ACQUISITION OF NEWFOUNDLAND COPPER PROJECT
Celtic Minerals Ltd., (CME:TSX-VEN) is pleased to announce that it has entered into an option agreement with Kat Exploration Inc., a private Newfoundland based mineral exploration company, to acquire a 75% interest in the Colliers River copper project, near Conception Bay, Newfoundland. A diamond drill has been mobilized to the property and drilling is underway.
Colliers River Copper Prospect The Colliers River copper prospect was discovered in the 1850’s but has never been the
focus of a drilling program. A vertical shaft, reportedly 30m in depth, was documented in the 1850’s near the main area of mineralization. The prospect lay dormant until the summer of 2006 when local prospectors stripped the overburden surrounding the historic shaft and
exposed an area measuring approximately 40m x 15m (600 m²). When the bedrock waswashed, a fractured mafic volcanic flow and flow breccia containing an abundance of copper filled micro fractures were seen extending to the limit of the stripped area for approximately 10-15m and adjacent to a southwest trending shear zone. Copper minerals identified include bornite, chalcopyrite and covellite. Seven grab samples were collected from the exposure and the average values of all samples assayed 8.65% copper and 61.59
g/t silver. The seven samples ranged from .09% to 23.6% copper and from 0.3 g/t to 236.3 g/t silver. A subsequent channel sample was cut by another exploration company during a site visit, using a diamond saw blade, and averaged 11m @ 1.48% copper and 6.63 g/t silver. The potential quantity and grade is conceptual in nature and there has been insufficient
exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Celtic’s
