Cross Lake commences soil sampling; private placement
Cross Lake Minerals Ltd CRN
Shares issued 32,782,665 Oct 19 close $0.10
Thu 19 Oct 2000 News Release
Mr. Brian Kynoch reports
Cross Lake Minerals has commenced a soil sampling program on the its
100-per-cent-held Sheraton-Timmins property using an advanced geochemical
procedure, known as the mobile metal ion (MMI) analytical method.
The MMI method has been successfully employed recently over the known Cross
Lake zone where it revealed a strong correlation between surface soil
samples and the drilled zinc mineralization. The company intends to apply
this MMI method to soil sample untested geophysical anomalies which have
been either identified or verified in a report received from Roger J.
Caven, BASc., PEng, consulting geophysicist. Mr. Caven had been engaged by
the company to complete a detailed review and interpretation of the Ontario
Geological Survey's newly released airborne magnetic and electromagnetic
survey over the Sheraton-Timmins property. It is anticipated that the
sampling program will be completed within the next month.
Subject to all necessary approvals, the company has arranged a brokered
private placement of up to 2.2 million flow-through common shares at a
price of 10 cents per share. The agent, Bolder Investment Partners Ltd. of
Vancouver, B.C., will receive a cash fee equivalent to 5 per cent of the
proceeds from the shares placed. The proceeds from this placement will be
used to finance exploration work, which may include soil sampling,
trenching, mapping, geophysical surface and downhole surveys and drilling,
on the company's Sheraton-Timmins property in Ontario and on other Canadian
properties.
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