Latest release, Another diamond fields????????????
I hope so, some of the Cu and Ag intercepts where phenominal,
Fast tract to phase two of drilling in the middle of winter,
looks like the mother lode to me boys. Huge bids at the market
close today.
Celtic Minerals Ltd CME
Shares issued 11,200,000 Dec 3 close $1.10
Wed 4 Dec 96 News Release
See Jilbey Exploration Ltd (JLB) News Release
Phase two drilling will commence immediately at the Hungry Hill property in
Newfoundland. Jilbey and Celtic are each 50% joint venture partners in the
property. Celtic is the operator.
Recently completed phase one drilling and pulse EM surveys have confirmed
the presence of a large volcanogenic debris flow system similar in texture
and form to the Buchans transported ore bodies. Downhole geophysical
results indicate that the heavily mineralized debris flow breccia in hole
nine has a massive sulphide conductive component. The same conductor has
been confirmed with the surface pulse EM survey to continue for at least
900m along strike and is intercepted by hole five. As well, a stronger
parallel EM response has been detected immediately south of the known
mineralization continuing for at least 1km. The conductors are open to
depth and to the west.
The most significant results to date are from hole nine where an 80m thick
mineralized debris flow breccia was intercepted from 184m to 264m and
encountered base metal mineralization throughout. The interval included a
22m heavily mineralized intercept from 184m to 206m. Assay results over a
15.3m zone from 189.0m to 204.3m are 0.4% Cu, 0.9% Zn, 7.2 g/t Ag and 0.2
g/t Au. Included in this interval are 2.4m with 1.5% Cu, 0.4% Zn, 9.0 g/t
Ag and 0.1 g/t Au. Other selected intervals contained up to 2.7% Cu, 4.5%
Zn and 1 g/t Au in hole nine. This 80m intercept of mineralized debris flow
is similar to the low grade mineralization at the margins of the MacLean
ore body at the Buchans mine 20km to the northwest. The MacLean ore body
contained 3.3 million tons grading 1.13% Cu, 7.5% Pb, 13.5% Zn, 120 g/t Ag
and 0.9 g/t Au.
Holes seven and eight contained up to 0.2% Cu, 1.3% Zn, 13.6 g/t Ag and 0.2
g/t Au over short intervals from 85m to the bottom of the holes. Hole seven
was drilled to a depth of 185m and hole eight to 158m. Neither of these
holes was deep enough to penetrate the 80m thick mineralized debris flow
breccia target in hole nine.
Hole 10 intercepted 6.6m of mineralized debris flow breccia from 319.8m to
326.4m. Assay results from hole 10 include 3.0m from 322m to 325m with 1.2%
Zn, 10.1 g/t Ag and 0.7 g/t Au. Included in this interval is a 1m section
with 1.4% Zn, 13.4 g/t Ag and 1.3 g/t Au. Although hole six contained
anomalous gold values, it was stratigraphically above the target zone
encountered in hole nine.
Geology encountered in holes seven through 10 consists of a dynamic
changing sequence of intercalated massive mafic, felsic volcanics and
volcaniclastic sediments typical of a volcanogenic massive sulphide
setting. Included are several discrete debris flow breccias containing
sulphide clasts and sulphide matric consisting of pyrite, chalcopyrite and
sphalerite.
A phase two drilling program of approximately 2500m will focus on
identifying the high grade source of strong base metal values encountered
to date.
(c) Copyright 1996 Canjex Publishing Ltd. canada-stockwatch.com |
