Consolidated Venturex to begin Davis-Kelly drilling
Consolidated Venturex Holdings Ltd CVA
Shares issued 6,970,936 Feb 8 close $0.42
Wed 9 Feb 2000 News Release
Also Pacific North West Capital Corp (PFN)
Mr. Benjamin Ainsworth reports
A phase 2 drilling program will commence at month-end on the Davis-Kelly
copper-nickel platinum group metals project, situated about 50 kilometres
northeast of Sudbury, Ont. Under an option agreement with Pacific North
West Capital Corp., Consolidated Venturex is earning a 50-per-cent interest
in three PGM-Cu-Ni properties in the Sudbury mining division, Ont. The
properties are prospective for PGM-Cu-Ni sulphide mineralization that is
generally hosted by a high-magnesium gabbroic rock unit close to the basal
contact in Nipissing diabase intrusions.
Phase 1 drilling was carried out in order to test subsurface potential of
elevated surface PGM-Cu-Ni grab samples assays and to test the potential
for PGM associated with previous drilling (at Sargesson Lake, ca. 1965 to
1968) that intersected Cu-Ni sulphide mineralization. Mineralization occurs
proximal to the lower contact, a Nipissing diabase intrusion, where it is
associated with both high-magnesium gabbro and gabbro rock units.
Davis-Kelly
A 3.5-kilometre induced polarization (IP) survey and a 7.6-kilometre ground
magnetometer survey were completed over two principal mineralized zones on
the Davis-Kelly property -- zone 1 at the main showing and zone 2 located
about 700 metres north of zone 1. These surveys were designed as
orientation surveys in order to evaluate the viability of IP and
magnetometer surveys in this geological environment of low percentage (1
per cent to 3 per cent), disseminated sulphide mineralization. A general
correlation was found between known areas of surface and subsurface
mineralization and the IP chargeability highs, confirming the usefulness of
IP as an exploration tool. Moreover, several new areas were outlined with
high-chargeability anomalies -- these areas will be priority targets in
this year's surface exploration programs and in further diamond drilling.
Previously reported assay results from a five-hole (312-metre) diamond
drilling program on the Davis-Kelly property included: 2.66 grams per tonne
PGM, 0.31 per cent Cu and 0.19 per cent Ni over 3.33 metres and 3.93 g/t
PGM, 0.44 per cent Cu and 0.3 per cent Ni over 4.4 metres.
These results, from the first drill test of the basal Nipissing gabbro in
this area, are highly encouraging. This property is located six kilometres
northwest of PFN's Janes township property option where drill intersections
of up to 3.1 g/t PGM, 1.35 per cent Cu-Ni over 15.05 metres and 4.45 g/t
PGM, 1.13 per cent Cu-Ni over 8.68 metres have been reported from a similar
geological environment.
PFN and CVA plan to carry out another surface exploration program this year
in order to investigate areas of anomalous PGM on the property that were
not addressed in the earlier programs. A phase 2 drilling program will test
the geophysical targets outlined in the orientation survey as well as
testing the newly discovered zone 2 of mineralization located 700 metres of
the main showing. This program is scheduled to begin in late February,
2000.
Sargesson Lake
A 320-metre, six-hole diamond drilling program carried out on the Sargesson
Lake property resulted in intersections of geochemically significant
PGM-Cu-Ni mineralization from all of the holes. The drilling was carried
out in order to test subsurface potential of grab samples with elevated
PGM-Cu-Ni assays and test the potential for PGM associated with previous
drilling (ca. 1965 to 1968) that intersected Cu-Ni sulphide mineralization
which occurs proximal to the lower contact with a Nipissing diabase
intrusion where it is associated with both high-magnesium gabbro and gabbro
rock units. Drilling results confirm the PGM-bearing character of the
intrusion, and a geophysical program is being planned to define further
drill targets.
WARNING: The company relies on litigation protection for "forward-looking"
statements.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
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