Cross Lake options Swannell from Cominco
Cross Lake Minerals Ltd CRN
Shares issued 32,782,665 Apr 30 close $0.06
Mon 30 Apr 2001 News Release
Mr. Henry Ewanchuk reports
Cross Lake Minerals, subject to all necessary approvals, has optioned the
Swannell property from Cominco Ltd. The acquisition was made as a result of
the company's efforts in researching underexplored areas of
carbonate-hosted zinc, lead and silver mineralization in British Columbia.
In July, 2000, also as a result of its research efforts, the company had
staked the adjacent Ingenika property on which some very promising assay
results were obtained from rock sampling. The acquisition of the Swannell
property increases the size of the company's holdings in the Ingenika area
from 1,350 hectares to 2,700 hectares. It also covers the highly
prospective north-south geological trend of mineralized carbonates from the
Swannell River showing to the Onward showings five kilometres to the north.
The Swannell zinc-lead-silver property includes five claims totalling 54
units and encompassing 1,350 hectares and is located 103 kilometres
north-northwest of Germansen Landing, B.C. It is accessible by major
logging roads which cross the claims and there is a logging camp and
airstrip within 10 kilometres. The property covers the Swannell zinc, lead
and silver showings which have been previously trenched and drilled. The
showings consist of several subparallel bands of gossan, developed on
sulphide mineralization consisting of sphalerite, galena and pyrite hosted
by siliceous limestone of the Cambrian-aged Kechika Group.
The table below summarizes the results of Cominco's 1982 channel sampling
in bedrock trenches in host rocks which strike northwest to southeast. The
No. 1 showing is on the north side of the Swannell River. The No. 2 showing
is 35 metres west across stratigraphy and is trenched on the north bank of
the river. Mapping indicates that the No. 2 showing continues 140 metres
southeast along strike, 50 metres south of the south bank of the river
where the No. 2 southeast showing was trenched.
Showing Width Zinc Lead Silver
(m) (%) (%) (g/t)
No.1 6.0 6.34 1.88 16.5
No.2 4.0 8.16 1.79 19.2
No.2 SE 4.0 9.10 1.83 23.0
Two drill holes, collared 100 metres apart along strike on the north side
of the river and drilled in a westerly direction, tested the No. 1 showing
at depth. One was completed by Cominco in 1957 (CS-57-01) and the other by
Elite Resources Corp. in 1985 (CS-85-06). The drill hole results are
tabulated below:
Hole Core Zinc Lead Silver
length (%) (%) (g/t)
(m)
CS-57-01 1.7 14.5 4.3 37.7
1.8 15.4 1.2 10.3
0.9 12.6 1.3 17.1
CS-85-06 9.6 5.83 1.29 15.3
Including 2.8 12.04 0.99 11.3
10.6 5.05 0.30 4.30
A first phase program of prospecting, reconnaissance soil geochemical
survey and geological mapping is being planned for later this spring.
Dependent on results and examination of field conditions, a later second
phase program consisting of trenching and/or diamond drilling will be
considered. The exploration program will be designed to examine the known
showings and the new network of logging roads and cut blocks for additional
mineralization. The soil survey will be completed over any new prospective
areas and over the known mineralization in order to test the success of
this exploration method and identify a fingerprint pattern.
Evaluation of the Swannell property and research of the surrounding area
have been conducted with the assistance of Ted Muraro, professional
engineer, a professional geologist who worked with Cominco for over 30
years and contributed his technical expertise to a number of significant
gold and zinc-lead projects, including Snip and Polaris. Mr. Muraro will
continue to provide his expertise to the company on a consulting basis
during the exploration phase of the Swannell and other properties in the
Ingenika, Osilinka, Kootenay and Shuswap regions.
Subject to all necessary approvals, the company may earn a 100-per-cent
interest in the property by issuing up to 180,000 common shares over three
years, incurring $500,000 in cumulative exploration expenditures over five
years and granting Cominco a 2-per-cent net smelter return royalty which
the company may purchase at any time for $500,000 for each 1 per cent. The
company has also granted Cominco the right of first refusal on any contract
to smelt mineral products from the property provided that the smelter rates
are competitive. The first issuance of 45,000 shares, on receipt of all
necessary approvals and permits, and the first year's exploration
expenditures of $50,000 are firm commitments.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
