Botwood Basin

[johnlw]

Celtic Minerals Ltd (C-CME) - News Release

Celtic Minerals conducts geophysical survey in Labrador

2005-09-14 09:53 ET - News Release
Shares issued 41,797,049
CME Close 2005-09-13 C$ 0.23

Mr. Kevin Flaherty reports

DEEP GEOPHYSICAL SURVEY FOR CELTIC MINERALS UNDERWAY AT WEST VOISEY'S BAY

A geophysical survey for Celtic Minerals Ltd. is under way on its West Voisey's Bay property in Labrador. Quantec Geosciences is conducting an extensive, deep penetrating audio magnetotellurics geophysical survey at the 112.75-square-kilometre West Voisey's Bay project in northern Labrador. The West Voisey's Bay project is situated on the west and southwest corner of Inco's main block, which will see first production at the Voisey's Bay Ni-Cu-Co deposit during the late summer of 2005. It should be noted that on Aug. 24, 2005, Inco staked an additional 6,884 claims adjacent to the West Voisey's Bay property to the southwest, south and to a considerable distance southeast.

Mobilization of the field crew has been completed and it will take approximately 45 days to complete the AMT survey, which is planned to cover most of the claim group. Audio magnetotellurics is a specialized geophysical technique that has been employed at Inco's Voisey's Bay project and successfully images the deeply buried mineralization. The survey parameters will be set to image at a depth of up to 1.2 km below surface.

Geophysical modelling and interpretation carried out in 1998 highlighted a regional gravity anomaly which is 13 km in diameter and coincident with several deep and large intensity magnetic anomalies that were interpreted by the geophysicist to be likely caused by troctolite, the host rock type for the Voisey's Bay deposits. The edge of the gravity/magnetic anomaly, which was interpreted as the shallowest combined magnetic and gravity anomaly, will be the focus of the AMT survey during the initial phase of the geophysical program.