Here's why (one nice hole - ok I think its their first)
BOOMERANG ASSAYS HIGH GRADE MASSIVE SULPHIDES
Messina Minerals Inc. has received assay results from drill holes GA04-10 and GA04-11. These drill holes intersected a new discovery of massive sulphide mineralization containing significant copper, lead and zinc sulphides at the Boomerang prospect on the Tulks South property located in central Newfoundland.
The company's news in Stockwatch dated Dec. 8, 2004, contains an error. The width of the massive sulphide interval intersected in hole GA04-11 is 14.6 metres with a 13.9-metre subinterval containing significant copper, lead and zinc sulphides, and not 12.6 metres, as previously stated. The true thickness of the 14.6-metre interval is estimated to be 9.6 metres with an 80-degree (near-vertical) dip.
Hole GA04-11 assays 0.7 per cent copper, 4 per cent lead, 13.6 per cent zinc and 102 grams per tonne (g/t) silver over the 13.9-metre interval from 274.7 metres to 288.6 metres. The bottom of the massive sulphide intersection, where more base metals would be expected to accumulate, assays 0.6 per cent copper, 5.2 per cent lead, 20.1 per cent zinc and 138 g/t silver over 4.7 metres between 283.9 metres to 288.6 metres. Gold analyses of this mineralization are pending. There is a footwall alteration zone, including stringer stockwork mineralization extending from 288.6 to 306 metres containing minor copper, lead and zinc sulphides. Assays of this mineralization are pending.
Hole GA04-10 intersected a debris flow containing massive sulphide clasts from 225.8 to 245.6 metres over a 19.8-metre core length. This interval includes 8.5 metres of massive clasts of pyritic sulphide at the base of the debris flow; the true thickness of this massive sulphide interval is estimated to be 5.5 metres. The 19.8-metre debris flow interval assays 0.1 per cent copper, 0.4 per cent lead, 0.7 per cent zinc, 18.3 g/t silver and 0.4 g/t gold. The 8.5-metre massive sulphide interval assays similar grades of 0.1 per cent copper, 0.3 per cent lead, 0.7 per cent zinc, 18.6 g/t silver and 0.6 g/t gold.
The debris flow is interpreted to have been shed from the volcanic sulphide mound and transported as a sediment to its current position, and is not a part of the primary massive sulphide intersection in GA04-11. Geological processes would be expected to shed pyritic massive sulphide detritus into the debris flow with limited base metals content; the debris flow is evidence of a massive sulphide vent and is not an indicator of the grade of the vent mineralization.
The intersection in GA04-11 occurs 100 metres east of and 50 metres vertically below the intersection in GA04-10. The intersection is open up-dip, down-dip and along strike.
The company has now received required exploration permits for the 2005 proposed program. Drilling has been suspended for Christmas break and is expected to resume as soon as practicable in January.
The company has extensive mineral landholdings totalling 257 square kilometres, including the Tulks South property and the Long Lake property. Messina is earning a 100-per-cent interest in these mineral lands from Noranda. The agreement allows Noranda to back in for 50 per cent if greater than 10 million tonnes of economic mineralization with a positive feasibility report is located. Noranda must pay 150 per cent of exploration costs to that point, or retains a 2-per-cent net-smelter-return royalty.
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Todays new is that there is 1 grade a tonne gold as well. Nice.
