Canadian Golden Dragon Resources Ltd -
East West and Cdn Golden provide Seagull assay results
Canadian Golden Dragon Resources Ltd
CGG
Shares issued 15,763,260
Oct 4 2000 close $.210
Oct 10 2000 8:26:39
Mr. A.K. Crossley reports
A drill contract for a minimum of 1,900 metres (6,000 feet) has
been signed which will test two styles of
Cu-Ni-platinum-group-element (PGE) sulphide targets at the base of
the Seagull pluton on the Seagull-Wolf Mountain property, located
80 kilometres north of Thunder Bay, Ont. Drill equipment has been
mobilized. One target area is located near hole WM98-05 extension
where 16 metres of 7 per cent disseminated sulphides,
chalcopyrite-cubanite-bornite(copper)-pyrrhotite-pentlandite(nickel),
were intersected yielding the following assays:
DDH WM98-05 extension
Detailed assay summary
From To Au Pt Pd PGE
m m ppb ppb ppb grams
569 571 42 455 540 0.995
571 573 62 750 948 1.698
573 575 36 875 1,055 1.930
575 577 6 255 264 0.519
577 579 6 90 102 0.912
579 581 20 230 260 0.490
581 583 42 500 604 1.104
583 585 50 645 748 1.393
Average: 33 475 565 1.040
From To Cu Ni Ir
m m % % ppb
569 571 0.1495 0.1535 39.00
571 573 0.2700 0.1950 77.00
573 575 0.1335 0.2040 74.00
575 577 0.0177 0.1255 19.00
577 579 0.0267 0.1110 3.00
579 581 0.0987 0.1145 4.00
581 583 0.1995 0.1430 38.00
583 585 0.2480 0.1790 56.00
Average: 0.1432 0.1569 38.75
From To Os Rh
m m ppb ppb
569 571 50.000 27.000
571 573 100.000 48.000
573 575 110.000 47.000
575 577 27.000 14.000
577 579 -10.000 -5.000
579 581 -10.000 -5.000
581 583 48.000 22.000
583 585 66.000 41.000
Average: 50.125 24.875
Ir: Iridium, Os: Osmium and Rh: Rhodium. PGE:Pt+Pd only.
Rh: $1,180 (U.S.) per ounce, Rh: $53 per gram. Ir: $415 (U.S.) per
ounce, $12.20 per gram. One gram: 1,000 parts per billion.
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 are similar to values at
Sudbury and Noril'sk.
Magnetic modelling 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 extension. 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 per cent nickel, 0.85 per cent copper and
0.09 per cent cobalt. The feeder dike at Voisey's Bay is 100 metres
wide and hosts the Ovoid zone (31.7 million tonnes, 2.83 nickel,
1.68 copper and 0.12 per cent 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 per cent nickel, 0.61 per cent copper and 0.09 per
cent 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 up dip 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 1
orebody 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 one- to three-metre layers of massive sulphides.
Noril'sk (555 million tonnes grading 2.7 per cent Ni) produced the
same amount of nickel as Sudbury (1,600 million tonnes of 1.0 per
cent Ni), twice as much copper and 15 times the amount of PGE as
Sudbury.
Ground induced polarization and magnetic surveys are under way 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-per-cent interest, and leave Avalon Ventures Ltd. with 40 per
cent.
(c) Copyright 2000 Canjex Publishing Ltd.
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