Bonjour, Je crois quelqu'uns d'entre nous ont investi dans ASE:NVR
J'ai re‡u ce PR ce matin
Armand
NEWS RELEASE (#99-15)
NAVIGATOR EXPLORATION CORP.
VANCOUVER, BRITISH COLUMBIA
October 18, 1999
For Immediate Release
Exchange: The Alberta Stock Exchange
Symbol: NVR
IRISH ACQUISITION
-----------------
Navigator Exploration Corp. is pleased to announce that it has signed an
agreement to purchase a 50% interest in Ulster Minerals Inc. (Ulster),
which is a wholly owned subsidiary of Nickelodeon Minerals Inc (NKM:V), for
CDN $500,000. Ulster, which is an exploration company based in Ireland,
holds two exploration licenses covering 250 square kilometers in County
Tyrone. These licenses host the Curraghinalt gold deposit and are
prospective for the discovery of further gold and base metal deposits.
Curraghinalt
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The Curraghinalt deposit has an indicated and inferred resource of 470,000
tonnes with an average grade of 17.3g/t gold (>250,000 oz.). The deposit
contains several high-grade gold veins hosted in Precambrian to early
Cambrian metasedimentary rocks. Individual veins range in strike length
from 100 to 500 meters and have only been drill tested to a maximum 160
meters down dip. To date, most of the drilling and underground work has
been concentrated in a relatively small area. There is good evidence from
scattered trench and diamond drill hole intercepts that the vein system has
a much more extensive distribution. Technical due diligence of the property
was conducted by G.R. Peatfield, Ph.D., Peng., consulting Geologist. His
report concludes, "there is good reason to believe that the productive
portions of the veins will continue to greater depths than have been tested
to date, and many of the veins are open along strike. Probably as little as
25% of the prospective volume has been tested." He further concludes, "the
Curraghinalt represents an attractive target for developing a high grade
underground vein gold mine".
Other Targets
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In addition to the Curraghinalt deposit, the land covers a large area that
is underlain by Ordovician mafic to felsic volcanics, volcaniclastics,
regionally extensive iron formations and sediments that have excellent
potential to host gold rich massive sulphide deposits. This favorable
stratigraphy is over 30 kilometers long and entirely within the property
boundary. At the Cashel target, trenching conducted by Ulster Minerals
identified significant gold mineralization hosted within a rhyolite package
including results of 10.8 meters averaging 5.6 g/t gold. Follow up drilling
of 14 holes intersected the target in all holes, with the best intersection
averaging 30.5 g/t over 3.6 meters with anomalous base metal values. The
mineralization at this location appears to be stratabound. Elsewhere on the
property two large zinc in soil geochemical anomalies have been identified,
at Greencastle, Tullybrick and Broughderg respectively. At Glenlark, a rock
sample (grab) taken by Nickelodeon during due diligence returned 21.7% zn
and 138.0 g/t Au.
The area underlain by the licenses was formed in an island arc environment
and has similar characteristics to that found in Eastern Canada, where
several large massive sulphide deposits occur. Ireland has an active mining
history dating back to the 1800's. Recent discoveries at Galmoy and Lisheen
have ensured Ireland 's place as the largest producer of zinc in Europe for
some years to come. A booming economic climate and favourable mining and
environmental regulations underscore the attractiveness of this acquisition
for both Navigator and Nickelodeon.
For further information, please contact:
Ray Cahill, President
Navigator Exploration Corp.
1115 - 355 Burrard Street, Vancouver, BC
(604) 668-8355
or visit our website at
navigatorexploration.com
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein. |
