Flag Resources (1985) Limited And Golden Briar Mines Limited
Have Found A New Area Of Mineralized Altered Gabbro Northeast
Of Rathbun Lake, Sudbury, Ontario, Canada
CALGARY, April 3 /CNW/ - FLAG and Golden Briar have found a new area of
mineralized altered gabbroic rock, 1168 feet northeast of the high grade
Rathbun Lake Surface Occurrence of nickel, copper, platinum, palladium, gold
and silver bearing massive sulfides.
It is a significant find, as it occurs along the same gabbroic sediment
contact as the Rathbun Lake Occurrence and has similar type alteration. It is
in the vicinity of ground and airborne VLF anomalies.
The Rathbun Lake Occurrence is the only known zone of high grade platinum
and palladium values, along with nickel, copper, gold and silver, that has
been found in the large area, east of Lake Wanapitei, currently being actively
explored for platinum and palladium.
FLAG and Golden Briar are preparing to drill an exploratory drill hole
into the new discovery.
Recently, FLAG and Golden Briar completed 10 shallow drill holes, 265
feet south of Rathbun Lake, in the vicinity of drill hole RL86-8, which
intersected 316 feet of disseminated nickel, copper, platinum and palladium
mineralization, in its 500 foot length.
Although most of the drill holes intersected anomalous platinum and
palladium values, the drilling program was deferred when it became apparent
that RL86-8 had substantially deviated from its original direction.
The drill program is to be resumed after completion of a deviation
survey, to ascertain RL86-8's true direction, is completed.
At Matagamasi Lake, 2 miles northeast of Rathbun Lake, ML94-1, drilled by
FLAG, discovered the largest intersections of disseminated nickel, copper,
platinum, palladium and gold mineralization, in Gowganda sediments, found in
the Sudbury mining camp, including a 1111 foot intersection, from 419 to 1530
feet in the vertical drill hole. FLAG and Golden Briar recently deepened the
drill hole from 2600 to 3600 feet, exploring for the source of the
mineralization introduced into the sedimentary rock. The results were
disappointing. The drill hole reached the base of the Gowganda sediments at
3450 feet, after intersecting zones of strong alteration, going into serpent
quartzite sediments. No significant sulfides were intersected from deepening
of the drill hole to 3600 feet. Results are being reviewed to determine
whether the drill hole should be deepened or to further explore the immediate
area for the source of the large zones of disseminated sulfides.
These exploration projects are within a 4000 acre area, in Rathbun
Township, part of FLAG's 70,000 acres, in which associated Golden Briar can
earn a 50% interest.
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