Peter,
Below is the news release. In reading, I noticed that the web site reference to Global Minerals, Celtic's IR firm, was incorrect, so I corrected (http://www.globalminerals.com)
Anyone looking for additional information from Celtic will want to get in touch with Global. Their e-mail address is gmt@globalminerals.com.
Here's the news release:
DRILL TARGETS DELINEATED ON CELTIC'S PIPESTONE POND PROJECT
CALGARY, July 17 /CNW/ - David Graham, President of Celtic Minerals Ltd. (CME.ASE) (``Celtic'') is pleased to report that company geologists have successfully delineated drill targets on the 100% owned Pipestone Pond property located in Central Newfoundland.
The Pipestone Pond property is comprised of 370 mineral claims covering 91.5 square kilometres of highly prospective precious and base metal terrain. The project is located near the geographic center of Newfoundland, approximately 70 kilometres southeast of the town of Buchans. Property geology indicates the area hosts similar rock types, structural features, and alteration styles to large historical gold producing districts at Cariboo and Atlin, British Columbia, and the Mother Lode District of California.
Results of two field excursions to the area by Celtic's geological team indicate high potential for a new gold discovery. The exploration work consisted of airborne geophysics, geological mapping, prospecting, and soil sampling. Highlights include the discovery of an 800 by 400 metre gold-copper soil anomaly within an area of highly altered and faulted ultramafic rocks.
The anomaly contains gold values as high as 2260 parts per billion and copper values up to 1668 parts per million. In addition, gold grains are consistently panned from soil in the area.
A recently completed Induced Polarization (``I.P.'') geophysical survey over the target area has defined two subparallel zones of chargeability and coincidental low to high resistivity within the gold-copper soil anomaly. Celtic has retained the services of the geophysical consulting firm Aulak Inc. of Toronto to perform a detailed analysis of the I.P. data and recommend drill hole locations. Management expects receipt of Aulak's report within two weeks, and at that time will determine the timing of a drill program.
In another matter, Celtic is pleased to announce it has entered into
agreements with Global Minerals Inc. of Toronto and Canadian Corporate
Communications Inc. of Vancouver to provide investor relations services. Both firms will be remunerated by the company with stock options and a monthly stipend. The agreements are subject to regulatory approval.
The Alberta Stock Exchange Neither Approves Nor Disapproves of the
Information Contained Herein.
For further information:
David Graham, President or Kevin Flaherty, Vice President, 1-800-621-1583: Fax, (403) 264-4535;
E-mail: celtic(at)nucleus.com; Web Site: celticm.com.
Global Minerals web site is:www.globalminerals.com
Good investing!
Regards,
Howard |
