CZZ Mesamax Drill Results - Palladium Overlimit Assays from Drill Hole MXNW-02-18 average 443 g/t (12.92 oz/ton) Pd over 3.0 m
Tuesday November 19, 9:40 am ET
VAL D'OR, Québec, Nov. 19 /CNW/ - Canadian Royalties Inc. (CZZ.TSX) reports that it received exceptional palladium (Pd) overlimit assay results from three consecutive intervals in drill hole MXNW-02-18 that, when combined with a 75 g/t Pd interval previously received, give an average assay value of 443.71 g/t (12.92 oz/ton) over a 3.0 meter interval.
Assay results from Hole MXNW-02-18 were originally reported in a press release dated November 11, 2002. At the time of the company's press release dated November 11, 2002, it was only known that these values were overlimits, and were included at 10 g/t Pd for the three samples. Taking into account these three new overlimit assay results, the 49.3 meter (162 foot) core interval reported on that date is recalculated as 3.32% Ni, 4.01% Cu, 0.13% Co, 0.26 g/t Au, 1.52 g/t Pt and 30.3 g/t Pd. The new overlimit assay results were received by the Company at approximately noon EST Monday, November 18, 2002. A single overlimit assay result of 115.85 g/t Pd was also received from an interval in drill hole MXNW-02-19. While the Company is cautious about the overall importance of these extremely high palladium assays, it notes that the presence of values in excess of 100 g/t in multiple samples in drill hole MXNW- 02-18 and in a sample from drill hole MXNW-02-19 may give an indication that there is a significant distribution of this extremely rich mineralization.
The intervals reported in the press release Monday, November 11, 2002 that were affected by these new results have been updated and are reported in the following table; the original Pd value from the November 11 press release shown in brackets.
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MXNW From To Width Ni Cu Co Gold Pt Pd PGE In-situ
Drill (m) (m) (m) % % % g/t g/t g/t g/t value
Hole Cdn $/t
02-18 5.18 54.48 49.3 3.32 4.01 0.13 0.26 1.59 30.30 32.15 $988
(5.17)(x)
incl. 15.00 18.00 3.00 1.38 1.03 0.05 0.24 0.61 443.71 444.56 $6,800
(30.87)(x)
incl. 15.00 24.00 9.00 1.78 2.16 0.07 0.21 2.20 157.30 159.72 $2,665
(19.69)(x)
02-19 51.00 56.50 5.50 1.79 4.46 0.07 0.28 0.72 12.40 13.39 $526
(6.24)(x)
incl. 51.66 55.00 3.34 2.39 6.22 0.09 0.41 0.95 19.19 20.54 $748
(9.05)(x)
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NOTES:
- Only assays from the first seven holes from the 2002 Program at this
target have been received at this time.
- (x) indicates original Pd value reported on November 11, 2002.
- Lengths are drill intersected core lengths
- PGE (equal sign) gold + platinum + palladium
- g/t (equal sign) grams per metric tonne
- Gross in-situ dollar amounts are provided for the reader's
convenience to facilitate comparison of the polymetallic nature of
the mineralization. These gross in-situ amounts do not take into
consideration mining and processing costs and have no economic
significance.
- The gross in-situ dollar values have been calculated using the
following commodity prices and currency exchange rate:
Cu - US $0.70/lb; Ni - US $3.25/lb; Co - US $6/lb; Pt - US $580/oz;
Pd - US $300/oz; Au - US $300/oz.
Exchange Rate: 1 US$ (equal sign) $1.54 Cdn.
Canadian Royalties has the right to earn up to 70% in the Expo-Ungava Property by incurring $1,750,000 in exploration expenditures (now completed), and an additional 10% will be earned, for an aggregate 80% interest, by delivering to Ungava Minerals a bankable feasibility study.
Canadian Royalties is also pleased to report the signing of an option agreement with Montoro Resources Inc. whereby Canadian Royalties can earn a 100% interest in a block of 81 map designated units in the Nunavik, (Ungava) region of Northern Quebec, which is bounded by Canadian Royalties 100% owned property to the east and west, and situated approximately 40 km west of the Expo-Ungava and Phoenix Properties. The Property covers the continuation of geological terrain that is considered part of a series of ultramafic bodies that extend throughout the 40 km long Expo-Ungava Joint Venture Property and other Canadian Royalties 100% owned ground on the South Raglan Trend. Canadian Royalties can earn the 100% interest in the Montoro Property through exploration expenditures of $500,000 over the next four years, at which time Canadian Royalties will grant Montoro Resources a 1% NSR royalty. The Property is subject to an NSR Royalty held by 862539 Alberta Ltd., a private company controlled by a director of Canadian Royalties Inc. Canadian Royalties will give Montoro Resources an option payment of $30,000 upon approval of the transaction by the TSX-Venture exchange. The addition of this property gives Canadian Royalties property interests in land extending almost continuously along the favourable trend for 90 km.
Bruce Durham, P.Geo.. and Vice President, Exploration of Canadian Royalties Inc. is the designated Qualified Person responsible for the exploration program on the property and the person responsible for the preparation of this release.
All assaying was completed by ALS Chemex with sample preparation completed in Val d'Or, QC and analyses completed at ALS Chemex in Vancouver, BC. Base metal and PGE values are initially determined by total acid digestion with ICP-AES analysis and 30g fire assay with ICP AES finish respectively. Overlimit values are verified using fire assay in the case of PGE's and total acid digestion with AA finish for base metals.
CANADIAN ROYALTIES INC. is a publicly traded Canadian mining exploration company with a unique approach to the business of exploration. Additional detail about the Mesamax Northwest Area can be viewed at canadianroyalties.com. For additional information visit our website at www.canadianroyalties.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, certain statements in this document constitute "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may or may not include those with respect to the price of commodities, tonnage, exploration work, reserve determination, conversion rates, permitting time lines, and the timing and possible outcome of pending litigation involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For further information
Glenn J. Mullan, President, 819.824.1030, mullan@canadianroyalties.com
Bruce Durham, Vice President, Exploration, 705.264.2144, durham@canadianroyalties.com
Renmark Financial Communications Inc., Sylvain Laberge, Slaberge@renmarkfinancial.com
or 514.939.3989, Fax: 514.939.3717, www.renmarkfinancial.com
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Source: Canadian Royalties Inc. |
