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Gold/Mining/Energy : SUDBURY AREA AND THE PGM PLAY
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To: RWILL who wrote (48)10/28/1999 3:06:00 PM
From: Just G  Read Replies (1) of 349
 
Mustang Minerals to begin drilling at East Bull Lake

Mustang Minerals Corp MMIN
Shares issued 8,500,930 Oct 27 close $0.35
Thu 28 Oct 99 News Release
Mr. Robin Dunbar reports
A drill program is scheduled to commence at the East Bull Lake platinum
group metal property Nov. 4, 1999. The program will test platinum group
metal mineralization at two target areas along the southern margin of the
intrusion.
Several holes are planned at the Moon Lake target area where previous
drilling by Mustang intersected PGM mineralization. The drill targets at
Moon Lake are induced polarization conductors which coincide with a zone of
mineralized surface samples.
A new high-priority drill target along the 20-kilometre-long southern
margin of the intrusion has been identified by recently completed
fieldwork. The program included geological mapping, sampling and an IP
survey. This program outlined a 800-metre-long mineralized zone along the
contact which contained elevated PGM values (the Bullfrog target area). Of
24 grab samples taken in the mineralized portion of the Bullfrog target
area 16 samples returned greater than one gram per tonne combined platinum
palladium gold and 12 of the 16 samples returned greater than three g/t.
The highest recorded sample value is nine g/t combined PGM+gold.
The objective of the current phase of drilling is to confirm the geological
model at East Bull Lake that PGM-bearing magmatic sulphides (contact
mineralization) have been deposited in a layer along the margins of the
intrusion. Potential economic implications are that bulk tonnage deposits
of PGM+gold+copper+nickel mineralization and banded zones of higher grade
mineralization may exist.
The current phase of drilling is expected to take approximately three to
four weeks to complete.
Annual meeting
The annual meeting of the company is scheduled for Nov. 10, 1999, at its
offices at Suite 514, 20 Adelaide St. W., Toronto.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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