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Gold/Mining/Energy : ISLAND-ARC RESOURCES IAR-VSE
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To: The Fix who wrote ()1/3/1998 1:33:00 PM
From: The Fix  Read Replies (3) of 186
 
Island-Arc Resources Corporation -

Additional claims staked at Todd Creek; Back Lake update

Island-Arc Resources Corporation
IAR
Shares issued 8533285
1997-08-20 close $0.5
Thursday Aug 21 1997
Mr Kim Phillips reports
The company wishes to clarify its ownership rights with respect to the Back
Lake diamond project. The company has a 1.78% participating interest in the
Back Lake project. This interest is carried until a production decision is made
by SouthernEra.
A news release issued by SouthernEra Resources Ltd in Stockwatch, August
20, announced the discovery of a new kimberlite body on property in which
Island-Arc has an interest as follows:
The kimberlite body is land based and was discovered during detailed
follow-up of a strong indicator mineral train. Manual trenching and pitting has
exposed kimberlite on surface over a minimum area of 30 metres in diameter.
Outside of this area, the presence of large boulders in the till makes manual
excavation difficult. Processing of a small portion of green clay kimberlite in
camp has returned two macrodiamonds from plus 0.5mm sieve screen material.
The largest diamond is 0.8mm in one dimension. Both diamonds are clear and
white in colour.
The news release also stated that ground geophysical surveys are now under
way and that diamond drilling is expected to begin in September.
The company has staked additional claims totalling 60 units contiguous to the
southern boundary of the Todd Creek gold project in northwestern BC. The
claims were staked to cover two areas of quartz-sericite alteration similar to that
which is found at the south zone. Initial samples, including rock chip and
stream sediment samples, have been forwarded for assaying.
The company has received notice from Redstar Resources Ltd of its decision
to terminate its right to participate in the company's Vanuatu gold project. As a
result, the company now owns 80% of the Vanuatu gold project with a right to
increase its interest to 100%, by issuing 200,000 shares in four equal
instalments, subject to a 3% nsr which can be purchased for $3,000,000.
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