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Tuesday October 16, 9:00 am Eastern Time
Press Release
SOURCE: Mountain Boy Minerals Ltd.
Mountain Boy Minerals Ltd (The "company") -
Gold, Platinum and Palladium Results from
McDougall River Area
Trading Symbol: CDNX - MTB
VANCOUVER, Oct. 16 /CNW/ - The company is pleased to announce that it has
been informed of heavy mineral test results for gold and platinum/palladium in the area
of claims staked by the McDougall River syndicate. The company has a 10 %
undivided interest in the syndicate. It earned its interest by funding 20 % of the
acquisition and testing costs. To date $11,000 has been spent by the company in
acquiring its interest.
The McDougall River syndicate has a 100 % interest in 649 mineral claim units
totaling 16,225 hectares and 20 placer claims totaling 1000 hectares staked for the
bedrock and placer platinum/palladium potential.
The claims are located on the Nechako Plateau of central British Columbia within
NTS map sheets 93J/13E, 93O/3E and 3W and 93J/14E and 14 W.
The claims cover an area of potential Alaskan/Alpine type platinum occurrence. The
claims are near the eastern edge of the Quesnel Terrane within the Omineca
Crystalline Belt. According to the Geological Survey of Canada Map 979A and
1204A, Slide Mountain basalts of Mississippian age and Snowshoe Formation
micaeous quartzites of Cambrian age underlie the area of the claims. Various granitoid
gneisses and granitic rocks are present in the project area. Few ultramafic outcrops
have been reported in the government mapping, possibly due to the extensive gravel
cover in the area. During staking, numerous ultramafic boulders were noted within the
gravel overlying the claims. Pyroxenites, gabbros and dunites were the ultramafic
rocks.
The area of the staked claims have reported platinum group elements within black
sands recovered during past placer activities on the McDougall and McLeod Rivers.
The McDougall River and its tributaries flow into the McLeod River near McLeod
Lake/ The Report of the Minister of Mines for British Columbia for 1932 and 1933, pages A88-91 and A100-105
respectively report platinum values for several of the placer properties examined.
The McLeod River has a reserve preventing any placer or hardrock claims being located along a strip approximately 500 meters wide along its entire length in the area of interest. The above area of reported platinum values is not within the claim holdings, but within the present reserve, roughly 2 kilometers downstream from the claims in which the company has an interest.
Because of the above historical reports indicating the presence of platinum group elements associated with black sands, large magnetic anomalies, 600-800 gammas above the surrounding area, indicated on published government aeromagnetic maps were staked as potential sources of these elements. Because McDougall River and its tributaries, which contain the platinum previously reported, drain the area underlying the anomalies, testing of gravels was carried out to possibly identify the platinum group elements present, mode of occurrence and any mineral associations. Sampling was not intended to establish possible platinum tenor of the gravels. Samples were taken from locations that were readily accessible and were generally taken from the top of the gravel banks. Samples were taken from 4 different locations along 12 kilometers of stream channel, both on the McDougall River and a tributary creek. The area of testing was located in such a manner as to contain the water used in washing the sample. Sampling extended from just above the confluence of the McDougall River and McLeod River to Reed Creek at the north end of the placer claim holdings.
The syndicate, in which the company owns an undivided 10 % interest, has an interest in 20 placer claims along
McDougall River and Reed Creek. The syndicate also owns all the hardrock claims beneath the placer claims.
Large samples up to 1 cubic yard in volume (approximately 1400 kg) were washed through a sluice box and all material recovered was sent to a laboratory. Loring Laboratories in Calgary conducted head grade assaying to determine the gold, platinum and palladium grade of the recovered material. Then magnetic separation methods were used to extract the magnetic portion from the sluice box material. The resultant magnetic portion was then assayed for gold, platinum and palladium.
It should be noted that the following values are for samples that have been concentrated by unknown amounts and
therefore in no way reflect the original grade of the gravels.The purpose of these assays are to establish the presence or absence of platinum and palladium in the gravels in order that the potential for the bedrock sources of these metals be assessed.
Assay results for the recovered material in the heavy mineral testing are shown in Table 1 below.
Table 1 - Heavy Mineral Test Results
-------------------------------------------------------------------------
Sample Original Conc. Grade Grade Grade
Number Volume Weight Au Pt Pd
Size grams G/tonne G/tonne G/tonne
-------------------------------------------------------------------------
1 1Cu.yd 2127 1.8 1.83 0.03
-------------------------------------------------------------------------
2 1Cu.yd 3071 0.85 0.02 less than 0.01
-------------------------------------------------------------------------
3 0.75Cu.yd 2204 1.12 0.23 less than 0.01
-------------------------------------------------------------------------
4 1.75Cu.yd 3840 75.33 less than 0.01 less than 0.01
-------------------------------------------------------------------------
5 1Cu.yd 2569 128.2 0.01 less than 0.01
-------------------------------------------------------------------------
6 1Cu.yd 2678 134.13 0.04 less than 0.01
-------------------------------------------------------------------------
7 1Cu.yd 2437 222.53 0.11 less than 0.01
-------------------------------------------------------------------------
8 1Cu.yd 2608 213.33 0.03 less than 0.01
-------------------------------------------------------------------------
9 0.06Cu.yd 468 0.11 less less
than than
0.01 0.01
-------------------------------------------------------------------------
10 1Cu.yd 1781 9.2 0.1 less than 0.01
-------------------------------------------------------------------------
After magnetic separation, the magnetic portion was weighed and assayed. Results for this are as follows:
Table 2- Magnetic Separation Studies
-------------------------------------------------------------------------
Sample Magnetic Grade Grade Grade
Number Portion Au Pt Pd
Weight-g G/tonne G/tonne G/tonne
-------------------------------------------------------------------------
1 111.24 0.1 0.33 0.01
-------------------------------------------------------------------------
2 104.24 0.02 1.35 0.02
-------------------------------------------------------------------------
3 24.63 0.23 3.0 0.03
-------------------------------------------------------------------------
4 151.08 1.7 0.59 0.01
-------------------------------------------------------------------------
5 186.87 0.79 2.32 0.02
-------------------------------------------------------------------------
6 175.58 2.4 6.1 0.53
-------------------------------------------------------------------------
7 137.72 14 4.4 0.16
-------------------------------------------------------------------------
8 172.89 21.3 3.7 0.02
-------------------------------------------------------------------------
9 4.85 1.5 less less
than than
0.01 0.01
-------------------------------------------------------------------------
10 63.87 0.08 1.07 0.02
-------------------------------------------------------------------------
It should also be pointed out that the assays for the magnetic portion
suggest that the head grade assays on the original concentrate may be higher.
This may be due to the presence of discrete particles associated with the
platinum that were not detected in the assays on the original samples. As a
result, the reliability of the assays may be a problem.
Based on the results above, it appears that the platinum and palladium
values are for the most part associated with magnetite in the area of the
McDougall claims. Sample 1 was unusual as higher platinum values are
associated with the non-magnetic portion of the sample.
In addition to the above heavy mineral test samples, a grab sample from
surface was collected along a high bank of the McDougall River (sample 1). As
well, the McDougall River syndicate took a grab overburden sample in the area
of an extensive placer operation from the 1940's in an area of claims held by
the syndicate (sample 2). Sample 2 was a random grab out of the bottom of a
2.5-meter deep shaft. It does not necessarily represent the grade of the
gravels in this area. Further testing will be required in this area. Magnetite
was indicated in the second sample. Results for this sampling are in Table 3
as follows:
Table 3 - Grab Sample Results
-------------------------------------------------------------------------
Sample Weight Grade Grade Grade Magnetic Grade Grade Grade
Number Total Au Pt Pd Portion Au Pt Pd
Grams G/tonne G/tonne G/tonne Weight-g G/tonne G/tonne G/tonne
-------------------------------------------------------------------------
1 1763 0.07 less less 2.75 0.30 less less
than than than than
0.01 0.01 0.01 0.01
-------------------------------------------------------------------------
2 2680 4.25 0.12 less 63.87 0.18 0.75 0.02
than
0.01
-------------------------------------------------------------------------
The syndicate informs the company that joint venture partners are being sought in order to further test the platinum and palladium potential of the claims.
The company is also holding discussions with the syndicate about increasing their interest in one of the claim blocks acquired by the syndicate.
Based on the positive results of the syndicate in the general region, the company acquired a 100 % interest in some claims through staking. The claims are underlain by pyroxenites bearing ultramafic rocks.
The program is under the supervision of E. Kruchkowski, P.Geol.
ON BEHALF OF THE BOARD
"signed"
--------
Frank Kamermans, President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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