Does anyone know about this company? It has spent about $760,000 on helicopter magnetic survey, and other magnetic and EM surveys, etc. over a very large area around Knife Lake, Saskatchewan - about 280 kms NW from Prince Albert. They have found "bulls eye" anomolies and potential Cu, Ni targets (VMS). They seem to have cash since a $6 million exploration and drilling program is due to commence by about June 15, 1997.
Here is a news release from Stockwatch:
Leader Mining International Inc - News Release
New discoveries at Knife Lake
Leader Mining International Inc LMN
Shares issued 12,700,000 May 15 close $5.90
Thu 15 May 97 News Release
Mr Jasi Nikhanj reports,
Leader Mining has completed the following exploration programs over the
Knife Lake greenstone belt:
A. A 13,000 line km helicopter-borne geophysical survey was flown by Dighem
at a 200m line spacing. The survey covered an area of 3,000 sq km at a
total cost of $760,000.
B. Earth resource satellite remote sensing data interpretation over 3,500
sq km, has been completed by DOZ Technologies of Montreal, Quebec.
C. Over the Knife Lake deposit area, a deep electromagnetic survey was
completed by Geoterrex of Ottawa, and a gravity survey was completed by
Sial Geophysics of Montreal, Quebec.
The results from the above noted surveys have confirmed Leader's model for
the Knife Lake deposit and its extrapolation over several tens of
kilometres of the unexplored Knife Lake greenstone belt.
The company is pleasantly surprised by the following new discoveries:
1. Kimberlite pipes identified by the Dighem survey for diamond potential
in the Knife Lake are:
The Dighem helicopter magnetic survey has identified a number of bulls-eye
circular targets 200 too 700m across. These circular targets occur as
clusters around a large, what appears to be, alkaline intrusive.
The circular magnetic signatures appear typical of kimberlite pipes, which
are known to host diamond deposits on a global basis.
A number of diamond bearing kimberlite pipes have been discovered by
Monopros (DeBeers) in the Prince Albert area of northern Saskatchewan,
280km southwest of Knife Lake.
Field crews are being mobilized to test these potential kimberlite targets
and to check for their heavy mineral contents, in order to establish their
diamond potential.
2. The helicopter-borne geophysical survey has identified 26,000
electromagnetic (EM) conductors, of which 20,000 are considered to be
bedrock-related conductors.
A correlation between EM-conductors and a corresponding magnetic signature
suggests that the majority of these conductors are caused by sulphide
mineralization similar to the Knife Lake deposit, thus providing extensive
areas for additional copper deposits over this unexplored Knife Lake
greenstone belt. Similar greenstone belts in other parts of Canada host
major Cu, Au, and other base metal deposits.
3. The earth resource satellite study has identified nine new high priority
targets for the VMS deposits. These targets are in addition to the VMS
targets already confirmed at Knife Lake.
A detailed ground mapping for VMS-type alteration in the outlying areas
from Knife Lake will be prepared to locate additional drill targets for the
summer of 1997. The remote sensing study further complements the Dighem
geophysical survey and strongly enhances the upside potential of leader's
land holdings (200,000 acres) over the Knife Lake greenstone belt.
4. A gravity survey completed over the Knife Lake grid, reveals a number of
gravity anomalies over areas corresponding to the electromagnetic
conductors identified by the earlier deep penetrating EM-survey.
The intensity of the EM and the gravity anomalies suggest an immense size
to the sulphide mineralization below the Knife Lake deposit area.
Drill testing of these targets is to commence by June 15 1997.
In conclusion, the Knife Lake greenstone belt, controlled by Leader Mining,
is proving to be beyond management's expectations revealing numerous target
areas for the discovery of several major VMS deposits as well as kimberlite
pipes as noted above. This belt has the potential to become a major mining
camp in Canada.
Leader Mining is launching an aggressive $6.0 million exploration program
during 1997 to realize the exploration potential of this greenstone belt.
For further information please contact Jasi Nikhanj at:
Telephone: (403) 234-7501
Fax: (403) 234-7504
E-mail: gen-info@leadermining.com
Web site: www.leadermining.com
Or Bruce D. Whitehead, W.S. Adamson and Associates, at:
Telephone: (801) 532-5322
Fax: (801) 532-5324
Toll free: 1-888-330-5322
E-mail: investing@leadermining.com |
