Avalon Ventures Ltd. and Starcore Resources Ltd. - Drilling
Intersects Sulphide Zones On Legris Lake Palladium Project,
Thunder Bay, Ontario
Toronto,Ont. and Vancouver, BC
Avalon Ventures Ltd. (``Avalon'') and Starcore Resources Ltd. (``Starcore'') are pleased to announce that an initial diamond drill program has been
completed on the Legris Lake palladium property. The program consisted of 4 holes totaling 448 metres, two of which tested the Main Zone, and two
holes which tested an IP geophysical anomaly associated with anomalous platinum-palladium-gold (``PGE'') mineralization discovered during the June
sampling program. Holes 1 and 2 tested the Main Zone, and both intersected several intervals containing up to 5% disseminated
pyrite-chalcopyrite-pyrrhotite mineralization over core lengths ranging from 2.0 to 9.0 metres. The mineralization is hosted within altered gabbros
which are visually similar to the surface occurrence which returned assay values ranging from 0.80 to 4.52 g/t PGE from grab samples, and up to 0.70
metres grading 1.66 g/t PGE from channel sampling. Holes 3 and 4 formed a two-hole fence to test the geophysical target, with hole 4 intersecting
11.0 metres containing from 2 to 7% pyrite-chalcopyrite-pyrrhotite in vari-textured gabbros.
All drill core samples have been split and sent for analysis for palladium, platinum, gold, copper and nickel analyses at XRAL Laboratories in Don
Mills, Ontario. The platinum group elements will be determined using 30-gram sub-samples by fire assay extraction with an ICP finish. Results are
expected within 2 weeks.
The 12,680 acre Legris Lake property is held under a 50/50 joint venture between Avalon and Starcore with Avalon acting as operator. The property
has similar geology to that of the Lac des Iles mine, (located just 6 km to the northwest), where North American Palladium Ltd. has recently reported
proven and probable reserves of 94.1 million tonnes, averaging 1.98 g/t PGE. This reserve includes almost 4 million ounces of palladium and significant
quantities of platinum, gold, copper and nickel. A major expansion program to increase production to 250,000 ounces of palladium per year from a
large open pit is ongoing. Reduced palladium shipments from Russia and increasing demand from the autocatalyst market has resulted in strong prices
for palladium which was trading on the New York spot market today for US $765 per ounce.
For further information contact Donald Bubar at (416) 364-4938 (Avalon) or Ralph Brown at (604) 602-4935 (Starcore). |
