Cross Lake seals deal with Falconbridge
Cross Lake Minerals Ltd CRN
Shares issued 35,272,665 Aug 14 close $0.09
Tue 20 Aug 2002 News Release
Mr. Brian Kynoch reports
UPDATE ON ACTIVITIES
Cross Lake Minerals has released the following update on its activities.
Sheraton-Timmins and Night Hawk Lake joint venture properties, Timmins,
Ont.
Further to news in Stockwatch on May 2, 2002, formal option and joint
venture agreements have been signed with Falconbridge Limited, which may
earn up to a 65-per-cent interest in each of the Sheraton-Timmins and Night
Hawk Lake joint venture (NHLJV) properties. The company holds a
100-per-cent interest in the Sheraton-Timmins property and a 40-per-cent
interest in the NHLJV property, with two partners holding the remaining
60-per-cent. The properties are located 28 kilometres southeast of
Falconbridge's metallurgical complex in Timmins, Ont.
The company has been advised by Falconbridge that fieldwork is scheduled to
commence within the next two weeks and is planned to include line cutting,
ground geophysics and diamond drilling on both the Sheraton-Timmins and
NHLJV properties. Work will be aimed at testing electromagnetic anomalies
identified by airborne geophysical surveys released by the Ontario
government in the summer of 2000. The company welcomes Falconbridge's
involvement and looks forward to the advancement of these highly promising
properties.
QR and Cariboo properties, Cariboo mining division, B.C.
The company is pleased to report that work has commenced on the QR and
Cariboo properties, held under 100-per-cent option by the company and
located approximately 60 kilometres southeast of Quesnel, B.C. The QR mine
was in production from 1995 to 1998 and all the surface mining facilities
are on site and appear to have been well maintained since the orderly
shutdown of the mine. Gold Giant Ventures Inc. is in the process of earning
a 50-per-cent interest in this project; the company is the operator.
All data from the previous operations on the QR and Cariboo properties have
now been collected and are being compiled and analyzed. As a result of this
initial evaluation it is apparent that only the Main zone has been fully
exploited by previous mining. The Midwest and West zones have been
partially developed and the North and Northwest zones have not seen any
work other than diamond drilling. Exploration and development data from all
of these zones are being compiled and entered into computer programs that
will in turn allow for a complete evaluation of each zone. As a result of
this evaluation, it is anticipated that an updated resource calculation
will be calculated and exploration and possible development programs
designed.
In addition to the defined gold zones, a number of exploration targets have
been identified within both the QR and Cariboo properties. On the QR
property there are known extensions of the horizon that hosts the known
gold zones that have not been fully evaluated. This horizon represents an
excellent target for discovering new zones of gold mineralization. On the
Cariboo property, which is contiguous to the east of the QR property,
exploration will follow up a previous drill hole that intersected 0.15
ounce/ton gold over 27.9 feet (5.26 grams/tonne over 8.5 metres). This
discovery hole is associated with coincident magnetic, induced polarization
and geochemical anomalies along the contact of a diorite intrusive, which
is similar to the intrusive associated with the QR deposits.
The company and Gold Giant anticipate that field operations will be under
way on the project in the near future. The initial exploration program will
include further geochemical and geophysical surveys and surface diamond
drilling of known gold zones and new targets.
Ingenika property, Omineca mining division, B.C.
On the company's 100-per-cent held Ingenika zinc-lead-silver property, a
test trenching program was carried out to try and expose the bedrock which
may host the base metal mineralization responsible for the strong mobile
metal ions (MMI) anomaly. The program failed to encounter bedrock because
the overburden and glacial till were in excess of eight metres in depth. Of
interest is the fact that the top seven metres consisted of unconsolidated
outwash gravel, till and sand but the bottom one metre consisted of
extremely compacted hard grey glacial till. The till contains abundant
fragments, angular and rounded, of sulphide fragments consisting of galena,
sphalerite and pyrite varying from millimetre to centimetres in size. The
data are currently being reviewed in order to plan the next phase of
exploration which may include more MMI soil sampling, geophysical surveying
and/or diamond drilling.
Wasi property, Omineca mining division, B.C.
On the Wasi zinc-lead-silver property, a reconnaissance soil sampling
program was completed in the drainage basin where the stream sediment is
highly anomalous in base metal indicator elements. The soil sampling
identified several areas which are highly anomalous in zinc, lead, silver
and barium. The data are currently being reviewed for planning of the next
phase of exploration.
Currie-Bowman property, Timmins, Ont.
The company has been advised that, as of June, 2002, Echo Bay Mines Ltd.
has earned a 60-per-cent interest in the Currie Bowman property. In 1998,
Echo Bay was assigned the right to earn the 60-per-cent interest from
Falconbridge who originally acquired the option from the company in 1995. A
joint venture between the company and Echo Bay is being formed, with Echo
Bay as the operator. No work programs have yet been proposed.
All work, except on the Currie-Bowman property, is being conducted under
the supervision of the company's vice-president, exploration, Jim
Miller-Tait, PGeo.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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