Tuesday November 2, 9:14 am Eastern Time
Company Press Release
Band-Ore Resources Ltd. Nym Lake Progress Report
TORONTO, ONTARIO--A recently completed 3 hole diamond drill program on the Company's Nym Lake property located 15 km southeast of Atikokan, Ontario, has confirmed the presence of Platinum and Palladium values below a surface showing discovered earlier this year (refer to press releases dated September 22, 1999 and May 3, 1999). Two holes drilled in the vicinity of the showing intersected pyroxenitic rocks for most of their core length, 73 metres and 56 metres respectively. Assays of split core completed by Swastika Laboratories returned anomalous Platinum plus Palladium values of 202ppb over 28 metres (including 0.5 g/t Pt + Pd over 2 metres) and 166ppb over 43 metres (including 0.46 g/t over 2.6 metres).
Fifty metres to the east-northeast of the drill holes, recent mapping activities exposed a new surface occurrence containing chalcopyrite, pyrite and pyrrhotite returned values as high as 700ppb (Pt + Pd). This showing appears to be located at the opposite contact of the pyroxenite to that tested by the two diamond drill holes.
A more extensive zone of pyroxenite located 300 metres north of the showing was tested by a single diamond drill hole. The pyroxenite has been mapped over a width of 200 metres and a length of 1,800 metres. The diamond drill hole failed to provide a representative cross section of the pyroxenite as it encountered a late pegmatite dike.
Further exploration on the property is on hold until all the field data is compiled and all assay results from the field-mapping program are received.
GOLD EXPLORATION PROGRAMS
The recent run-up in gold prices has prompted the Company to review its Thorne Property and continue to acquire new gold exploration properties.
Stillar Bay
The Company has entered into an option agreement whereby Band-Ore can earn a 100% interest in 88 mining claim units (3520 acres) 230 km north-northwest of Thunder Bay.
The property covers a series of historic gold occurrences in the Savant Lake area that exhibit characteristics of a gold enriched system. Gold occurs in conjunction with strong ankerite, sericite, pyrite, arsenopyrite, silica flooding, and tourmaline. A strongly sulfidized and deformed iron formation located on the property is also known to host gold mineralization.
Poor road access to the area and gold prices at the time of the discovery (1920's) resulted in a program of trenching but no diamond drill testing of the showings.
The property is located near a regionally extensive, deep-seated, northerly trending suture (fault) known as Savant Lake Fault in Savant Lake. A regional deformation zone extends easterly across the entire property from the Savant Lake Fault for at least 4 km.
Initial geological investigations by the Company's Qualified Persons' indicate the presence of at least 3 gold bearing zones on the property, none of which has ever been drill tested. Grab samples taken by the Company's Qualified Persons' returned gold assays ranging from 0.02 to 0.47 ounces gold per ton. Limited outcrop exposure is available for detailed sampling on each of the zones. The Company will complete an initial program of diamond drilling to evaluate and categorize the geological environment of the gold mineralization. This first phase diamond drill program will begin in January, 2000.
Thorne Property
A thorough review of an I.P. (Induced Polarization) survey completed on the property has identified a series of anomalies that warrant drill testing. These anomalies are located to the west of the Holmer Gold Mines' and St. Andrews Goldfields' gold deposit located on the west of the Timmins Gold Camp. An initial drill program is expected to commence by month end.
Band-Ore Resources Ltd. is an aggressive, well-financed Canadian Exploration Company with over $1.4 million in working capital and no debt. |
