Heres the news
Cross Lake Minerals Ltd
CRN
Shares issued 29188580
1997-12-10 close $3.77
Thursday Dec 11 1997
Mr Henry Ewanchuk reports
The company has received assays from the first six holes (CLS 97-18 to 97-23)
of the latest phase of drilling on the 100%-owned Sheraton-Timmins property
43km east of Timmins, Ontario. These holes have confirmed the presence of a
volcanogenic massive sulphide system within a 3km long geophysical trend,
known as the Cross Lake zone, containing base and precious metal values, that
strikes approximately N65 deg E, dips -75 deg to -85 deg southeast and appears
to plunge 45 deg to the southwest. (See previous news releases in Stockwatch
June 23, July 16, October 7, 14, 16 and 27 1997, for information on earlier
holes.)
Four distinct zones or stacked horizons have been recognized so far and they
make up the VMS system:
The footwall zone consisting of sericite schists and chert (silica) layers often with
highly anomolous zinc, lead and silver, with minor copper, was previously
intersected in holes CLS 97-4 and CLS 97-16.
The main zone consisting of disseminated, semi-massive and massive sulphides
with pyrite, sphalerite (zinc mineral) and patches of galena (lead mineral), hosted in
a high silica rhyolite-cherty rhyolite horizon with high assays of zinc, lead and silver
as in hole CLS 97-16. The main zone is on the south side and in contact with the
footwall zone.
A third horizon, on the south side of the main zone and intersected by hole CLS
97-16, is recognized as a breccia zone with disseminated to semi-massive
sulphides (pyrite and sphalerite).
A copper zone takes the form of a black chlorite alteration zone with disseminated
and banded chalcopyrite (copper mineral) as well as layers of massive
chalcopyrite associated with cherty silica (tuffite) layers. This zone so far occurs
west of the zinc rich main zone and west of the plunge line.
The plunge of the zones is defined by the boundary of the copper and the main
zone which appears to be 45 deg to the southwest.
Holes CLS 97-18 and 97-19 tested the footwall zone on the eastern end of the
Cross Lake zone, but failed to intersect the main zone since the holes intersected a
porphyry. This porphyry occurs along the south side of the Cross Lake zone
structure, but separates away from the mineralization going westward.
Holes CLS 97-20, 97-21 and 97-22 tested the up plunge and down plunge of the
main zone previously intersected by hole CLS 97-16 (6-7% zinc, 215 gm silver,
1.98% lead and 0.18% copper, over 33m, with a true width of approximately
13.5m). Hole CLS 97-23 tested the down plunge extent of the copper zone
previously intersected in hole CLS 97-17 (1.77% copper and 35 gm silver, over
12.5m, with a true width of approximately 8.5m).
The copper zone was extended approximately 100m down plunge from hole CLS
97-17 by hole CLS 97-23, and 90m up plunge to hole CLS 97-21 where a
massive pyrite (sulphides) intersection contained both copper and zinc values
together.
The main zone was extended approximately 100m down plunge from hole CLS
97-16 to hole CLS 97-22 (below CLS 97-17) and approximately 100m up
plunge to hole 97-21 with hole 97-20 between 97-16 and 97-17, confirming this
plunge direction.
The area drilled so far outlines a typical zoneation and alteration found in Abitibi
belt type VMS base metal deposits, such as Kamiskotia, Kidd Creek and the
Noranda-Val d'Or and Mattagami types. The current holes have defined a
copper-chlorite vent area and a flanking zinc rich phase.
Diamond drilling is continuing with an additional four holes having been completed
and approximately seven more to be completed before the Christmas Break using
three drills to trace the Cross Lake zone westward and down plunge, as well as
do fill-in holes at 30m centres to define the shape of the mineralized area and
zoning of metals. The next phase of drilling in the New Year will continue
westward to map the extent of the main zone and copper zone and explore for a
second zinc rich phase that is already suggested by previous holes CLS 97-6, 7
and 8.
A detailed description of each holes location and assay intervals greater than 1%
zinc or copper are preseted as follows (please note that a * indicates insignificant
assay results):
Hole CLS97-18 was drilled from a point 50m northwest of CLS97-16 and was
drilled at 50 deg on a bearing of 135 ft to a depth of 479m. The footwall zone of
disseminated sulphides with sericite schist and cherty layers was intersected from
226.7 to 428.3m (201.6m).
Interval Length Zn Cu Pb Ag
(m) (m) (%) (%) (%) (g/T)
----------- ------ ---- ----- ----- -----
HOLE CLS 97-18
267.5-269.2 1.7 1.93 * * 9.3
288.5-291.5 3.0 1.59 * * 8.2
329.1-330.5 1.4 1.55 * * 5.4
354.5-359.0 4.5 1.27 * * 8.8
420.5-422.0 1.5 3.35 * 0.179 13.4
Hole CLS 97-19 was collared 66m northeast of CLS 97-16 and was drilled at
-50 deg on a bearing of 135 deg to a depth of 374m. The footwall zone was
intersected from 70.9 to 350.0m (279.1m) with disseminated base metal
sulphides.
Interval Length Zn Cu Pb Ag
(m) (m) (%) (%) (%) (g/T)
----------- ------ ---- ----- ----- -----
HOLE CLS 97-19
183.5-200.0 16.5 1.35 * 0.109 24.0
Incl
195.1-200.0 4.9 2.46 * 0.169 15.0
208.0-209.5 1.5 2.25 * * 16.4
219.5-221.0 1.5 1.85 * * 18.2
232.3-235.4 3.1 2.05 * * 5.3
275.0-291.5 16.5 1.64 * 0.102 18.5
348.5-350.0 1.5 1.92 * * 7.2
Hole CLS 97-2O was collared 33m southwest of CLS 97-16 and drilled at -50
deg on a bearing of 135 deg to a depth of 443m.
Interval Length Zn Cu Pb Ag
(m) (m) (%) (%) (%) (g/T)
----------- ------ ---- ----- ----- -----
HOLE CLS 97-20
192.1-194.0 1.9 2.53 * 0.378 15.5
237.0-238.0 1.0 1.18 * 0.101 6.0
248.4-259.0 10.6 1.57 * 0.691 16.5
297.2-302.0 4.8 1.23 * * 20.0
308.0-313.5 5.5 1.83 * 0.170 17.8
Hole CLS 97-21 was collated 66m northeast of 97-17 and drilled northward at
-55 deg on a bearing of 315 deg to a depth of 392m.
Interval Length Zn Cu Pb Ag
(m) (m) (%) (%) (%) (g/T)
----------- ------ ---- ----- ----- -----
HOLE CLS 97-21
192.5-195.5 3.0 0.45 1.31 * 28.1
201.5-203.0 1.5 1.79 * 0.163 77.6
222.5-246.5 24.0 2.16 0.398 0.116 52.8
Incl
243.5-246.5 3.0 4.52 2.74 0.438 222.0
276.5-278.0 1.5 1.41 * * 33.2
Hole CLS 97-22 has been completed to a depth of 551m, and was drilled to test
an area 50-75m below CLS 97-17- This hole was drilled southeast from a point
66m southwest of hole CLS 97-16, on a bearing of 135 deg and a dip of -50
deg. This hole intersected anomalous zinc values between 176.0 to 407.1m
(231.1m) in the footwall zone.
Interval Length Zn Cu Pb Ag
(m) (m) (%) (%) (%) (g/T)
----------- ------ ---- ----- ----- -----
HOLE CLS 97-22
410.1-462.5 52.4 1.41 * 0.188 10.0
Incl
410.1-423.5 13.4 2.03 * 0.227 4.0
Incl
417.5-423.5 6.0 2.96 * 0.493 6.5
Incl
432.5-449.0 16.5 1.76 * 0.286 14.1
Hole CLS 97-23 was collared 66m southwest of hole CLS 97-17 and was drilled
northwest at a bearing of 315 deg and a dip of -50 deg to a depth of 425m. A
22.5m wide zone of massive to disseminated sulphides associated with black
chlorite was intersected, followed by the footwall zone between 345.5 and
398.0m (52.5m) with anomalous zinc values.
Interval Length Zn Cu Pb Ag
(m) (m) (%) (%) (%) (g/T)
----------- ------ ---- ----- ----- -----
HOLE CLS 97-23
323.0-345.5 22.5 0.098 1.41 * 7.5
Incl
323.0-335.0 12.0 0.090 2.24 * 11.5
Incl
330.5-335.0 4.5 0.095 4.74 * 18.5
Logging and splitting of the core is being carried out at the company's new facility
in Timmins and all of the core is being assayed by Canadian laboratories in
Toronto and Vancouver. Check assays are being carried out on a routine basis
and, as in the past, any higher grade intervals will be reassayed at an independent
laboratory.
A drill hole location and a schematic longitudinal section are available by fax, upon
request. |
