Crosshair Exploration & Mining Corp (C-CXX) - News Release
Crosshair Exploration begins three drilling programs
2005-04-07 09:52 ET - News Release
Shares issued 37,296,990
CXX Close 2005-04-06 C$ 0.43
Also News Release (C-RMX) Rubicon Minerals Corp
Mr. Timothy Froude of Crosshair Exploration reports
NEWFOUNDLAND GOLD DIAMOND DRILLING PROGRAMS COMMENCE
Crosshair Exploration and Mining Corp. has initiated diamond drill programs on the Wing's Point Titan, Glenwood Break and North Paul's Pond properties in central Newfoundland. The programs will consist of three consecutive drilling campaigns, totalling approximately 1,800 metres of HQ drill core, and will test high-grade surface mineralization on previous drill intercepts, as outlined below. The programs will commence with the drilling of nine holes in the Titan prospect, located on the Wing's Point property, optioned from Rubicon Minerals, followed by six holes (600 metres) at the Glenwood Break Rubicon option and finally six holes (600 metres) at the 100-per-cent-owned North Paul's Pond property, 35 kilometres southwest of Glenwood.
Wing's Point-Titan
The proposed nine-hole drill program at Wing's Point-Titan will test the strike extent and depth continuity of intersections reported in the phase 1 program, previously reported in Stockwatch on Sept. 2, 2004. The property is located near the community of Wing's Point, in Gander Bay, and was the focus of an 11-hole drill program in 2004, which was following up on high-grade trench samples reported in late 2003, from the Titan prospect. The phase 1 diamond drilling returned several significant intersections, including 10.22 grams per tonne Au over 3.25 metres in hole WP-1, 3.65 grams per tonne Au over 2.32 metres in hole WP-5 and 4.45 grams per tonne Au over 2.5 metres in WP-6. A total of eight out of the 11 holes intersected gold mineralization over widths comparable to that sampled in surface trenches. Visible gold, locally common in the trenches, was observed in hole WP-1.
Glenwood property
The drilling at Wing's Point-Titan will be followed by the drilling of six holes, totalling approximately 600 metres, into the Clydesdale and T-Rex occurrences referred to in news published in Stockwatch on Sept. 13, 2004.
Drilling will test the depth and strike potential of the Clydesdale prospect, as well as the topographic linear believed to hold the source of the mineralized breccia boulders. At the Clydesdale prospect, visible gold-bearing quartz carbonate breccias returned a high-grade section assaying 12.22 grams per tonne Au over 2.5 metres. Gold values in grab samples have returned values of up to 50.23 grams per tonne gold, 44.46 grams per tonne gold and 39.69 grams per tonne gold. The mineralization in the trench is open for follow up and flanks a prominent topographic linear believed to be a structure. Attention was originally drawn to the Clydesdale area by the discovery of a large, angular float of quartz-pyrite-arsenopyrite mineralization that returned gold values up to 2.9 grams per tonne Au, as reported in news in Stockwatch on July 13, 2004. Trenching to date has not located the source of the original float breccias that returned these values but, due to the extreme angularity of the boulders and similarities to breccias exposed in the southern part of the trench, it is thought that the prominent linear adjacent to the Clydesdale trench is most likely the source of the float.
The T-Rex prospect, located 1.5 kilometres west of the Clydesdale prospect, has exposed a zone at least three metres wide and at least 50 metres long (limit of trenching). Channel sampling to date (42 samples -- each 0.5 metre in length) has returned highly anomalous values of 2.17, 2.26 and 1.04 grams per tonne Au over 0.5 metre and wider, with an average grade of 1.2 grams per tonne Au over two metres and six metres of 0.52 gram per tonne Au. The mineralized zone consists of moderate-to-strongly sericitized, silicified porphyry, with 2 per cent to 5 per cent generally finely disseminated pyrite, arsenopyrite and locally sphalerite. A single hole will test the depth potential of the T-Rex prospect.
North Paul's Pond
A fall trenching program that was followed by an induced polarization survey identified a number of targets for drilling, including a significant new discovery consisting of a zone of gold-bearing quartz veins measuring at least one metre in thickness, which have returned grades of 10.86, 8.96 and 5.24 grams per tonne Au from preliminary grab sampling. Trenching confirmed bedrock mineralization that remains open to the northeast, southwest and to depth and has a corresponding induced polarization chargeability anomaly. The company plans to test the new zone of high-grade mineralization, as well as other geochemical and geophysical targets outlined by the 2004 program, including two strong gold-in-soil anomalies measuring at least 500 metres in length, with gold values of up to 617 parts per billion and float samples assaying up to 10.8 grams per tonne Au.
The North Paul's Pond property is located in the highly prospective Botwood basin of northeastern Newfoundland, approximately 50 kilometres southwest of Gander, where the potential for Carlin-style as well as lode-style gold mineralization has been identified by a number of active companies. The region exhibits a high number of characteristics comparable to the Carlin district of Nevada, including similar geological and structural settings, as well as geochemical and mineralogical evidence, including a large number gold occurrences, as well as significant antimony reserves. The adjoining property is host to several gold occurrences, including the Goose prospect, a sediment-hosted gold prospect which lies two kilometres southwest of and along strike from the company's property.
Wing's Point and Glenwood Break are joint ventures with Rubicon Minerals Corp., where the company is earning a 60-per-cent interest in the respective properties. The North Paul's Pond property is a 100-per-cent earn-in, subject to an option agreement with a local prospector.
