Major General Resources Ltd MGJ VSE March 21, 1997
Nepisiguit Property Stewart Option Copper Discovery Has Gold and Cobalt Credits
Glenn G. Shevchenko, President, Major General Resources Ltd., announces that all assay results for the Company's new copper discovery in the Bathurst, New Brunswick base metals camp have
been received. Significant gold and cobalt credits are associated with the copper values published in a news release dated March 5, 1997. Detailed assay values from Drill Hole #97-08 are as follows:
Interval Length Cu Au Ag Co
Metres m % (g/t) (g/t) %
268.5-294.0 25.5 1.04 0.21 10.20 0.019
incl. 268.5-273.3 4.8 1.83 0.19 15.15 0.017
incl. 273.3-289.6 16.3 0.47 0.12 7.20 0.015
incl. 289.6-294.0 4.4 2.28 0.56 15.97 0.035
As mentioned previously, this is the first hole to successfully test a 1,000 metre long conductor, of which 900 metres are on the Stewart Option. Major General can earn a 100% interest on these 9 claims subject to a 1% NSR, with a $1 million buydown.
The Stewart Option claims are situated in the southeast sector of the productive Bathurst volcanic complex, in the midst of the district's large producing mines (Drawing I). Much of the property is underlain by the highly favourable Nepisiguit Falls Formation, which is host to the large bass metal deposits of the camp.
Drill Hole #97-08, intersected the Johnson Stewart (IS) copper zone, at 200 metres vertical depth (Drawing II). This copper zone is interpreted to be a large, cross cutting, altered breccia zone which is open to depth. Breccia zones of this type provide the conduit for base metal fluids in VMS type deposits such as Brunswick #6 and #12 and are often copper enriched.
The 900 metre long, very strong electromagnetic conductor which is sourced by this copper zone occupies the central portion of the Stewart Option claims (Drawing III). Drill Hole #97-08, which is the northern portion of the conductor, was preceded by 3 previous holes drilled from the opposite direction, which missed the copper zone.
The entire 1,000 metre long conductor is now expected to represent a substantial zone of copper mineralization. Due to the intensity of the EM conductor, stronger mineralized zones are anticipated. An extensive drilling program consisting of 30-40 holes will be required to test the length and depth extent of this new discovery. Drilling is expected to commence in May after spring break-up.
Economically, the new copper discovery is situated in an ideal location. The Stewart Option property is located in the middle of the prolific Bathurst base metal camp, between two current producers with milling capacity of 15,000 Tonnes per day. A permanent mining labour force resides in the district which is well served by local power, transportation and shipping facilities, which would result in very low infrastructure cost. |
