EAST WEST RESOURCE CORP - CANADIAN GOLDEN DRAGON RESOURCES LTD - Drill Program Initiated on Two Cu - Ni - PGE Targets at Seagull-Wolf Mountain,
Thunder Bay, Ontario Setting Compares to Voisey's Bay, Duluth, and Norilsk [418]
Canadian Market News from Market News Publishing, Tuesday, October 10, 2000 at 12:05
A drill contract for a minimum of 1900 m (6000 feet) has been signed
which will test two styles of Cu-Ni-PGE sulphide targets at the base of the
Seagull Pluton on the Seagull-Wolf Mountain property, located 60 km north
of Thunder Bay, Ontario. Drill equipment has been mobilized. One target
area is located near hole WM98-05 ext where 16 m of 7% disseminated
sulphides,
chalcopyrite-cubanite-bornite(copper)-pyrrhotite-pentlandite(nickel), were
intersected yielding the following assays:
//st
DDH WM98-05 extension-Detailed Assay Summary
From To Au Pt Pd PGE* Cu Ni Ir Os Rh
m m ppb ppb ppb grams % % ppb ppb ppb
569 571 42 455 540 0.995 0.1495 0.1535 39 50 27
571 573 62 750 948 1.698 0.2700 0.1950 77 100 48
573 575 36 875 1055 1.930 0.1335 0.2040 74 110 47
575 577 6 255 264 0.519 0.0177 0.1255 19 27 14
577 579 6 90 102 0.192 0.0267 0.1110 3 <10 <5
579 581 20 230 260 0.490 0.0987 0.1145 4 <10 <5
581 583 42 500 604 1.104 0.1995 0.1430 38 48 22
583 585 50 645 748 1.393 0.2480 0.1790 56 66 41
Average 33 475 565 1.040 0.1432 0.1569 38.75 50.125 24.875
Ir = Iridium, Os = Osmium, and Rh = Rhodium. * PGE=Pt+Pd only.
Rh=US$1810/02 = $53/gram. Ir=US$415/oz = $12.20/ gram. 1 gm= 1000 ppb
//et
The mineralogy and geology of the Seagull-Wolf Mountain property, and
other properties in the immediate area such as the Disraeli, Little Sturge,
and Hele properties are similar to Noril'sk in Siberia and Voisey's Bay in
Labrador and the Dunka Road deposit in Duluth. Elevated Osmium values
occur at Seagull similar to values at Sudbury and Noril'sk.
Magnetic modeling suggests the presence of a feeder dike which is part
of the first target area at the base of the Seagull intrusion east of hole
WM98-05 ext. This would be the ideal location for massive sulphide
concentration. This phenomenon occurs at the Voisey's Bay deposit in
Labrador, which contains a total resource of 136 million tonnes of 1.59%
nickel, 0.85% copper, and 0.09% cobalt. The feeder dike at Voisey's Bay is
100 m wide and hosts the Ovoid Zone (31.7 million tonnes, 2.83% nickel,
1.68% copper, and 0.12% cobalt), at a point where the feeder dike enters
the larger intrusion (Eastern Deeps) that contains a resource (in the form
of disseminated sulphides) of 46.6 million tonnes of 1.42% nickel, 0.61%
copper, and 0.09% cobalt.
An EM conductor near hole WM98-05 suggests the presence of conductive
massive sulphides and the cross section from hole WM98-02 to WM98-05 shows
the amount of sulphide is increasing to the south and southeast of WM98-05.
The second target area to be explored is a shallow dipping disseminated
sulphide zone that may extend updip to the northwest and west of hole
WM98-05 that could be approached by low cost open pit mining methods. This
situation occurs at the Noril'sk I ore body in Siberia, where the near
surface projection has been mined by open pit. Even though the Noril'sk
deposits are famous for their high grades which are enhanced by massive
sulphides, the first discovery at Noril'sk was a disseminated sulphide
deposit and the bulk of the ore there comes in the form of disseminated
sulphides that overlie thin 1 - 3 m layers of massive sulphides.
Noril'sk (555 million tonnes grading 2.7% Ni) produced the same amount
of nickel as Sudbury (1600 million tonnes of 1.0% Ni), twice as much copper
and 15 times the amount of PGE's as Sudbury.
Ground IP and magnetic surveys are underway at Seagull-Wolf Mountain to
trace the near surface sulphide zones.
This present phase of drilling and geophysics is estimated to cost
$200,000, and is part of the continuous earn-in on the Wolf Mountain
project where a further $700,000 is to be spent, which will earn East West
and Canadian Golden Dragon with a combined 60% interest, and leave Avalon
Ventures Ltd with 40%.
TEL: (416) 789-5031 Elliott Strashin, President
(c) Market News Publishing Inc. Tel:(604) 689-1101
All rights reserved. Fax:(604) 689-1106
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