After their large run up last year, CWA is very carefull about there promotions. They used to run beautiful, color, full page ads, and had a fund take 10% of their float. The thing that makes CWA's targets in Okak promising is a massive fault that runs down Voisey Bay, the southern part of the fault is by the huge nickel deposit Inco/DFR has and it continues north through Okak. I'm not sure, but I think it runs through some of CWA's property. You could ask their IR about it, but I bet they don't have a clue.
Here is GYR's latest press release on their Voisey Bay properties:
For Immediate Release: July 16, 1997
Magnetotellurics Survey Commences On Large Anomalies at Okak Bay
Gallery Resources Limited of Vancouver, BC announces that permits have been issued for
exploration of its Labrador properties and that work crews are now being mobilized to the Voisey's
Bay area in northern Labrador. Helicopter supported fly camps have been established on the Okak
Bay, Sango Bay Southwest and Harp Lake properties. These camps will be the base of operations
for a detailed exploration program of prospecting and geophysical surveys carried out and directed
by a team of experienced geologist and prospectors. The four man crews will be based in the three
work areas which have been selected for the follow-up detailed work programs on the basis of the
scientific data collected during the two previous exploration seasons.
At Okak Bay the company has retained Phoenix Geophysics of Toronto, Ontario to carry out a 40
site, deep penetration magnetotellurics survey, designed to search for deep seated ore deposits.
This survey employing the latest electrical survey technology will start on July 18th and is scheduled
for completion on or before August 3rd. Results should be available by mid August and will be used
to assist in planning a deep hole drilling program. This survey and other deep drilling programs are
presently being used by other companies at Okak Bay on properties covering geology similar to
Gallery's property.
At Sango Bay Southwest work crews will be carrying out detailed investigations of mineralization
and geophysical anomalies identified last summer in preparation for a 500 metre short hole drill
program. Drilling will commence in mid August to test a zone where gold mineralization is coinciding
with a max-min conductor.
At Harp Lake the exploration work will consist of an 8 week reconnaissance and detailed
prospecting and sampling program in an area where there are reported showings of copper and
nickel mineralization. The Gallery mineral holdings at Harp Lake consist of 2 separate claim groups
covering 10,000 acres of the Harp Lake Intrusion. This intrusion contains numerous copper-nickel
sulphide gossans within olivine-bearing rocks which contain stratiform zones of disseminated
chalcopyrite, pyrrhotite and minor penflandite. The work carried our in the area covered by
Gallery's claim holdings indicate this area is a prospective target for nickel-copper mineralization.
Lake sediment surveys carried out by the Newfoundland Department of Mines identified numerous
lakes on Gallery's properties containing several anomalous concentrations of nickel and copper.
Bruce E. Costerd
President & C.E.O. |
