-PGE potential.
"Visual indicators of gold mineralization, in either surface or drill core samples, are not apparent other than an association with hematized rocks. Since large areas of the Beaverlodge area are reddened the whole Beaverlodge area (Goldfields) is worthy of further study for Au-PGE mineralization" (Summary of Investigations -- 1988 Project 8832, Saskatchewan Geological Survey, page 75). "Acceptance of the unconformity-related nature of the Nicholson Bay Au-PGE mineralization raises speculation about the exploration potential of other unconformities as those below the Martin Group" (Summary of Investigations -- 1988 Project 8832, Saskatchewan Geological Survey, pages 75 and 76). The Goldfields property encompasses the Martin Group formation rocks.
"It is important to note that the new Au-PGE discovery of Lenora Explorations (now GLR) at Quartzite Ridge, approximately 1.5 kilometres southeast of the Lorado uranium mine occurs in a similar suite of rocks. Channel samples cut across this brecciated-hematized quartzite assayed 1.13 ounces per ton gold, 0.047 ounce per ton platinum and 0.088 ounce per ton palladium" (Summary of Investigations -- 1987 Saskatchewan Geological Survey, page 128).
"Significant higher grades and widths have been encountered by Mary Ellen Resources (now GLR) within the Nicholson No. 2 zone. One of their diamond drill holes cut 6.096 metres of 8.67 parts per million palladium, 2.05 parts per million palladium and 18.2 parts per million gold. The precious metals are restricted to a distinctive unit referred to as the Red zone, which consists of hematized carbonates and quartzites. The cryptic nature of the mineralization in the Red zone and lack of accompanying sulphides, arsenides and pitchblende render this type of mineralization difficult to explore for and sample. Samples as high as 1.2 ounces per ton palladium, 0.20 ounce per ton platinum and 11.5 ounces per ton gold have been found in rocks with no macroscopic evidence of precious metals. The drilling program also revealed that the footwall sequence contains anomalous levels of gold, as was indicated above. In one case, the footwall was found to be anomalous over a thickness of 24 metres" (Summary of Investigations -- 1987 Saskatchewan Geological Survey, pages 128 to 129.
"Full PGE analyses conducted on high-grade samples from both the Nicholson and Fish Hook Bay mineralized zones revealed rhodium content of 250 to 300 parts per billion. Such values are in excess of those noted for average Merensky Reef ore." (Summary of Investigations -- 1987 Saskatchewan Geological Survey, page 128).
"Of the hydrothermal deposit types in which platinum has been reported, the two that appear to offer the most economic potential based primarily on platinum content is the uranium-gold-palladium-platinum type, for which Coronation Hill (Australia) and Nicholson Bay are taken to be examples" (T.I.I. Sibbald, 1996 -- Project 8832 Saskatchewan Geological Survey) (these described occurrences are all contained within the Goldfields property).
John Cook, PEng, is the qualified person responsible for reviewing the contents of this news.
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