Cross Lake Sheraton-Timmins preliminary testing results
Cross Lake Minerals Ltd CRN
Shares issued 32,782,665 Feb 22 close $0.19
Tue 22 Feb 2000 News Release
Mr. Henry Ewanchuk reports
Encouraging results have been received from the preliminary metallurgical
testing carried out on samples taken from the Sheraton-Timmins VMS
property, near Timmins, Ont.
The work was carried out by International Metallurgical and Environmental
Inc., Kelowna, B.C., under the direction of Jeffrey B. Austin, PEng. The
report's conclusion states that: ". . . the materials are amenable to
traditional process techniques with very good metallurgical performance
expected. At this point in time there are no looming metallurgical
impediments to the development of a flotation process to recover copper,
zinc and silver values from these materials." Furthermore, the summary
states, "With both samples [copper-silver and zinc-silver], final
concentrates of saleable base metal grades were produced with very high
overall recoveries of metals. Silver deportment to the base metal
concentrates was very good for both samples." The company is very pleased
with these preliminary results which further enhance the potential of this
project. As the project progresses, more detailed metallurgical work will
be required.
The company is also pleased to report that the Ontario Geological Survey,
as part of its Operation Treasure Hunt, a two-year, $19-million geoscience
program, will be completing airborne geophysical surveys over the
Sheraton-Timmins property. The results of this work will provide a
fingerprint over the known mineralization which can be used as a guide to
identify other possible target areas on the property.
Cross Lake also reports that the two main mining claims on the
Sheraton-Timmins property have been converted to surface and mining rights
leases issued by the Province of Ontario. The two leases cover 323.3
hectares and have been issued for an initial term of 21 years. The
acquisition of the two leases provides the company with the securest form
of tenure over the known deposit.
The company has been advised by Echo Bay Mines Ltd. that additional NQ
diamond drilling has commenced on the Currie Bowman property, eight
kilometres northeast of the Sheraton-Timmins deposit. A program of seven
holes totalling 2,100 metres is planned, including three holes to further
test the Grindstone Creek zone in Currie township where hole CB-04 returned
an intersection of 2.08 grams gold (Au), 18.5 grams silver (Ag) and 0.54
per cent zinc (Zn) over 18.9 metres from 338.1 to 357.0 metres. This was
the deepest intersection in the zone which was tested with a total of five
holes in 1999. The results of all the holes are included in the table
below.
Length Interval Length Au Ag Zn
(m) From To (m) gpt gpt %
Drill hole CB-1
227.0 159.9 161.8 1.9 0.91 - -
165.8 170.0 4.2 0.64 - -
Drill hole CB-2
293.0 167.3 169.3 2.0 1.78 44.4 0.86
187.3 201.0 13.7 0.89 18.3 0.85
incl. 187.3 191.7 4.4 2.25 24.0 2.40
Drill hole CB-03
272.0 121.8 154.9 No significant assays
Drill hole CB-04
419.0 338.1 357.0 18.9 2.08 18.5 0.54
incl. 349.0 357.0 8.0 3.40 13.7 0.58
Drill hole CB-05
338.7 237.0 248.3 11.3 0.29 - -
This winter's program will also include four additional holes which will
test other induced polarization (IP) chargeability anomalies to the west of
this zone. Additional IP surveying is also under way to test the area east
of the Grindstone Creek zone. Echo Bay holds an option to acquire
Falconbridge Limited's 60-per-cent interest in the Currie Bowman property.
The company holds the remaining 40 per cent and is not required to make
financial contributions during Echo Bay's earn-in period.
With respect to its other properties, the company has terminated options
held on the Gerry Lake property, near Red Lake, Ont., and on the Ladybug,
near Salmon Arm, B.C.
With the recent restructuring of Canada's capital markets, the company's
CDNX listing was automatically withdrawn on Jan. 31, 2000. The company's
shares continue to trade on the Toronto Stock Exchange under the symbol
CRN.
WARNING: The company relies upon litigation protection for
"forward-looking" statements. |
