CALGARY, Nov. 12 /CNW/ - Flag's recently announced 2000 foot deep
drill-hole, in Mackelcan Township, is being drilled to explore, at depth, for
a third zone in the Jess Lake gold deposit, and to explore for a projected
nickel, copper and gold mineralized igneous intrusive body, in a 1100 to 2200
foot interval from the surface.
The suggested mineralized igneous body is a result of a detailed fluid
inclusion and mineralogical study of Cobalt Hill mineralization by Dr. Eva
Schandl, Geological Consultant, Research Associate (Dept. of Geology,
University of Toronto).
Cobalt Hill and the Jess Lake gold deposit, 700 feet to the northwest,
are in a 3280 foot long alteration zone, extending from east to west, and
undelineated to the north and south. (Sudbury Minerological Occurrence Study,
1991, Ontario Geological Survey, Report 5771).
The Jess Lake gold deposit, in altered Lorrain Quartzite, has been
delineated for 600 feet, from west to east. It has a width of 250 feet, and is
open to the east and to depth.
The "Upper Zone" extends to a depth of 275 feet. Some of the better gold
values include 27.5 feet of 0.28 oz of gold per ton (hole A83-7) and 20 feet
of 0.345 oz of gold per ton (A88-55).
The "Lower Zone" extends from a depth of 500 feet to 900 feet from the
surface. Some of the better gold values include 26 feet of 0.175 oz of gold
per ton (A88-62) and 19.5 feet of 0.15 oz of gold per ton, with 10 feet
averaging 0.22 oz of gold per ton (A83-20).
There has been no drilling below 1100 feet in the Jess Lake gold deposit.
In the late 1980's, Frank P. Tagliamonte, Consulting Geologist,
recommended a shallow decline shaft be sunk into the Upper Zone, to better
evaluate the structure and gold content.
Flag believes that the discovery of an underlying third zone, in the Jess
Lake gold deposit, would substantially enhance its economic potential.
The Jess Lake gold deposit and the Wolf Lake gold-copper deposit, 3500
feet to the north, are held in mining leases by Flag.
On behalf of the Board of Directors. |
