CALGARY, June 12 /CNW/ - Flag and Golden Briar recently announced that
their first drill hole into an unusually coarse - grained gabbroic rock (hole
RB O0 - 15) encountered a 35 foot - long intersection of enriched platinum,
palladium and gold values, associated with chalcopyrite pyrrhotite
mineralization, from 75 to 110 feet, with platinum and palladium values
increasing towards the base of the intersection.
The newly recognized, unusually coarse - grained gabbro structure is
located 3,000 feet southwest of the high - grade Rathbun Lake occurrence of
platinum - palladium, with associated gold, silver, nickel and copper. The
coarse gabbro structure has been traced for a length of 1,000 feet, and occurs
in a copper - nickel rock geochemical anomaly that is about 3,000 feet long
and up to 300 feet wide.
Holes RB 00 - 16 to - 19, drilled to test induced polarization anomalies,
did not encounter significant mineralization.
Vertical hole RB 00 - 20, located 800 feet north of the discovery hole
and near a mineralized exposure of coarse gabbro, intersected 95 feet of
coarse gabbro but no significant mineralization.
Hole RB 00 - 21, located 15 feet west of the discovery hole and drilled
west at 70 degrees, found that the coarse gabbro does not extend to the west
at this site.
Hole RB 00 - 22, drilled east at 70 degrees from the site of the
discovery hole, intersected 115 feet of disseminated chalcopyrite - pyrrhotite
mineralization from 10 to 125 feet.
Hole RB 00 - 23, at the site of RB 00-21, was drilled south in error at
70 degrees before being stopped at 75 feet.
RB 00 - 24, located 85 feet east of the discovery hole was drilled west
at 60 degrees. It intersected mineralized coarse gabbro from 65 - 85 feet and
again from 106 - 130 feet.
Hole RB 00 - 25, located 50 feet south of the discovery hole, is
currently drilling east at 70 degrees into an exposed surface occurrence of
mineralized coarse gabbro.
Core from these holes is being transported to Sudbury for logging,
sampling and assaying. Results will enable assessment of the discovery made
in hole 15, details of which were reported in Flag's press release of May 25,
2000.
Flag says the newly discovered mineralized coarse gabbro is the most
significant discovery on its claims in recent years. The company is deferring
exploration of other targets and will concentrate on this recent discovery.
Flag holds approximately 70,000 acres in the Wanapitei Anomaly.
Associated company Golden Briar has the right to earn a 50% interest in the
portion of Flag's Rathbun Township holdings in which the new discovery is
located. |
