Canmine To Drill BINCO Nickel Project North-East of Thompson, Manitoba
London, Ontario - Thursday, December 7, 2000, 4:52 PM EST
Canmine Resources Corporation (TSE Symbol: CMR) will commence a
25 hole exploration drilling program on the BINCO Nickel Project
during January, 2001.
The BINCO Nickel Project ("BINCO") is located north-east of the
Thompson Nickel Belt, one of the largest nickel producing regions
in the world, and BINCO comprises an extensive ground position
covering some 1,631 square kilometers or 163,145 hectares. The
exploration goal is to discover an extension to the Thompson
Nickel Belt and one or more large nickel deposits that could
occur along such an extension.
The exploration drilling program will target 25 geophysical
anomalies selected from a Geoterrex-Dighem GEOTEM airborne
geophysical survey conducted by Canmine over the central portion
of BINCO during late 1999. These anomalies are interpreted as
separate conductive trends and are often separated by distances
of several kilometers. Each trend has at least nine and up to
eighteen channel responses, and is associated with magnetic
responses ranging from highly magnetic to non-magnetic. According
to Manitoba government records, none of these targets have been
drilled before.
Due to the logistics involved and the distances between targets,
the exploration program is expected to last throughout the winter
drilling season and into the summer. The necessity for zone
drilling would, of course, extend the program further. _The
company's previous plans to spin BINCO into a separate public ********
company have been discontinued due to legal delays_. Given the
potential of the project and the significance of new data by
independent parties as discussed below, management feels that
drilling this winter on BINCO should be of the highest priority.
A major magnetic lineament extends from the Thompson Nickel Belt
area through the BINCO ground, across Hudson Bay and on to the
Ungava Nickel Belt in Quebec. This magnetic lineament is obvious
on geophysical maps published by the Geological Survey of Canada
(1995, 1996), but is not depicted on geological maps by the
Manitoba Geological Survey. Recent rock age-dating work by
geologists at the University of Alberta and the Manitoba
Geological Survey indicates that major revisions in the
understanding of the nature of the Churchill-Superior Boundary
Zone and associated Thompson Nickel Belt are required. Their
results show that the northern extension of the Thompson Nickel
Belt could be located along the BINCO magnetic lineament (Bohm et
al., 2000).
The Canmine Refinery Project in Cobalt, Ontario is proceeding as
scheduled under an E.P.C.M. (Engineering, Procurement,
Construction, Management) contract issued to AGRA Simons Limited
and announced on August 10, 2000. The Canmine website contains
recent research on the company and the refinery project, as well
as links to geological reports relating to the BINCO Nickel
Project.
London, Ontario, December 7, 2000
On Behalf of the Board, Edward L. Ellwood, MBA, President
London (519) 858-4000 Website: www.canmine.com |
