Another play at Agnew..of passing interest
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URSA Major Minerals Announces Geophysical Results Targeting Extensions Of Shakespeare Nickel,
Copper, Palladium-Platinum Deposit In Sudbury Area
Toronto, Ontario - Thursday, January 18, 2001, 10:13 AM EST
URSA Major Minerals Incorporated ("URSA Minerals") is pleased to
announce results of geophysical surveys on the Shakespeare
nickel-copper-platinum group metal (PGM) deposit, located 60
kilometres west of Sudbury, Ontario. Induced polarization
(IP)/resistivity and magnetometer surveys conducted by JVX Ltd.
have resulted in several priority exploration targets within
gabbroic rocks along strike from and parallel to the deposit. In
particular, JVX Ltd. has identified a strong spectral IP response
that is a very high priority target extending northeast along
strike from the known deposit.
The geophysical survey was carried out over a 7.7 mile (12.4 km)
grid using a proton precession magnetometer system and time domain
IP system. The survey was designed to delineate disseminated
sulphide zones in gabbroic rocks and determine areas favourable for
PGM mineralization. The known sulphide mineralized zone at the
Shakespeare deposit has a strike length of approximately 1400 feet
(426 m) and is characterized by a strong chargeability, low
resistivity and high magnetic response. These features persist for
an additional 1400 feet (426 m) southwest and 1000 feet (305 m)
northeast of the known mineralization and represent exploration
targets for further investigation. The geophysical response to the
northeast is particularly strong. In addition, the geophysical
survey has identified a target that is located parallel to the
known deposit and toward the base of the host layered gabbroic
sill.
The Shakespeare deposit had previously been estimated by
Falconbridge Limited ("Falconbridge") to contain a near-surface,
drill indicated Inferred Resource of 1.9 million tonnes grading
0.36% nickel, 0.42% copper, 0.44 g/t palladium, 0.40 g/t platinum
and 0.23 g/t gold. URSA Minerals' assay results on 108 channel
samples of the mineralized zone gave an average value of 0.41 g/t
palladium, 0.38 g/t platinum, 0.20 g/t gold, 0.36% copper, 0.23%
nickel and 0.016% cobalt. The geophysical results indicate that
there is significant potential to increase the size of the
resource.
URSA Minerals can earn a 51% interest in the Shakespeare property
from Falconbridge by issuing 150,000 shares and completing $600,000
in exploration expenditures over a three-year period. URSA Minerals
has the further option to increase its interest to 75% by issuing
an additional 150,000 shares and completing an additional $600,000
in exploration expenditure. The initial 50,000 shares were recently
issued to Falconbridge. URSA Minerals has 5,089,554 shares
outstanding.
For further information contact:
Dr. Richard H. Sutcliffe, President and CEO
Phone: 416-864-0615 Fax: 416-864-0620
website:www.ursa-major.com
THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT OF THE COMPANY WHO
TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE CANADIAN VENTURE
EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. |
