Hello To All;****NEWSRELEASE****
Labrador exploration results; update on other projects
International Canalaska Resources Ltd ICA
Shares issued 15,918,260 Nov 5 close $0.33
Thu 6 Nov 97 News Release
Mr Harry Barr reports
The company has released a summary of mineral exploration programs
conducted in Labrador during the 1997 season, and an update on other
projects.
VBE-1
Seven holes comprising 9,701m were called on VBE-1 this season in a $3.3
million program financed equally by CanAlaska, Columbia Yukon Resources
Ltd, and Falconbridge Ltd. Three holes in the northwestern area of VBE-1
showed traces of massive sulphide mineralization which returned
nickel-coppercobalt values. The last hole drilled, V97-7, will be surveyed
with a downhole EM pulse probe to test for the presence of massive
sulphides in a 200m radius around the hole. Once a final report of the
entire program is available, the partners will discuss plans for the 1998
season. Under the current agreement, Falconbridge has until December 15
1997 to elect to spend $3.3 million on 1998 exploration of VBE-1 in order
to maintain its option on the property.
VBE-2
Eight of the nine holes drilled on VBE-2 intersected gold values from 2.6
g/t to 7.4 g/t, demonstrating the presence of substantially continuous gold
mineralization which remains open to the north, south, and at depth. 1998
work programs, including geophysical surveys to expand the prospective
gold-bearing horizon and subsequent further drilling, will be outlined
following assessment of the 1997 program by joint venture partners,
CanAlaska and Columbia Yukon.
Other Labrador Projects
In September 1997, a joint venture partner drilled one hole on a property
owned jointly by CanAlaska and International Freegold Mineral Development
Inc in the Puttaalu Brook region of Labrador. This hole intercepted lenses
of disseminated and massive sulphides which returned nickel-copper-cobalt
values. The hole was terminated at 215m depth, with the final 6m
intersecting norite-troctolite. This hole was drilled to a relatively
shallow depth, and three targets remain untested on the property. These
initial results appear to warrant further exploration of this property in
1998.
The company is currently negotiating with a company seeking to acquire an
interest in its Labrador properties, other than VBE-1 and VBE-2.
Other Projects WorldWide
The company's vice president of exploration and development is currently in
Timmins, Ontario to set up a work program for its recently acquired project
in the region, and to acquire further prospective properties in this mining
district.
The company is negotiating with several companies seeking to explore the El
Pauji concession in Venezuela, south of Placer Dome's Las Christinas
deposit (12 million oz gold) and southwest of Gold Reserve's 7 million oz
Las Brisas gold deposit.
Budgets and work programs are being finalized for phase one exploration of
the company's Mexican projects, with work expected to begin by the end of
November. Details of these and other developments will be released when
available.
Acquisition Program
With approximately $4 million in cash and securities, the company is well
positioned to acquire further projects of merit, and is currently
considering new properties in Alaska, Mexico, Timmins, South America, and
the Western US.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
With regards,Frank |
