Planet, Goldcorp release Sidace project results
Planet Exploration Inc PXI
Shares issued 14,885,445 Jul 16 2003 close $ 1.05
Tuesday July 22 2003 News Release
Also Goldcorp Inc (2) (C-G) News Release
Mr. Ranjeet Sundher of Planet Exploration reports
THE MOST SIGNIFICANT RESULTS TO DATE FROM PLANET/GOLDCORP SIDACE LAKE PROJECT
Planet Exploration has released the initial results of its joint exploration program with Goldcorp. The recent program of geophysics and diamond drilling has produced the most significant results to date. Planet's management determined that the recent trading halt was necessary to allow proper analysis and dissemination of these results.
The recent exploration program consisted of geophysics, diamond drilling, geochemical sampling and prospecting. Approximately 40 kilometres of magnetics and induced polarization have been completed. Numerous additional drill targets have been interpreted from the results. The 2,150-metre diamond drill program of four new holes and one extension of a previously drilled hole was completed July 17, 2003. Planet employed an oriented core system with this program to help determine structures and rock contacts. Results are now available for three holes, RL-03-26, RL-03-25, RL-99-12, and results from RL-03-27 and RL-03-28 will be available shortly.
Hole RL-03-26 was drilled to target the down dip extension of the main gold mineralization. The target was 75 metres below the previous gold intersections of diamond drill hole RL-99-12 at 200 metres below surface. The drill hole intersected a mineralized zone of anomalous gold values over 200 metres, within this section 36.4 metres of 5.36 grams per ton (267 to 303.4 metres) including 21.4 metres of 7.59 grams per ton (282 to 303.4 metres) and 8.5 metres of 11.29 grams per ton (286.2 to 294.7 metres). A table of assays is provided at the end of this release.
The core from this hole included a 13-metre section where 19 specks of visible gold were noted on nine brown quartz veinlets. Photos of the core will be made available on Planet's Web site, www.planetexploration.info. The veinlets were commonly at variable core angles with pyrite and stibnite. The colour of the veinlets is best described a reddish-orange-brown. This colour is believed to be derived from the high antimony, arsenic and mercury content of the veins. Analysis of the quartz sericite schist zones for multielements has indicated higher gold values associated to elevated antimony, arsenic and mercury.
Hole RL-03-25 was drilled targeting an induced polarization and magnetic anomaly interpreted to be similar to the company's main gold mineralization. The drill hole succeeded in intersecting a similar quartz sericite schist horizon. This horizon, though not as intensely altered or mineralized, assayed 0.3 gram gold per ton over 28.6 metres including: 0.39 gram per ton over 15.2 metres, and 1.65 and 1.42 grams gold per ton over 0.75 and one metre. These are significant results as it shows the potential of the strike extension of the gold zone. The hole is 450 metres grid east of the known gold mineralization.
Hole RL-99-12 was an extension of a previous hole which ended in mineralization. This extension hole (started at 300 metres downhole) was designed to confirm the width of the mineralized package, and to test the footwall rocks for additional zones. The rock types intersected indicate additional gold zones with anomalous gold values to a depth of 573 metres down the hole.
From/To Gold Width
(m) (g/t) (m)
297.0 - 309.0 0.89 12.0
Incl. 304 - 304.5 5.86 0.50
316 - 332 0.37 16.0
345.0 - 346.0 1.04 1.0
363.0 - 364.0 2.42 1.0
382.3 - 383.3 7.59 1.0
417.95 - 419.50 1.97 1.55
429.0 - 431.0 0.89 2.0
570.4 - 573.0 1.92 2.60
Two additional holes from the recent program have been completed and assays will be released shortly. One of the holes was targeted on induced polarization and magnetic anomalies 600 metres grid west of hole previous RL-99-12. The other was targeted 50 metres grid east of RL-03-26 at the same vertical depth.
Recent prospecting of the Planet property has located float samples of quartz sericite schist, similar to the main zone, that assay up to 5.6 grams per ton. This sampling is located grid west of the main gold zone and to the north. The boulder train covers an approximate 20-by-20-metre area and requires further followup.
Commencing immediately, additional line cutting and geophysics (magnetics and induced polarization) will focus to the west of the main gold zone. The diamond drill rig has been left on the property, and drilling down dip and on strike to RL-03-26 will commence once all assays are received.
Additional drilling proximal to RL-03-25 will be completed in the next program as well as additional drill holes on favourable induced polarization and magnetic targets.
A core saw cut the diamond drill core. The remaining half of the core is racked and stored in a secure Goldcorp facility. The sawn core samples were delivered to Accurassay Laboratories in Thunder Bay for standard fire assay analysis. The results were reported in parts per billion gold. With this process, the detection limit is five parts per billion (less than 0.001 ounce per ton). Rejects and pulps are temporarily stored at Accurassay Laboratories which is registered ISO 17025.
Garry Clark, PGeo, of Clark Exploration Consulting, Thunder Bay, is the qualified person (QP) for this project.
RESULTS OF RL-03-26
From To Gold Metres
(g/t)
267 268 1.34 1
268 268.6 1.47 0.6
268.6 270 0.67 1.4
270 271 1.07 1
271 271.5 1.42 0.5
271.5 272 3.48 0.5
272 273 2.07 1
273 274 1.45 1
274 275 2.07 1
275 276 2.01 1
276 277 4.38 1
277 277.25 1.46 0.25
277.25 278 2.29 0.75
278 279 2.84 1
279 279.9 1.90 0.9
279.9 280.15 2.46 0.25
280.15 281 3.99 0.85
281 282 3.40 1
282 283 5.63 1
283 284 6.33 1
284 285 7.56 1
285 286.2 2.31 1.2
286.2 287 6.59 0.8
287 287.8 7.56 0.8
287.8 288.3 13.94 0.5
288.3 288.8 9.08 0.5
288.8 289.8 6.73 1
289.8 291 5.00 1.2
291 291.9 4.05 0.9
291.9 292.7 12.98 0.8
292.7 293.7 8.41 1
293.7 294.2 11.51 0.5
294.2 294.7 64.39 0.5
294.7 295.5 6.09 0.8
295.5 296.2 5.69 0.7
296.2 296.7 3.30 0.5
296.7 297 6.41 0.3
297 298 2.88 1
298 298.5 3.71 0.5
298.5 299.5 2.44 1
299.5 300.2 4.00 0.7
300.2 300.9 8.28 0.7
300.9 301.2 4.08 0.3
301.2 301.8 10.45 0.6
301.8 302.6 5.52 0.8
302.6 303.4 5.10 0.8
328.9 330.4 5.33 1.5
330.4 331 0.14 0.6
331 332 2.05 1
391 392 6.50 1
403.45 403.85 14.07 0.4
403.85 405 0.59 1.15
405 406 1.43 1
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