Flag Resources (1985) Ltd -
Flag and Golden Briar identify palladium at Rathbun Lake
Flag Resources (1985) Ltd FGR.A
Shares issued 14,067,287 1999-12-03 close $0.21
Monday Dec 6 1999
Also Golden Briar Mines Ltd (GLB)
Mr. M.C. McLeod reports
The previously unidentified mineral, occurring as blebs throughout 1986 drill hole, RL86-8, in the Rathbun Lake peninsula, Rathbun township, Wanapitei anomaly, Sudbury, Ont., has been discovered by assaying to be palladium.
The 500-foot, 45-degree angle hole, in addition to the independent occurrences of palladium, intersected 317 feet of disseminated nickel, copper, palladium, gold and silver mineralization. It is the widest intersection of mineralization discovered in 60 exploratory drill holes drilled in the Rathbun Lake peninsula, from the 1950's onward.
A 1996 Ontario Geological Survey report, Study 58, on Nipissing gabbro, stated that such disseminated mineralization accumulation, accumulates in the upper portion of the Nipissing gabbro, with massive sulphides accumulating in the base of the gabbro.
Accordingly, Flag and Golden Briar are drilling an exploratory hole underneath RL86-8, exploring the base of the gabbro rock for massive sulphides.
RL86-8 is located 869 feet south of the Rathbun Lake occurrence, a rich massive sulphide occurrence of nickel, copper, platinum, palladium, gold and silver located at the base of the gabbroic rock at its contact with sediments. It has been the cause for all the exploratory drilling.
The abundance of platinum and palladium in the occurrence is some of the highest known to be associated with gabbroic rock (Ontario Geological Survey of Canada 1993). A selected sample by the Ontario Geological Survey, Report 213, assayed 10.2 per cent copper, 0.14 per cent nickel, 0.056 of an ounce platinum, 34.6 ounces palladium, 2.22 ounces silver and 0.02 of an ounce of gold per ton.
The drill hole being drilled to explore the base of the gabbro below RL86-8 is one of three areas selected for drilling after a review of the exploration programs completed on FLAG's large holdings in the Wanapitei anomaly, the adjoining twin anomaly to the Sudbury anomaly, with estimated reserves of 1.5 billion tons of nickel and associated copper, platinum, palladium, gold and silver.
An exploratory drill hole is currently drilling at 500 feet in the selected area of Sylvester Lake in northern Mackelcan township, adjoining Rathbun township to the north.
The drill hole, drilling due east into the lake, is to be drilled to a depth of 1200 feet, to reach the peak of an anticline trending north through the middle of the 1,300-foot-wide lake. The lake is traversed by a linear and syncline, with extensive zones of mineralization to the north, east and south. The Mackelcan township holdings are 100 per cent owned by Flag.
The third selected area for drilling is Matagamasi Lake, two miles northeast of Rathbun Lake. A vertical drill hole in 1994, completed to a depth of 2635 feet, intersected 1,800 feet of disseminated nickel, copper, platinum, palladium, gold and silver mineralization in Gowganda sediments.
The drill core was examined by Prof. A.J. Naldrett, University of Toronto. His report said that although the disseminated mineralization was not commercial, it had to be asked from where it came. He referred to a recent research study in the area, which suggested that such mineralization had been leached from an underlying mineralized igneous intrusion, migrating into the sediments by means of hydrothermal activity.
Flag and Golden Briar propose in January, 2000, to deepen ML94 1 to below 3,000 feet, to reach the projected igneous intrusive.
Two 1999 drill holes 1,000 feet apart at Boland Lake, east of Rathbun Lake, intersected a layered intrusive, the first to be discovered in the Wanapitei anomaly. The only other layered intrusive is the Sudbury igneous complex in gabbroic rock around the outer rim of the adjoining Sudbury anomaly, containing all the nickel and associated mineral ore deposits of the anomaly.
Thin sections of the discovered layered intrusive were taken by the Ontario Geological Survey and sent to Prof. Naldrett for his analysis and comments.
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