NEWS RELEASE
NEWS RELEASE
October 1, 1999 Shares Outstanding 20,169,231
Symbol AVL:VSE SEC 12g3-2(b): 82-4427
DRILLING CONFIRMS DEPTH CONTINUITY OF TANTALUM-BEARING PEGMATITES AT
RALEIGH LAKE
Avalon Ventures Ltd. (the "Company") is pleased to announce that an initial 5-hole, 602 metre diamond drilling program has been completed on the 19,160 acre Raleigh Lake tantalum project, located near Ignace, Ontario. The program was designed to determine the orientation, thickness and lateral continuity of two tantalum-bearing pegmatites identified during previous surface mapping programs, which produced assays of up to 0.22% Ta2O5 in grab samples.
The drilling has confirmed that the largest pegmatite exposed on surface (Pegmatite #1) dips eastward at approximately 15o and extends down-dip for at least 425 metres where it remains open. Pegmatite #1 ranges from 5.0 to 8.0 metres in thickness in the areas tested to date, and is flanked by a series of smaller, parallel mineralized pegmatites which are typically less than 2 metres in width. Pegmatite #1 is characterized by strong albitization accompanied by fine-grained disseminated rare metal mineralization, containing the tantalum and niobium minerals microlite and columbite-tantalite, as well as other unidentified opaque minerals.
Tantalum is currently in high demand because of its preferred use in the manufacture of electronic capacitors for a variety of popular electronics products, including computers and cellphones. The mineral concentrates sell for between US $26 and $40/lb depending upon grade.
The five holes were drilled over an area of 500 x 500 m to a maximum
vertical depth of 175 metres, with all but one hole intersecting
mineralized pegmatite. Other pegmatite occurrences elsewhere on the
property remain untested. All pegmatite intersections are presently being split for assay and results will be announced within the next two weeks.
Several core samples are also being submitted for petrographic study to confirm the rare metal mineralogy.
For further information contact Donald S. Bubar, at (416) 364-4938.
Corporate Information may also be accessed on the internet at
www.avalonventures.com
ON BEHALF OF THE BOARD
"Donald S. Bubar"
Donald S. Bubar, President
*No stock exchange has either approved or disapproved the information
contained herein* |
