Messina Minerals completes two holes at Boomerang
2005-02-23 19:03 ET - News Release
Mr. Peter Tallman reports
BOOMERANG DRILLING UPDATE
Messina Minerals Inc.'s drilling at the Boomerang prospect is continuing as planned. A total of two drill holes, GA05-12 and GA05-15, have been completed targeting the Boomerang massive sulphide horizon. An additional two holes, GA05-13 and GA05-14, were started and then abandoned before the target because of excessive hole deviation. A fifth hole, GA05-16, and the third hole of 2005 that could test the Boomerang massive sulphide target have begun and are on track so far but have not reached target.
The company is testing above and below the massive sulphide intersection made in discovery hole GA04-11. The near-term objective of the 2005 drill program is to estimate the minimum height of the Boomerang massive sulphide lens on L33E. Given that discovery hole GA04-11 has an estimated true thickness of greater than nine metres (reported in Stockwatch on Dec. 10, 2004), and an estimated specific gravity (density factor) of between four and 4.5 which is typical of massive sulphides, the company is attempting to estimate the height of the Boomerang massive sulphide lens before stepping out along strike to estimate the length. This information will allow the company to assess the geometry and thereby the potential size of the target.
It is anticipated that the company will be in a position to release assay and other results next week, following the completion and examination of hole GA05-16, and receipt and compilation of drill and assay data.
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 Inc. 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 may pay 150 per cent of exploration costs to that point, or revert to a 2-per-cent net smelter return royalty.
Peter Tallman, PGeo, president of Messina Minerals, is the designated qualified person responsible for exploration on the company's properties in central Newfoundland and the person responsible for the preparation of this news release.
