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Yamba Lake exploration progress
Tanqueray Resources Ltd TQY
Shares issued 21,536,111 May 13 close $0.54
Tue 13 May 97 News Release
See Mill City Gold Mining Corp (MIY) News Release
Mr William Friesen of Cypango reports
Cypango Ventures Ltd has received an update on the exploration progress on
the Yamba Lake property in the Northwest Territories. The Yamba Lake
property is 320km northeast of Yellowknife and adjoins BHP/Dia Met's Koala
project.
Regional and detailed heavy mineral till sampling on the Yamba Lake
property has further defined four kimberlite indicator mineral dispersion
trains on the Yamba Lake property, to bring the number of trains
terminating in specific target areas to at least six. The company is
currently in the process of further defining targets through high
resolution geophysical surveying (25m line spacing) and plans drilling to
follow once targets have been as fully substantiated from the surface as is
possible.
Having already completed and interpreted a ground geophysical survey on the
target 56 area of the property, the company now intends to drill a series
of four targets that are referred to as the Gooseneck targets. These
targets lie adjacent to a peninsula that extends west from an island in a
lake in the central portion of the property. The targets are defined by a
kimberlitic pyrope garnet, chrome spinel, and olivine-rich indicator
mineral dispersion train that is 1.0km wide on the down-ice (western) shore
of the lake. Microprobe analyses of indicator minerals from this train show
that the grains originated from kimberlites that have sampled the diamond
stability field and confirm broadly favourable conditions for the presence
of diamonds. All samples gathered on the up-ice shore of the lake have
demonstrated barren or background concentrations of indicator minerals
suggesting that the train terminates beneath the lake. The targets appear
as a series of well-defined magnetic lows on the ground magnetic survey and
the profiles appear consistent with those of kimberlite pipes the company
has already discovered in the area. Drilling of the Gooseneck targets is
expected to begin within a week.
Presently and concurrent to the drilling of the Gooseneck targets, detailed
sampling and geophysical surveying over targets at the terminus of the T-49
and T-60 trains in the west central and southwest portions of the property
respectively continues, and is expected to define further targets for
drilling shortly.
Cypango, through a joint venture agreement, has the right to acquire a 51%
interest in the Yamba Lake property from Mill City Gold Mining Corp and
Tanqueray Resources Ltd. By incurring $5,000,000 in exploration
expenditures on the property and the issuance of 300,000 shares by October
31 1999. Cypango's interest may be increased to 70% by completing a
feasibility study on the property by December 31 2001.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
Dave |
