Celtic Minerals Ltd -
Celtic Minerals exploration activities
Celtic Minerals Ltd
CME
Shares issued 14,818,209
1999-07-06 close $0.1
Wednesday Jul 7 1999
Mr. Kevin Flaherty reports
Currently, Celtic has three major joint ventures in Newfoundland: the Hungry Hill
property, which is held 50/50 with Jilbey Exploration Ltd., under option to Rio
Algom Exploration Inc.; the Buchans Junction property, which is also held 50/50
with Jilbey and is under option to Billiton Exploration Canada Limited, and; the
Skull Hill group of properties, which are held 100 per cent by Celtic, is also under
option to Billiton. Both Rio and Billiton have continuing exploration on these
properties.
On the Hungry Hill project, Rio has informed Celtic that it has commenced a
second phase drill program. This drill program will test new targets identified by a
recent airborne geophysical survey and follow-up ground geophysics. In addition,
Rio has staked a further 10 claims on behalf of the joint venture, expanding the
property to the northeast.
On Celtic's two other major joint ventures in Newfoundland, Billiton has indicated
that it will first commence a drill program by mid-July on the Buchans Junction
property. This program will test a number of targets, identified by airborne
geophysics and confirmed with ground followup, directly adjacent to a property
currently being drilled by Phelps Dodge Canada Limited. With respect to the Skull
Hill joint venture, Billiton has informed Celtic that it has incurred $492,030 in
exploration expenditures to earn a 51-per-cent participating interest. Several
targets have been identified for drill testing, most notably a coincident
geophysical/geological target known as the AVIP anomaly. Archived drill core
from a borehole at the edge of the anomaly exhibits an advanced sulphide stock
work zone. This style of mineralization provides encouragement that a
volcanogenic massive sulphide (VMS) system may be present nearby. |
