some nasty stuff going on in the NAR mkt today - clarification of the ongoing resource report for the MSE came out today. As I stated on SH - Reeves is still part of this company and this guy was a biggie at Dupont and the titanium industry for that matter. So he's got some confidence that this material will be amenable to someone and that we've got a deposit worth a lot of money potentially or he wouldn't still be here would he?!
NAR awaits independent valuation
NAR Resources Ltd NRL
Shares issued 7,838,202 Dec 13 close $2.34
Thu 14 Dec 2000 News Release
Mr. George Elliott reports
The independent valutaion of the property, reported in Stockwatch on Dec.
13, is well under way. The valuation has been requested by the Montreal
Exchange as one of the conditions precedent to its approval of the
amalgamation between NAR resources and Titanium Corporation of Canada.
NAR resources is currently awaiting drill results from its recently
completed deep drill program on the Shubenacadie River titanium bearing
heavy mineral sands deposit located near Truro, Nova Scotia, Canada. As
previously advised at its annual meeting, NAR Resources expected an
independent analysis of its drilling results and a further independent
metallurgical analysis to be completed by the end of December. In order to
comply with the requirements of the Montreal Exchange, such independent
reports will be the basis of an independent valuation report to be provided
to the corporation.
Previously, NAR Resources drilled 395 vibacore holes to a maximum depth of
five metres. If the drilled area were multiplied by an average thickness of
10 metres, the project would contain an estimated minimum of 100-million
cubic metres of titanium bearing heavy mineral sands.
To date, 64 holes have been successfully drilled with depths reaching up to
17-metres. The drill program has covered a strike length of 28 kilometres.
Management is satisfied that the indicated thickness of the deposit is
consistent with the results from the previously completed seismic survey
conducted by the Canadian Seabed Research, reported in Stockwatch Aug. 23,
2000.
Upon completion of each drill hole, cores are logged, split and prepared
for assay. Analysis is being conducted at the Technical University of Nova
Scotia (TUNS). Half of the core is kept for future archival reference.
Assay results are anticipated in the near term.
Once assaying is complete, the new results will be compiled with the
previously completed 395 shallow drill holes and the seismic survey to
establish an independent engineering report and a tonnage calculation in
order to provide the Montreal Exchange with the material requested.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2000 Canjex Publishing Ltd. stockwatch.com |
