Flag Resources (1985) Limited and Golden Briar Mines Limited announce discovery of copper and nickel, with anomalous values in platinum, palladium, gold and silver, in the Wanapitei Gabbro Intrusion, Rathbun Township, Sudbury, Ontario
CALGARY, Dec. 11 /CNW/ - ''In a previously undrilled area of the large Wanapitei Gabbro Intrusion, located one and a half miles east of the high grade Rathbun Lake Occurrence, and on the same geological contact, the second exploratory shallow drill hole, by Flag and Golden Briar, drilled at 80 degrees, in altered gabbro, intersected 8.2 feet of .59% nickel-copper (.45% Cu., .14% Ni), from 46.3 to 54.5 feet, and 6.4 feet of .92% nickel-copper (.68% Cu, .24% Ni), from 58.3 to 64.7 feet. The interval from 54.5 to 58.3 feet gave low nickel-copper values.
The whole 18.4 foot section, from 46.3 to 64.7 feet, averaged .45% copper and .15% nickel, with anomalous values in platinum, palladium, gold and silver throughout, from 0.1 to 3.2 grams (.003 to .093 ounces) per ton. Step out drill holes to the east and west are currently being drilled, to evaluate the size, grade and extent of the discovery.
It is the first significant discovery of nickel and copper in the
Wanapitei Gabbro Intrusion, since the discovery of the high grade Rathbun Lake Occurrence in the 1890's.
Flag and Golden Briar say the discovery is important, as it confirms that the large Wanapitei Gabbro Intrusion, can host significant concentrations of nickel, copper, platinum, palladium, gold and silver bearing sulfides.
Recent studies have underlined the importance of geochemical sampling of the gabbro rock to locate sulfides, pointing out that there is well documented association of mineralization with high magnesium oxide rock content. There are several of these geochemical targets, on Flag and Golden Briar's ground in the Wanapitei Gabbro Intrusion, which they propose to drill, along with development drilling of their discovery.
Flag owns 6 miles along the northern and southern boundary of the
Wanapitei Gabbro Intrusion, including the ground optioned to Golden Briar, who can earn a 50% interest by the expenditure of $400,000.00 over a four year period.
Including its holdings in the Wanapitei Gabbro Intrusion, Flag holds 70,000 acres in six adjoining townships, covering base metal prospects in McNish Township, gold-copper deposits in Mackelcan Township and the Exploratory Licence of Occupation, deleted from the Wanapitei Provincial Park,western Rathbun Township.''
The Alberta Stock Exchange has neither approved nor disapproved the contents herein.
-0- 12/11/1998
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