AVL.V - Drilling Intersects Significant Palladium-Platinum-Copper-Nickel Mineralization At Legris Lake
Avalon Ventures Ltd. ("Avalon") and Starcore Resources Ltd. ("Starcore") (collectively the "Companies") are pleased to announce assay results from
Holes L00-1 and 2 of a 4-hole, 447 metre diamond drilling program completed in July on the Legris Lake palladium-platinum project north of Thunder Bay,
Ontario. Holes L00-1 and 2 both intersected significant palladium+platinum+gold ("PGE") plus copper-nickel values at vertical depths of 25 to 50 m below the
Main Showing which produced assays in grab samples ranging from 0.80 to 4.52 g/t PGE, as illustrated on the attached location map and cross-section.
The highlight from the drill core assays received to date was an interval in hole L00-2 which averaged 2.66 g/t PGE, 0.47% copper and 0.14% nickel over 3.1
metres within a 10.70 metre interval which averaged 1.62 g/t PGE, 0.32% Cu and 0.09% Ni. The best individual sample in this zone assayed 3.75 g/t PGE,
0.75% Cu and 0.27% Ni across 0.45 m. The true widths of the mineralized zones are currently estimated to be 80-90% of core length. Complete assay and
locational data are provided in the tables below.
The PGE-copper-nickel zone intersected in holes L00-1 and 2 is characterized by multiple sub-zones of disseminated sulphide mineralization varying from 3
to 12 metres across, occurring over a combined interval of approximately 30 m. Most of this interval lies unexposed under overburden to the northwest of the
Main Showing, but correlates with a strong I.P. (chargeability) anomaly that is traceable for over 500 metres to the northeast, where it remains open. The
sulphide mineralization consists of an average of 2-4% pyrite and pyrrhotite with 1% chalcopyrite (copper sulphide) hosted by vari-textured gabbros and
leuco-gabbros. There is a clear correlation between high palladium values and high copper values at Legris Lake, which is also characteristic of the Lac des
Iles deposit of North American Palladium Ltd., located 6 km to the northwest.
Holes L00-3 and 4 tested two parallel stronger I.P. (chargeability) anomalies located 150 and 250 m southeast of the Main Showing which are also open for
over 500 m to the northeast. These holes intersected three separate sulphide-rich zones, including an 11.0 metre interval at the top of hole L00-4,
containing 2-5% pyrite-pyrrhotite and up to 2% chalcopyrite. Assay results for these two holes are expected next week. The Companies plan to resume
drilling as soon as possible, once all the new data has been compiled, to delineate the vertical and lateral extent of the new palladium-platinum-copper-nickel
zones discovered at Legris Lake.
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