Hello Frank
***OFF THE WIRE***
See bolded paragraph for minor SUF update:
Caldera Resources Inc.: Mt. Sarah-South Australia Base Metal Project
Wednesday December 18, 9:08 am ET
SOUTH PERTH, WESTERN AUSTRALIA--Caldera Resources Inc. ("Caldera", TSX-CDR) is pleased to announce preliminary findings from a ground electro-magnetic (EM) survey over a section of the magnetic anomaly at Mt. Sarah which is situated in the northern part of South Australia, 60 kms north of Oodnadatta.
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The Mt. Sarah Project is 50% owned and managed by Caldera. The remaining equity is held by Ellendale Resources NL., an Australian public company.
The Mt. Sarah target area lies in the so-called G2 structural corridor, which hosts several prominent magnetic targets and the Olympic Dam Cu-Au deposit. At Mt. Sarah, two moderate sized gravity anomalies border the north and northwestern margins of the magnetic anomaly. On the south side of the magnetic anomaly there is a strong clay-carbonate alteration zone, regarded at this stage as being of hydrothermal origin. Within this alteration zone are three gossan bands, the longest of which is 500 metres long and approximately 50 metres wide.
As reported previously, petrological examination indicates that the gossan samples show relict textures after pyrite, with smaller amounts of pyrrhotite, chalcopyrite and sphalerite indicating derivation from a massive sulphide body together with some, as yet undefined, amounts of base metals.
A ground EM survey comprising four lines for a total of 6.8 kms has been completed over a portion of a clay-carbonate alteration zone and part of a previously detected gravity high anomaly. This survey indicates the presence of strongly conducting bodies up to 40 metres thick within the stratigraphic sequence.
A further series of ground EM traverses planned for early 2003 will assist in refining the interpretation of current data. These extra lines will connect the northern line with the southern lines and they will also extend further south into additional areas that show evidence of surface alteration. Mt. Sarah's areal extent and poor exposure necessitates acquisition of as much information as possible prior to any drilling being carried out.
Martin Jackson, a member of the Aus.I.M.M. is the qualified person responsible for the technical information contained in this news release.
Other Activities
In conjunction with joint venture partner SouthernEra Resources Limited (TSE-SUF), Caldera continues to interpret regional aeromagnetic data and past exploration results for selected areas of the Yilgarn Craton. This work is indicating further areas of interest for potential kimberlite discovery with additional Exploration Licences being applied for.
Caldera is engaged in diamond exploration in Australia through seven projects. Four projects are located in the Pilbara region of northern Western Australia. One project is located in the Eastern Goldfields area of Western Australia which is joint ventured with SouthernEra Resources Limited (TSE:SUF - News). The Abminga Diamond Project is located in South Australia. The Company has two exploration licence applications in the Northern Territory.
Caldera also has five basemetal/gold projects. One project is located in the Pilbara region of Western Australia and the remaining four projects are in South Australia. One of these projects is the Mt. Carulina Project, which is under an option agreement with Inco Limited (TSE:N - News; NYSE:N - News) on an Olympic Dam - style basemetal/gold target.
CAUTIONARY STATEMENT
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Caldera, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Caldera's expectations are exploration risks detailed herein and from time to time in the filings made by Caldera with securities regulations.
CALDERA RESOURCES INC.
Canada
40 King Street West
Suite 4900
Toronto. Ontario. M5H 4A2
Telephone: 416-777 6772
Facsimile: 416-777 6828
Website: www.calderares.com
Australia
1 Charles Street
Suite 8
South Perth. Western Australia. 6151
Telephone: 011-618-9367-7728
Facsimile: 011-618-9367-7705
E-mail: calderares@bigpond.com
Regards
Vaughn |
