Celtic Minerals Ltd.
CALGARY, Nov. 3 /CNW/ - Celtic Minerals Ltd. (CME. ASE) is pleased to
announce that a second phase exploration program has been approved for the
Celtic (49%) and Billiton Exploration Canada Ltd. (51%) Skull Hill Joint
Venture. A first phase drill program was conducted from mid September to mid
October in an area south of the Lake Bond deposit. Based upon encouraging
results, the planned 800m drill program was expanded to 5 NQ drill holes
totalling 1,517 m and a downhole geophysics program was conducted.
The area drilled was identified through a recent airborne geophysical
survey and a subsequent ground based geophysical survey, which generated
several IP targets over a 1.2 km North-South strike length. Boreholes
LB-99-01 to LB-99-05 all intersected a mineralized and altered volcanic
sequence(s) containing stringer, disseminated and matrix sulphide
mineralization associated with strong chlorite and/or silica alteration, along
a 500m strike length.
<<
Hole No. Location Mineralized From
Interval
-------------------------------------------------------------------------
LB-99-01 12+00S, 5+50E, drilled at 64.82m 32.57m to 100.20m
-50 degrees grid west
LB-99-O2 12+00S, 11+25E, drilled at 84.43m 316.57m to 401.00m
-70 degrees grid west
LB-99-03 10+00S, 10+50E, drilled at 25.95m 139.17m to 165.12m
-50 degrees grid west
LB-99-04 15+00S, 10+50E, drilled at 10.85m 48.21m to 59.06m
-50 degrees grid west
LB-99-04 15+00S, 10+50E, drilled at 13.75m 150.17m to 163.92m
-50 degrees grid west
LB-99-04 15+00S, 10+50E, drilled at 41.20m 182.10m to 223.30m
-50 degrees grid west
LB-99-04 15+00S, 10+50E, drilled at 15.00m 253.70m to 268.70m
-50 degrees grid west
LB-99-05 12+00S, 9+00E, drilled 45.61m 308.89m to 354.50m
-65 degrees grid east
>>
The mineralization consisted of pyrrhotite, pyrite, chalcopyrite and
sphalerite. Certain selected intervals returned the following assays: LB-99-01
returned 3.00m of 0.32% Zn; LB-99-02 had 4.00m of 0.14% Cu and 0.28% Zn;
LB-99-03 returned 9.00m of 0.59% Cu including 1.00m of 2.66% Cu; LB-99-04 had
3.4m of 0.46% Cu; and LB-99-05 had 9.00m of 0.54% Zn. All cores were split
with a rock saw and one portion retained for future reference. The split
samples were shipped to XRAL Laboratories for analysis. Copper and zinc
results are reported from values obtained utilizing the ICP analytical
technique.
All drilling appears to have been conducted within a typical footwall
mineralized and altered sequence of volcanogenic massive sulphide system. The
favourable geophysical horizon continues to the north end of the grid and
therefore, Billiton has proposed a second phase exploration program consisting
of a grid extension followed by more ground based geophysics to fully
constrain the anomalous area. Within the area of proposed grid extension,
further geotem conductivity is indicated. Contingent upon results, a further
800m of drilling in this area is anticipated. Elsewhere on the Skull Hill JV,
which totals 185.75 square kilometres, work will be conducted on both the Joe
Glodes target and the Millertown target. On the Joe Glodes target, additional
ground geophysics is being conducted with a follow-up test drill program of
400m planned. On the Millertown target, an IP survey has been conducted on a
gossanous area along strike of the Mary March alteration zone, a test drill
program of 400m is planned. Follow-up drilling is planned on the best targets.
CELTIC MINERALS LTD.
(signed)
Kevin Flaherty, President
The Alberta Stock Exchange Neither Approves Nor Disapproves of the
Information Contained Herein. |
