Flag Resources (1985) Limited
M.C. McLeod
President
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flagresources.com
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: FLAG RESOURCES (1985) LIMITED
CDNX SYMBOL: FGR.A
AND GOLDEN BRIAR MINES LIMITED
ME SYMBOL: GLB
MARCH 8, 2000
Flag Resources (1985) Limited Corporate Update
CALGARY, ALBERTA--Flag Resources (1985) Limited And Golden Briar
Mines Limited's Platinum-Palladium Project, Rathbun Lake
Peninsula, Rathbun Township, Wanapitei Anomaly, Sudbury, Ontario,
Canada.
Rathbun Township is located in the western sector of the Wanapitei
Anomaly, where it adjoins its twin regional magnetic and gravity
regional structure, the Sudbury Anomaly, which is North America's
main producer of platinum and palladium, found in the
nickel-copper ore along with gold and silver.
FLAG and Golden Briar have been exploring for platinum and
palladium, in the vicinity of Rathbun Lake, as a surface
occurrence of massive sulfides, on its southeast shore, contained
some of the highest known abundances of platinum and palladium
associated with mafic rock (Canadian Journal of Earth Sciences,
Vol. 30, 1993). A selected sample, by the Ontario Geological
Survey, Report 213, assayed 34.6 ounces of palladium, 0.056 ounces
of platinum, 2.22 ounces of silver, 0.02 ounces of gold per ton,
10.2% copper and 0.14% nickel per ton.
The Exploration Projects
A. DRILL HOLE RL 004
Located 200 meters south and 75 metres west of the Rathbun Lake
Occurrence, and drilled at 60 degrees to the southwest, the
largest intersection of mineralization was intersected from 95 to
205 feet. The initial assay values, from 17 feet of drill core,
are low but anomalous:
SWASTIKA (ASSAY) LABORATORIES SWASTIKA, ONTARIO, CANADA
From 100 to 103 feet, 0.24 grams of gold per tone, 0.303% copper,
0.113% nickel, 0.09 grams of platinum per ton, 0.16 grams of
palladium per ton.
From 103 to 105 feet, 0.02 grams of gold per ton, 0.015% copper,
0.007% nickel, 0.01 grams of platinum per ton, 0.01 grams
palladium per ton.
From 105 to 108 feet, 0.11 grams of gold per ton, 0.146% copper,
0.057% nickel, 0.13 grams of platinum per ton, 0.69 grams of
palladium per ton.
From 163 to 168 feet, 0.14 grams of gold per ton, 0.406% copper,
0.112% nickel, 0.10 grams of platinum per ton, 0.14 grams of
palladium per ton.
From 259 to 263 feet, 0.26 grams of gold per ton, 0.385% copper,
0.113% nickel, 0.09 grams of platinum per ton, 0.16 grams of
palladium per ton.
The drill hole is the fourth step out drill hole in an area of
disseminated mineralization. Fifty additional feet of drill core
ore is being assayed.
RL005 is currently drilling 15 meters to the west, paralleling
RL004, and RL006 will be drilled 15 meters to the east, also
paralleling RL004.
B. ML94-1, MATAGAMASI LAKE
ML94-1, a vertical drill hole, intersected wide zones of
disseminated platinum, palladium, nickel, copper and gold
mineralization between 400 and 2600 feet. It is the widest zone
of disseminated mineralization found in sedimentary rock in
Sudbury.
A second larger drill will commence, shortly, to deepen the drill
hole from 2600 to 3600 feet, as a research project in the area in
1994 concluded that such mineralization migrated by hydrothermal
activity from an underlying igneous intrusion.
C. AREA OF SURFACE MINERALIZATION, 1400 FEET SOUTHWEST OF RATHBUN
LAKE.
A grab sample, from the area of surface mineralization, taken by
Consultant Geologist, P.A.R. Brown, assayed at Swastika
Laboratories (Swastika, Ontario, Canada) returned 2.24 grams
(0.064 ounces) palladium, 0.30 grams (0.009 ounces) platinum, 0.22
grams (0.006 ounces) gold, 1.6 grams (0.047 ounces) silver, .46%
copper and .197% nickel per ton. A grab sample, reported by the
Ontario Geological Survey, Report 213, assayed 5.5 grams (0.16
ounces) palladium, 4.7 grams (0.07 ounces) platinum, 1.31% copper
and 0.29% nickel. It is proposed to drill, into this area of
surface mineralization, by the end of March 2000.
FLAG RESOURCES
The FLAG-Golden Briar Exploration Project is on 4000 acres,
approximately, of the 70,000 acres held by FLAG in the Wanapitei
Anomaly. Golden Briar can earn a 50% interest.
FLAG has a 3000 foot vertical drill hole, in brecciated Lorraine
sediments, east of Jess Lake, Mackelcan Township, which contains
disseminated chromium, cobalt, cobalt, nickel, copper, platinum,
palladium, gold and silver. More work is proposed in 2000. On
the South boundary of Rathbun Township, a FLAG drill hole, SB86-1,
a 45 degree drill hole, intersected from 34 to 40.7 feet, 1.9
grams (0.055 ounces) palladium, 0.175 grams (0.005 ounces)
platinum, 0.155 grams (0.004 ounces) gold, 0.46% copper and 0.22%
nickel per ton (Report R. Goad, Consulting Geologist, 1986). Some
geophysical work is proposed.
In McNish Township, FLAG proposes to explore, at depth, a surface
exposure of massive sulfides. Best values include 3.88% copper,
14.25% lead, 22.04 percent zinc and 1.37 ounces of silver per ton
(Ontario Geological Survey, Report 191).
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