Flag and Golden Briar assay results
Flag Resources (1985) Ltd FGR.A
Shares issued 14,067,287 Mar 7 close $1.40
Wed 8 Mar 2000 News Release
Also Golden Briar Mines Ltd (GLB)
Mr. M.C. McLeod reports
Flag Resources and Golden Briar Mines Limited's platinum-palladium project,
Rathbun Lake Peninsula, Rathbun township, Wanapitei anomaly, Sudbury, Ont.
Rathbun township is located in the western sector of the Wanapitei anomaly,
where it adjoins its twin regional magnetic and gravity regional structure,
the Sudbury anomaly, which is North America's main producer of platinum and
palladium, found in the nickel-copper ore along with gold and silver.
Flag and Golden Briar have been exploring for platinum and palladium, in
the vicinity of Rathbun Lake, as a surface occurrence of massive sulphides,
on its southeast shore, contained some of the highest known abundances of
platinum and palladium associated with mafic rock (Canadian Journal of
Earth Sciences, Vol. 30, 1993). A selected sample, by the Ontario
Geological Survey, Report 213, assayed 34.6 ounces of palladium, 0.056
ounces of platinum, 2.22 ounces of silver, 0.02 ounces of gold per ton,
10.2 per cent copper and 0.14 per cent nickel per ton.
Exploration projects
Drill hole RL004
Located 200 metres south and 75 metres west of the Rathbun Lake occurrence,
and drilled at 60 degrees to the southwest, the largest intersection of
mineralization was intersected from 95 feet to 205 feet. The initial assay
values, from 17 feet of drill core, are low but anomalous:
Swastika (Assay) Laboratories
Swastika, Ont.
From 100 feet to 103 feet
0.24 grams of gold per ton
0.030 per cent copper
0.113 per cent nickel
0.09 grams of platinum per ton
0.16 grams of palladium per ton
From 103 feet to 105 feet
0.02 grams of gold per ton
0.015 per cent copper
0.007 per cent nickel
0.01 grams of platinum per ton
0.01 grams of palladium per ton
From 105 feet to 108 feet
0.11 grams of gold per ton
0.146 per cent copper
0.057 per cent nickel
0.13 grams of platinum per ton
0.69 grams of palladium per ton
From 163 feet to 168 feet
0.14 grams of gold per ton
0.406 per cent copper
0.112 per cent nickel
0.10 grams of platinum per ton
0.14 grams of palladium per ton
From 259 feet to 263 feet
0.26 grams of gold per ton
0.385 per cent copper
0.113 per cent nickel
0.09 grams of platinum per ton
0.16 grams of palladium per ton
The drill hole is the fourth step-out drill hole in an area of disseminated
mineralization. Fifty additional feet of drill core ore is being assayed.
RL005 is currently drilling 15 metres to the west, paralleling RL004, and
RL006 will be drilled 15 metres to the east, also paralleling RL004.
ML94-1, Matagamasi Lake
ML94-1, a vertical drill hole, intersected wide zones of disseminated
platinum, palladium, nickel, copper and gold mineralization between 400
feet and 2,600 feet. It is the widest zone of disseminated mineralization
found in sedimentary rock in Sudbury.
A second larger drill will commence, shortly, to deepen the drill hole from
2,600 feet to 3,600 feet, as a research project in the area in 1994
concluded that such mineralization migrated by hydrothermal activity from
an underlying igneous intrusion.
Area of surface mineralization, 400 feet southwest of Rathbun Lake
A grab sample, from the area of surface mineralization, taken by consultant
geologist, P.A.R. Brown, assayed at Swastika Laboratories, Swastika, Ont.,
returned 2.24 grams (0.064 ounces) palladium, 0.30 grams (0.009 ounces)
platinum, 0.22 grams (0.006 ounces) gold, 1.6 grams (0.047 ounces) silver,
0.46 per cent copper and 0.197 per cent nickel per ton. A grab sample,
reported by the Ontario Geological Survey, Report 213, assayed 5.5 grams
(0.16 ounces), palladium, 4.7 grams (0.07 ounces) platinum, 1.31 per cent
copper and 0.29 per cent nickel. It is proposed to drill, into this area of
surface mineralization, by the end of March, 2000.
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nice sample southwest |
