Cross Lake Minerals Ltd -
Third phase of 1998 drilling starts at Sheraton-Timmins property
Cross Lake Minerals Ltd CRN
Shares issued 31,877,109 1998-12-18 close $0.48
Monday Dec 21 1998
Mr. Henry Ewanchuk reports
Results have been received from the diamond drill and geophysical survey
program recently completed on the 100 per cent owned Sheraton-Timmins
property.
Holes CLS 98-65, 66 and CLS 98-59E are the last of six holes to be
reported in the third phase of 1998 drilling. Previous holes in this
phase were reported in Stockwatch Dec. 1, 1998. Two geological holes, CLS
98-65 and 66, were drilled, outside of the Cross Lake zone, 900 metres
north and 550m northeast, respectively, of previously drilled hole CLS
97-16. The company expanded the program to also include the deepening of
hole CLS 98-59 by another 169m, to a final depth of 840m, in order to
extend the down-hole pulse EM survey to identify the direction of and
distance to a strong pulse EM off-hole anomaly.
Drill hole CLS 98-65 and 66, were drilled to test coincident IP and zinc
soil geochemical anomalies. The holes intersected chert, felsic tuffs,
rhyolite and rhyolite fragmentals with disseminated, stringer, and
massive pyrite with minor sphalerite and chalcopyrite. These two holes
were drilled as a work requirement under the option agreement with the
patent land owner. The most significant aspect of these two holes is that
favourable felsic volcanics were intersected in both holes. This
geological setting and the presence of extensive IP anomalies in these
areas are favorable environments for discovery of a volcanogenic massive
sulphide deposit and will require additional drilling.
Drill hole CLS 98-63, reported in Stockwatch Dec. 1, 1998 and completed
in this last phase of drilling, is the first hole to directly intercept a
pulse EM anomaly which was detected from hole CLS 98-53, 70m above. Hole
CLS 98-63 intersected the high grade zinc-silver mineralization 500m down
plunge from surface. The amount of sulphide content is increasing with
depth thus creating a stronger conductor which the pulse EM survey can
detect more readily. Pulse EM surveys have been completed down holes CLS
98-62 and 63, part of 64 and 59 and it is apparent that the conductivity
of the zone is increasing at depth (down plunge). This confirms that the
pulse EM survey is useful as an accurate exploration method in directing
the deeper drilling.
The next phase of drilling in 1999 will test the down plunge extension of
the high grade zinc-silver mineralization intersected in holes CLS 97-16,
98-49 and 98-63. These significant intersections are:
Hole True Zn Cu Ag Au
No. Thickness(m) % % g/t g/t
CLS 97-16 12.0 6.71 0.16 215.4 -
CLS 98-49 10.4 5.78 0.37 180.8 -
CLS 98-63 6.0 5.56 - 93.0 .849
It is evident from results of deeper drill holes that the felsic volcanic
pile is thickening, the alteration is increasing, and the pulse EM
anomalies are increasing in strength as the depth increases. The
combination of mineralogy, alteration, host rock, and survey data all
verify that this area has potential for discovery of a significant VMS
deposit.
Based on these encouraging results, the company is planning the next
phase of work and intends to continue to focus its resources on the
Sheraton-Timmins property in 1999.
(c) Copyright 1998 Canjex Publishing Ltd.
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