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Golden Briar Mines Ltd - Company Review
Golden Briar annual report
Golden Briar Mines Ltd GLB
Shares issued 18,696,468 2000-12-08 close $0.08
Monday Dec 11 2000 Company Review
Mr. Murdo McLeod reviews the company
Annual report
Golden Briar and associated Flag Resources (1985) Limited continued to actively explore their joint property, in Rathbun township, Wanapitei anomaly, Sudbury, Ont., for nickel, copper, platinum, palladium and gold.
The continuing exploration has resulted in the discovery of areas of significant nickel, copper, platinum, palladium and gold mineralization, including the discovery, in the past year, of a zone of enriched platinum palladium and gold values.
Rathbun Lake peninsula
RL00-15, 2,600 feet south of the Rathbun Lake occurrence, discovered 35 feet of enriched platinum, palladium and gold values, associated with disseminated chalcopyrite-pyrrhotite mineralization, from 75 to 110 feet, in an unusual coarse gabbroic rock. Prior to further step-out drilling, it is proposed to complete a geochemical soil sampling of the mineralized structure.
Matagamasi Lake
Golden Briar and Flag are drilling a hold 1,300 feet northwest of ML94-1. Located on the west shore of Matagamasi Lake, ML94-1 intersected 1,433 feet of disseminated mineralization, with nickel, copper, platinum, palladium and gold values, in Gowganda sediments, between 419 and 2,335 feet.
The significance of the sparse, widespread mineralization is that it has indicated the existence of a previously unknown mineralized igneous intrusion, from which the mineralization was apparently transported, by hydrothermal activity. The projected igneous intrusion could not be detected by geophysical surveys, as the disseminated mineralization only occurs below 400 feet. Because of the depth of the mineralization, the igneous intrusion may be an intrusion other than Nipissing gabbro, which has only been found to a maximum depth of 1,100 feet.`
Golden Briar and Flag are exploring for the projected mineralized igneous intrusion 1,300 feet northwest of ML94-1, where the Gowganda sediments have been thrusted upward to an almost vertical position, at 80 degrees.
Rathbun Lake occurrence`
Golden Briar and Flag propose, this winter, to drill a magnetic structure, 150 feet west of the Rathbun Lake occurrence, which is a mined out surface occurrence of rich nickel, copper, platinum, palladium, gold and silver values. A selected grab sample of massive sulphides, by the Ontario Geological Survey, yielded 10.2 per cent copper, 0.14 per cent nickel, 0.02 ounce of gold, 2.22 ounces of silver, 0.056 ounce of platinum and 34.6 ounces of palladium per ton.
Boland Lake
As reported in the 1999 annual report, Golden Briar and Flag discovered a layered igneous intrusion, extending to a depth of 1,100 feet, in two drill holes BL99-1 and, extending 1,000 feet to the west, BL99-3. It is proposed to drill a hole 600 feet west of BL99-3, to explore for nickel, copper, platinum, palladium and gold.
Golden Briar can earn a 50-per-cent interest in these projects, under the terms of its option from Flag, by spending $400,000 over a four-year period.
Mackelcan and Rathbun township`
Jess and Jones Lake, Northern Mackelcan township
Flag has recently completed a downhole geophysical survey on CH92-1, a 2,900-foot vertical drill hole, near Jess and Jones Lake, which intersected significantly anomalous nickel, cobalt and gold values, and variously anomalous copper, platinum and palladium values. Results from the survey should be received shortly.
Matagamasi Lake -- east shore
It is proposed to drill an exploratory drill hole in an area where four regional faults coincide, and where an extensive surface exposure of granite indicates the existence of a number of channel ways for mineralized solutions to migrate upward.
Rathbun township -- south boundary
In September, Flag discovered a new nickel, copper, platinum and palladium mineralized zone, in a surface showing staked in 1984, by claim 809104. A representative grab sample, from the new discovery, assayed 1.28 per cent combined nickel and copper (0.425 per cent Ni, 0.864 per cent Cu) and 0.126 ounce or 4.35 grams of platinum group elements (0.490 gram Au, 0.44 gram Pt and 3.43 grams Pd). Flag is initiating an action, in Ontario's Superior Court, Sudbury, against the Ministry of Northern Development and Mines, in regard to its attempt to partition claim 809104.
Flag has deferred further development of its Wolf Lake copper-gold deposit and Jess Lake gold deposit, Mackelcan township, pending improvement in the price of gold.
Golden Briar continues to be Flag's largest shareholder, with 1,331,500 shares.
These exploration projects give Golden Briar, and associated Flag, an opportunity for a year of very significant growth in asset values.
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