WOW TYPE NEWS: Today,:
New Blue Ribbon Resources Ltd.
Suite 2420 - 1177 West Hastings Street
Vancouver, B.C. Canada V6E 2K3
Toll Free: 1-800-505-5655
E-Mail Address: element@direct.ca
NEWS RELEASE
“HEAVY MINERAL DEPOSIT – PRELIMINARY RESULTS”
VSE SYMBOL: NBL SEPTEMBER 29, 1999
"The company is pleased to provide the following update on its Pelican
Mountains Heavy Mineral Deposit in Alberta, Canada. As previously announced
(1999-08-31) the companies consultant, Dahrouge Geological Consulting Ltd.,
discovered a heavy mineral beach sand deposit within an uplands area of the
Pelican Mountains. The deposit as outlined by aeromagnetics, encompasses an
area of about 1,800 metres by 400 metres. Prospecting and hand trenching
along the southern flank of the anomalous area identified both transported
and in-situ occurrences of a black, massive, indurated heavy mineral sand.
Additional follow-up field exploration to better define the extent of the
deposit will commence shortly. Exploration will consist of a ground-based
magnetometer survey over the target area to be followed by a program of
diamond drilling scheduled for the fourth quarter 1999 or first quarter of
2000. In addition, a bulk sample will be collected for the determination of
the most appropriate process for the separation of the heavy minerals.
Preliminary geochemical and mineralogical results as received from Acme
Analytical Laboratories and the Saskatchewan Research Council are as
follows:
Fe2O3: 38.37 to 42.17 per cent (Predominately Magnetite with lesser
Siderite)
TiO2: 3.19 to 5.90 per cent (Predominately Rutile with lesser
Titaniferous Magnetite)
Visual examination and mineralogical test work indicates that the deposit
consists of very fine grained material with a dominantly carbonate (FeCO3
and CaCO3) cement. Further mineralogical test work is underway to more
accurately determine the overall heavy mineral content, and that of the
individual constituents.
Titanium is utilized in the production of titanium metal and the manufacture
of Pigments. Economically extractable concentrations of titanium principally
occur in the minerals ilmenite (FeTiO3) and rutile (TiO2). In 1998 the value
of US rutile consumption was $190 million US with an average 1998 price per
ton of $US500.00
The principle use of magnetite is as a dense media separate, such as in the
production of metallurgical coal. The present value of magnetite is
approximately $60.00 CDN per tonne, undelivered. Current Canadian
consumption of magnetite is delivered from the US which typically doubles
the cost due to shipping.
This Press Release was prepared on behalf of the Board of Directors, which
accepts full responsibility for its contents.
ON BEHALF OF THE BOARD
LARRY KRYSKA, President & Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Larry D. Kryska
Telephone: (780) 433-3566, Fax: (780) 439-6316, E-Mail newblue@home.com
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. |
