Project No. 61 drilling to begin
NDT Ventures Ltd - News Release-Thu, 10 Jul 1997 03:51:22
and Takla Star (TKR)
Below is an excerpt from a NDT release today that pertains to Takla:
NDT Ventures Ltd-NDE
Shares issued 22,953,047
Jul 9 close $0.45
Thu 10 Jul 97
News Release
Mr Fred Hewett reports
A drill contract has been awarded and a rig is being mobilized to project No. 61. This project is part of NDT's large Labrador land package which is
being explored during 1997 under a major $2.7 million exploration program.
Project No. 61 is strategically located within the Voisey's Bay Nickel
Company Limited (VBNCL) discovery claim block, approximately 7km southwest
of the Voisey's Bay deposit. Geophysical survey results support the theory
that the western extension of the main deposit trends southwest toward a
significant body of troctolite known as the Ashley zone. The Ashley zone is
immediately north of project No. 61 with the southern part of the
troctolite extending into the project area. During 1996, VBNCL completed
ground geophysics over the Ashley zone and more recently announced that the
troctolite rock that hosts the mineral resource found in the Voisey's Bay
area may be significantly more extensive than originally estimated. To
determine the full extent of the troctolite, a regional geophysical survey
of the entire Voisey's Bay area has been started. It is understood that
diamond drilling of the Ashley zone is scheduled for some time this summer.
Detailed geological mapping and geophysical surveys on project No. 61 have
defined a sizable troctolite intrusive, which contains large rafts of
mineralized, altered and brecciated Tasiuyak gneiss from which grab samples
have assayed up to 1.86% nickel, 0.95% copper and 0.165% cobalt. This
mineralization resembles the western extension area of the Voisey's Bay
deposits with many similar textural features. The company believes that the
troctolite on project No. 61 has excellent potential to host massive
sulphide bodies as part of the Voisey's Bay system. Two diamond drill holes
will initially test the basal contact of the troctolite unit at depths of
400 to 500 metres.
Project No. 61 is held under a joint venture agreement with Takla Star
Resources with NDT as the operator.
------------------------------------------------------------
As far as Takla goes, this is the only voiseys bay drilling they will be doing in '97. Like most exploration stocks Takla has been trending downwards and tanking for quite some time now. As I have mentioned previously Takla is very low key and has over $10 million in cash (possibly over $12 million)just waiting for the right timing (i.e. better exploration mkts) and property to buy.
I'm not very bullish on Takla or any exploration stock right now but continue to monitor looking for a guessed bottom to re-enter.
IMO from the mood and comments at the AGM Takla has decided to go into hibernation until mkts improve. The stage of their properties exploration (early) in Bolivia and Peru along with their approach (buy property and have another jv partner expend the exploration bucks) allows them to slow down like this.
Many of the exploration stocks out there will simply disappear with current mkt conditions once their current drill programs and cash reserves are done. Takla is one exploration company that won't disappear into the night.
Just think of all of the investors holding that purchased at 4, 5, 6, 7+ in 1996.
el |
