Tuesday, February 29, 2000
Project Updates
via CDS
February 29, 2000
New Blue Ribbon Resources Ltd. is pleased to announce that it has
completed drilling at its Pelican Mountains - Calling Lake area properties.
Four holes were completed at the Pelican Mountains Heavy Mineral Deposit
(HMD). One hole was drilled into the northwestern extension of the magnetic
anomaly which, in part coincides with the (HMO). The remaining holes were
drilled along the periphery of the deposit to test its maximal extent. The
core from these holes have been shipped to Edmonton, where they will be
logged and sampled over the next few weeks, with results expected shortly
thereafter. Mineralogical testing on the heavy mineral sands is pending.
Two additional holes were completed some distance from the HMD in
order to test a second magnetic anomaly. It appears that the second
magnetic anomaly may represent a 'pre-glacial gravel channel', up to 40 m
thick. The Company will continue to investigate the economic significance
of this discovery.
At the companies wholly owned Little Legend Property and at the joint
ventured Legend Property (Montello Resources Ltd. and Redwood Resources
Ltd.) seven high-priority aeromagnetic targets were examined by means of
ground geophysics. Two targets exhibited characteristics similar to that
for known kimberlites:
Kendu (Legend Property) - circular anomaly up to 350 m diameter; and
Lammasu (Legend Property) - double peaked anomaly up to 300 m diameter.
The company intends to conduct additional ground and/or heli-based
geophysics over several additional targets during the coming months; prior
to initiating a drill program scheduled for late spring / early
summer.
The company is also pleased to report that it has initiated a
high-resolution aeromagnetic survey at its wholly owned Wolf Lake Property.
The Wolf Lake property encompasses approximately 180,000 acres about 60 km
west of the town of Cold Lake, Alberta. In the area of the Wolf Lake
property, NTS map area 74 L, the Geological Survey of Canada collected
thirteen diamond indicator mineral till samples during
1991 and 1992, and between 1992 and 1994 the Alberta Geological Survey
collected three diamond indicator mineral till samples. In total, ten
sample sites contained one or more diamond indicator mineral grains.The
Vegreville Trend, a scattered grouping of anomalous till sample sites,
occupies an area in the vicinity of Vegreville southwest of Cold Lake.
Diamond indicator minerals identified within the trend include pyrope and
eclogitic garnets, chrome diopsides, chromites, picroilmenite, jadeite, and
kyanite. The northern portion of this trend includes several of the
anomalous till sample sites collected on NTS map
area 74 L located southwest of the Wolf Lake property. Recently, New Blue
Ribbon Resources Ltd. collected a single stream sediment sample from the
Sandy River drainage; whose catch basin is primarily within the Wolf Lake
property. The sample contained a highly anomalous population of diamond
indicator minerals; which include: 1Gurney G10 Garnet, 7 G9 Garnets, and 1
diamond inclusion chrome diopside.
This Press Release was prepared on behalf of the Board of Directors,
which accepts full responsibility for its contents. |
