Latest news release:
Potential source of mineralized structured identified at King Bay
Redbird Gold Corp RBD.A
Shares issued 24,429,860 Oct 31 close $0.92
Mon 5 May 97 News Release
Mr Ron McKeown reports
The company has received the results of the recently completed integrated
winter exploration program on its King Bay, Ontario property. Programs
completed were a surface magnetometer survey, limited exploratory diamond
drilling and a preliminary realsection IP survey. Further diamond drilling
is warranted.
All information obtained during the 1996 summer and fall exploration
program suggested that the most likely potential source of the mineralized
gold float delineated in the glacial float trains referred to as the
Western, Central and Eastern trains is related to a shear structure
believed to lie approximately 100m offshore, under the waters of King Bay,
to the immediate north of the detailed exploration area.
In preparation for the exploratory diamond drill program the area believed
to contain the shear was first investigated by a ground magnetometer
survey. The purpose of this survey was to map the underlying geology, to
permit the tracing out into King Bay of the previously delineated NNE
faults believed to be important in localization of mineralization and
specifically to identify the intersection points of these faults with the
inferred EW trending shear. The magnetometer survey was successful in
extending the known faults out into King Bay and identifying the points of
intersection of these faults with the postulated location of the EW shear.
Two such intersection points were identified as primary exploration diamond
drill targets.
The winter drill program was designed to test the fault to shear
hypothesis. Of the two drill holes completed on one of the target areas,
one hole intersected the suspected shear while the second hole was
terminated after it encountered a mafic dyke before reaching the suspected
shear. For the hole which intersected the shear, the drill log reveals that
the predominant rock type present is a quartz feldspar porphyry which is
intensely altered with the most intense alteration occurring within a 4m
(true thickness) wide zone. Within this zone narrow blue black quartz veins
carrying minor sulphides were reported. The coincidence of favourable rock
type, intense alteration, blue black quartz veining associated with some
sulphides in the area inferred to be the source area of the gold
mineralized float is considered significant even though the assay results
were not anomalous, all being less than 0.10 g/t Au (analysis performed by
XRAL Laboratories). The recognition of a direct correlation between
sulphides and blue black quartz veining, a very integral component of the
more highly mineralized gold float material, located within an intensely
altered shear zone, prompted a decision to suspend further drilling to
permit time to perform additional geophysical testing. A realsection IP
survey, performed in April 1997 by Quantec Consulting, was subsequently
undertaken over an area covering a 700m strike length of the potential
shear zone. Preliminary results of the IP survey are significant on several
counts.
Results support the presence of the shear identified during drilling and
delineated the shear expression across the entire 700m strike length
surveyed.
Results identified two chargeability anomalies along the shear of which the
strongest is immediately up ice from the Eastern mineralized glacial train.
The data indicates that there is a near vertical chargeable source,
detectable to a depth of at least 400m. The second chargeability anomaly
identified on the shear is on the extreme west end of the present survey
area. Little geological information is known about this anomaly but based
on the IP results and its position on the shear additional exploration is
certainly warranted.
Elsewhere on the land portion covered by the realsection IP survey several
other anomalies of unknown causative source were identified for which
additional surface exploration is warranted.
The IP survey is continuing. Once completed, thoroughly evaluated and
integrated with the known geological evidence, the preempted drill program
will be continued, this time with the benefit of now having definite
targets to investigate along the shear.
The purpose of the magnetometer survey and the initial drill program was to
verify the presence of the suspected shear. This being accomplished the
realsection IP survey allows for the confirmation of the shear location and
more importantly to identify site specific targets along the shear which
can now be investigated by further diamond drilling. As it is now known
that the near vertical shear lies just off shore the planned follow-up
diamond drilling can be undertaken from the shore, negating the need to
wait until next winter to drill through the ice.
Regulatory authorities are continuing their review process with respect to
Redbird's preliminary prospectus filed on January 22 1997. The trading
status of Redbird's common shares on the ASE is not expected to change
until such review process has been completed.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
