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Marum Resources 1998 year-end results
Marum Resources Inc MMU
Shares issued 25,472,616 Aug 6 close $0.12
Fri 6 Aug 99 Company Review
Mr. Richard Boulay reviews the company
During 1998, the company redirected its focus to its Alberta diamond
projects. All projects outside of Alberta were terminated. At th end of the
year Marum had three active projects: the Chinchaga diamond project in
Northwestern Alberta, the Pinhorn diamond project in Southern Alberta near
the Montana border, and the development-phase Ironcap iron ore project in
Northern Alberta, just south of the Chinchaga diamond project.
During 1998, $546,000 in new equity was raised to pursue the company's
exploration programs. During the first four months of 1999, an additional
$179,000 in new private placement equity was raised. Additionally, joint
venture partners spent approximately $350,000 on the company's properties
during 1998 and the first four months of 1999.
The company's flagship project is the Chinchaga project. The company is
also pursuing exploration on the Pinhorn project and is holding its large
Ironcap iron deposit in development mode.
During 1998, Marum terminated its Mildred Peak gold project in Arizona.
Additionally, exploration on the 49th Parallel diamond project in British
Columbia was terminated because of exploration progress in extracting
diamonds from rock samples. The Temiscaming diamond project was also
terminated because of the company's intention to focus all of its
exploration efforts on the Alberta diamond play.
During 1998 and the first four months of 1999, virtually all of the
company's exploration efforts were focused on the Chinchaga project. It
covers over 925,000 acres in Northern Alberta. Marum holds a 100-per-cent
interest in 400,000 acres, a 75-per-cent interest in 275,000 acres (the
former Marum/Caribgold joint venture). In early 1998, 11 auger holes were
drilled into six separate targets. Physical examination of the core
suggested the existence of volcanic ash layers that were likely associated
with nearby volcanic, possibly kimberlitic, rocks. Following this
discovery, it was immediately decided to fly a aeromagnetic survey over
selected lands in order to pinpoint additional targets for exploration
during the 1998 and 1999 field seasons. During the later part of 1998, the
aeromagnetic data was used to perform geochemical sampling programs.
In February, 1999, Marum entered into a joint venture with International
Tower Hill Mines Ltd. to explore three townships in the northern part of
the Chinchaga area. A six-hole, six-target diamond drill program was
carried out.
The initial evaluation of the core derived from the 1999 diamond drill
program again indicates the presence of ultramafic, possibly kimberlitic,
pyroclastic volcanic rocks.
Examination of the 1999 drill core validated the area for diamond
exploration since primary vocaniclastic rocks of deep mantle origin were
identified. There was another discovery of significance. Volcaniclastic
rocks mineralized with sulphide minerals were encountered, revealing the
presence of approximately 70 vertical metres of sulphide mineralization in
several diamond drill core intercepts. Initial sampling indicates high
geochemical values for silver, nickel, zinc and other metals.
The new analytical results appear to define a laterally extensive, thick
rock unit that is highly enriched in metals. These results now require a
follow-up program to locate areas where metals might be concentrated into
economic grades. Likely locations for economic concentrations of metals are
faults and fault system intersections that can serve as major conduits for
mineralizing fluids.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
