stockhouse.com
Above link gives below, but note that of this date Dave Webb has not yet
notified all MGR shareholders of an changes and what is described
below I have no idea what it means as stated or a future relationship
to MGR if MGR becomes TDC. Doug
Tyhee Development Corp. (TDC:VSE)
News Releases TDC News in Database: 2
Russell Lake Geophysical Survey Defines Volcanogenic Massive - 8/23/99
Russell Lake Joint Venture and Geophysical Survey - 8/23/99
Tyhee Development Corp. 8/23/99
- Russell Lake Joint Venture and Geophysical Survey
FORTUNE MINERALS LTD ("FT-T")
TYHEE DEVELOPMENT CORP ("TDC-V") - Russell Lake Joint Venture and
Geophysical Survey - Defining Volcanogenic Massive Sulphide Target
Robin E. Goad, President of Fortune Minerals Limited is pleased to
announce that the Company has entered into a joint venture agreement
with Tyhee Development Corp. to explore its Russell Lake massive
sulphide project in the Northwest Territories, located 90km northwest of
Yellowknife. Tyhee can earn a 51% interest in the property by expending
$400,000 in exploration over 4 years, upon which it can elect to
increase its interest to 60% by expending an additional $400,000 over 4
years. After vesting, a joint venture will be established with both
companies responsible for their respective pro rata share of further
exploration expenditures or, have its interest diluted or, converted to
a 1% net smelter return royalty (NSR) by standard formula. There is an
underlying 1% NSR on the property, half of which can be purchased by
Tyhee for $500,000.
Fortune previously discovered several lenses of disseminated and massive
sulphides and iron formation on its Russell Lake property within a thick
sequence of volcanic, pyroclastic and sedimentary rocks. The geological
setting is favorable for volcanogenic massive base metal sulphide and
iron formation-hosted gold deposits. The largest area of mineralization
on the property is 1.6km long and 200m wide with lenses of massive
sulphide up to 100 metres in width. Limited sampling of these lenses by
Fortune detected minor enrichment of gold (1.3 g/t), copper (0.30%) and
zinc (0.33%). Samples collected from the nearby Isthmus Gold Zone
yielded gold values of 7.57 g/t over 4m, 8.45 g/t over 1.8m, 5.08 g/t
over 0.8m, and 7.45 g/t over 2.6m in chip samples, and grab samples
contained up to 33.20 g/t.
Tyhee has informed Fortune that it has completed a helicopter-borne
electromagnetic and magnetic survey over the Russell Lake property and
is in receipt of the final report. Geoterrex-Dighem report "Numerous
massive-sulphide-type anomalies were defined by the survey in the area
of the East Massive Sulphide Zone and the Isthmus Gold Zone. The EM and
magnetic anomalies extend beyond the outcrop of the mineralization." An
intense, arcuate magnetic anomaly was identified 1.1km long and 200
meters wide corresponding to the known geology of the massive sulphide
horizon. A 400m wide, 1.4km long conductive zone is also broadly
correlative with the magnetic anomaly. Seven grade 5, 11 grade 6, and 3
grade 7 anomalies are reported with the massive sulphide horizon. Grade
1 to 3 anomalies can signify heavily disseminated sulphides, grade 4 and
5 anomalies typically can reflect sulphides of a more massive character,
while grade 6 and 7 anomalies can be characteristic of massive
sulphides.
In addition to the known massive sulphide exposure and the Isthmus Gold
Zone, the survey has identified 4 other zones of strong, bedrock
conductors, which warrant follow-up work. Fortune and Tyhee are very
pleased with the results of the survey and field crews have been sent to
examine the surface exposures and prepare sites for a planned fall
diamond drill program.
Fortune Minerals is a mineral exploration and development company with
diverse interests in projects in the Northwest Territories and Ontario.
It is the operating partner in the NICO and Sue-Dianne deposits and has
interests in other base and precious metals and diamond exploration
projects in the Northwest Territories. Fortune is the operating partner
in Formosa Environmental Aggregates Ltd. and has a 15% shareholding in
Ontex Resources Limited and warrants to increase its interest. TEL:
(519) 858-8188
Fortune Minerals Limited FAX: (519) 858-8155 INET :
www.fortuneminerals.com EMAIL: Info@fortuneminerals.com |
