Flag Resources (1985) Limited's Boland's Lake Mineralized Gabbro Intrusion, Rathbun Township, Wanapitei Anomaly, Sudbury, Ontario
FGR.A on the Toronto TSX Venture Exchange
CALGARY, Sept. 5 /CNW/ - The recently recognized Boland's Lake
mineralized gabbro intrusion, is a quartz (silica) rich gabbro, with blebs of
pyrrhotite and chalcopyrite and abundant magnetite, not previously found in
any gabbro on Flag's 70,000 acres.
Hole BL02-2 is drilling at 70 degrees south, in the Boland's Lake gabbro,
and has reached a depth of 1065 feet, with drilling continuing.
Flag has been advised that there should be a more detailed study of the
Boland's Lake gabbro. There should be chemical and mineralogical analysis to
more accurately determine its characteristics. (Thin sections now being
prepared).
Although quartz (silica) rich gabbro, with abundant magnetite, is a
significant geological feature of the Sudbury ore deposits, what relationship
if any, to the quartz (silica) rich Boland's Lake gabbro, may only be
determined by further detailed studies and analysis of the Boland's Lake
gabbro.
Flag says only 3 small samples, from the upper part of Hole BL02-02, were
assayed, showing very little value, with the drill hole yet to be logged and
assayed.
Subject to financing, Flag proposes to implement the recommended $374,800
exploration program to explore for the source of the localized Ni, Cu and
P.G.M. mineralization, found at Cobalt Hill, in adjoining Mackelcan Township,
through mineralogical and fluid-inclusion studies. The source is projected to
be a relatively shallow (650 - 1000 metres deep) Sudbury type mafic ultramafic
intrusion.
Flag also proposes to implement recommended exploration for its
Exploratory License of Occupation ground, including exploration of a copper
occurrence, a pyrite breccia and a gold-bearing gossan zone, found by recent
prospecting. The E.L.O. is 6 miles west of Flag's main holdings.
Flag's president is going to Sudbury to prospect the southern sector of
the large hill behind Flag's Wolf Lake copper and gold deposit, in Mackelcan
Township.
Working with Flag's prospector, the southern sector of the Rathbun Lake
peninsula, located due south of the high grade Rathbun Lake Occurrence of Ni,
Cu, Pt, Au and Ag in Rathbun Township.
Flag's flow-through share Offering Memorandum terminates on
September 16th, 2002.
The TSE Venture Exchange has neither approved nor disapproved the
contents herein.
On behalf of the board of Directors
"Murdo McLeod"
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Murdo C. McLeod
President |
