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News from CCN Disclosure
New Island to Drill Test Platinum Group and Base Metal Targets on Glover Island
16:05 EDT Monday, June 26, 2000
ST. JOHN'S, NEWFOUNDLAND--
Shares Outstanding: 11,752,035
New Island Resources Inc. of St. John's, NF, is pleased to announce a new exploration program for its Glover Island property in central Newfoundland. Highly regarded for it's gold potential with a present geological resource of 4 million tonnes grading 2.0 gm/t gold which contained intersections up to 2.3 g/t over 53.7 metres, the property also shows good potential for base metals and platinum group mineralization.
The current exploration program will specifically test a prospect discovered in the early 1990's. The Clyde Showing contains pyrite-pyrrhotite-chalcopyrite rich sulphide mineralization along a shear zone in gabbro, forming a part of an extensive ophiolite sequence exposed on the island. The mineralized zone contains stringer chalcopyrite (copper) and patchy pentlandite (nickel). Sampling of this zone returned a 2 metre wide channel sample yielding 2.0 % copper, 0.26 % nickel, 0.3 gm/t palladium and 0.16 gm/t platinum. Grab samples yielded higher grade assays ranging up to 4.2 % copper and 0.70 % nickel. This summer's program scheduled to commence next week will consist of geophysical surveys to more precisely outline targets for the planned drilling program.
As part of the renewed exploration interest in the property and to cover rocks favourable for hosting platinum group metals, the company has recently map staked 237 new adjoining claims. These claims cover both ophiolitic, and, oceanic island arc type mafic to felsic volcanic rocks which typically host base metal mineralization.
The Glover Island Property consisting of 443 claims covering 11,075 hectares has good potential for further significant discoveries. The 2000 Exploration Program is designed to evaluate both the extent of known mineralization and follow up on previously untested targets.
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New Island Resources Inc
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