Monday November 13, 4:50 pm Eastern Time
Press Release
SOURCE: AVALON VENTURES LTD.
via BCE Emergis e-News Services
Drilling Set To Begin At Lilypad Lakes Tantalum Project, Pickle Lake, Ontario
Toronto, Ontario
Avalon Ventures Ltd. (``Avalon'') and Global Canada Company (``Global'') are pleased to announce that an 1100 metre diamond drilling program is set to begin on the Lilypad Lakes tantalum project, located near Pickle Lake, Ontario. This program will test the highest priority tantalum targets identified from a recently completed surface program involving mapping, sampling, lithogeochemistry and a gravity survey. The highlight of this work was the discovery of a new high-grade tantalum occurrence called the JJ dyke which produced assays in 10 random grab samples ranging from 0.131% to 0.422% Ta2O5 and averaging 0.249% Ta2O5. This grade is equivalent to approximately 5.5 lbs Ta2O5 per tonne giving the rock an in situ value of over $US 825/tonne using current spot tantalum concentrate prices, which now exceed US$ 150/lb.
The samples were collected from 10 separate outcrops over a 700-metre strikelength, and were assayed by XRF at XRAL Laboratories, Don Mills, Ontario. The dyke averages 0.5 metres wide and is one of 14 occurrences of tantalum pegmatites ranging from 0.5 to 24 metres in width now documented on the Lilypad Lakes property. These occur over a very broad area of at least 18 km2 with all containing economic grades of tantalum (>0.03% Ta2O5). The main objective of the drilling program is to identify thickened extensions of these pegmatites and/or their parent body, which would represent a potential large tonnage tantalum resource.
The Lilypad Lakes property is one of three tantalum projects being explored under a joint venture agreement between Avalon and Global which gives Global the right to earn up to a 75% interest in any one property by providing financing for all exploration and development work to production. The current program has a budget of $750,000 to be spent by December 31, 2000.
Avalon Ventures Ltd. is a Canadian junior mineral exploration and development company with a focus on the ``Metals of the Future'', specifically the high-technology metals tantalum, lithium, cesium, rubidium, platinum and palladium. For further information contact Donald S. Bubar at (416) 364-4938 or Blair Naughty, Manager, Investor Relations at (416) 536-7281. Corporate information may also be accessed on the internet at www.avalonventures.com
ON BEHALF OF THE BOARD
``Donald S. Bubar''
Donald S. Bubar, President
Shares Outstanding: 21,647,231
SEC 12g3-2(b): 82-4427
* The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release *
SOURCE: AVALON VENTURES LTD. |
