Alberta Star receives drill permit for Contact Lake
2005-08-25 13:36 ET - News Release
Mr. Tim Coupland reports
ALBERTA STAR RECEIVES FORMAL APPROVAL FOR A 'CLASS A- 5 YEAR DRILL PERMIT' FOR THE CONTACT LAKE IRON OXIDE COPPER, GOLD, SILVER, AND URANIUM PROJECT IN THE NORTHWEST TERRITORIES
Alberta Star Development Corp. has received formal approval from the Sahtu Land and Water Board (SLWB) for a Class A five-year drill permit at its Contact Lake iron oxide, copper, gold, silver and uranium project located in Canada's Northwest Territories.
Alberta Star has demonstrated its commitment to the region by being engaged in the rigorous permitting process and completing all of the necessary requirements mandated by the SLWB. By completing the permitting process Alberta Star has also demonstrated to the local communities the value it places corporately on safety, environmental integrity, social responsibility and economic development. Alberta Star has received the necessary drill permitting, only after extensive consultation with local and regional First Nations aboriginal groups, and after having many discussions with local aboriginal elders regarding traditional aboriginal educational knowledge in the Great Bear Lake region of the Northwest Territories.
Alberta Star's president and chief executive officer, Tim Coupland, who spent much of the summer at the Contact Lake project, commented: "This is a historic day for Alberta Star and for mineral exploration in the Great Bear Lake region of the Northwest Territories. We are the very first exploration company in over eight years to receive a Class A five-year drill permit in the Great Bear Lake Sahtu land settlement area for mineral exploration.
"We are honoured that we are the first exploration company to be fully permitted by the SLWB in this region. We have worked extremely hard to acquire these permits while simultaneously amassing a significant inventory of advanced stage previously explored and former past-producing polymetallic properties with historical resources and comprehensive data sets.
"We were among the very first companies to begin acquiring advanced stage polymetallic and uranium projects in this region, prior to the rapid rise of base and precious metals and uranium metal prices. Application for permitting was commenced as well. We made these strategic acquisitions through timely staking, which allowed us to assemble one of the largest contiguous land packages complete with detailed data sets in one of Canada's most historically famous iron oxide, copper, gold, silver, cobalt and uranium mineral districts.
"Alberta Star would like to thank Chief Walter Bayha, the Sahtu Indians and the community of Deline, NWT, for their hard work, community input, hospitality and for their vote of support on the Contact Lake iron oxide copper, gold, silver and uranium project. We are hoping that this permitting for exploration drilling will lead the way for others in mineral exploration to once again invest and explore with this community in this extremely mineral-rich district of Canada."
Alberta Star now owns a 100-per-cent interest in a large contiguous land package complete with data sets, historical production numbers and the "Olympic Dam model," which was not fully understood until the early 1990s.
Contact Lake National Instrument 43-101 technical report completed on the Contact Lake iron oxide, copper, gold, silver and uranium project
Alberta Star has recently completed and filed a comprehensive National Instrument 43-101 report on the Contact Lake property with copper, gold, cobalt, silver and uranium mineralization identified in an iron, oxide, copper, gold (IOCG) setting. The report can be viewed in Stockwatch SEDAR files. The report was prepared in accordance with the guidelines of National Instrument 43-101 standards of disclosure for mineral projects and is based on data and geological information gathered from public sources, assessment files, historical information, federal government maps, reports and assessment files. The source information of data presented in this technical report is believed to be reliable and accurate.
Contact Lake iron oxide copper/gold/silver uranium project
The Contact Lake iron oxide, copper, gold, silver, cobalt and uranium claim block consists of 11 contiguous claims located five kilometres southeast of Port Radium on the east side of Great Bear Lake, Northwest Territories, and 423 miles north of the city of Yellowknife, and consists of 5,835.59 hectares (14,420.82 acres). The Contact Lake project is located five kilometres from two past-producing silver and uranium mines, the Echo Bay mine (produced 23,779,178 ounces of silver) and the Port Radium, Eldorado mine (produced 15 million pounds of uranium, and eight million ounces of silver). The Contact Lake mine situated on the company's property is a former past producer of silver and high-grade uranium. The Contact Lake mine produced 627,035 ounces of silver and 6,933 pounds of uranium between 1934 to 1979. The Contact Lake claim block and surrounding area cover extensive alteration zones including large mineralized gossans that can be traced for over one kilometre in length and over 200 metres in width. This area has been underexplored and has lacked advanced airborne exploration geophysics. The Contact Lake mineral belt is approximately 15 kilometres long. This is the northern extension of the same mineral belt that hosts Fortune Minerals NICO gold-cobalt-bismuth deposit.
These large scale deposits are of a class that includes the two-billion-tonne Olympic Dam iron oxide, copper, gold, silver, REE and uranium (IOCG) deposit. The continuing search for iron oxide copper, gold, silver and uranium (IOCG) deposits has gained momentum in Canadian mineral exploration due to their large-size potential and polymetallic grades of mineralization, including sizable amounts of uranium.
