Flag Resources (1985) Limited Reports the Discovery Of A Significant
E.M. Conductor Adjoining The West Boundary Of The Exploratory Licence Of
Occupation Ground, Twenty Miles North Of Sudbury, Near the Northern Flank
Of the Sudbury Structure
FGR.A on the Toronto Venture Exchange
CALGARY, April 28 /CNW/ - The conductor was picked up by a ground
geophysical survey run on a claim adjoining the west boundary of Flag's E.L.O
ground. Flag is purchasing a 100% interest in the claim.
The conductor extends 1000 feet to the east,becoming stronger as it
trends to the east towards Flag's E.L.O. ground.
Flag notes that the conductor is in an area that has surface occurrences
of sulfides including an unexplored area of a copper occurrence, pyrite
breccia, gold - bearing gossan zone and an iron formation exposed in pits
north of the conductor. In his report of April 20th, Ray Lashbrook, North Bay,
Ontario, says that the E.M. Conductor is a conductor of "probable sulfide
origin."
Flag also notes the conductor is within the vicinity of 4 fault zones.
Flag's consulting geologist has recommended an additional ground survey
be run to extend the conductor to the east plus an initial drilling program of
two exploratory drill holes into the conductor, which will be commenced
shortly.
Subject to filings submitted to the TSX Venture Exchange, Flag is
assigning a 50% working interest in the conductor and Exploratory Licence of
Occupation ground to associated Golden Briar Mines Limited.
In parallel, the review, compilation and refocussing of Flag's
exploratory work, on its 70,000 acre holdings in the Wanapitei Anomaly,
6 miles east of its Exploratory Licence of Occupation ground at Sudbury, is
proceeding, but more slowly than initially hoped. This reflects the large
quantity and diversity of exploration data collected through the expenditure
of $5,000,000.00 over the past two decades. It is expected the consultants
report will be available for Flag's management in June 2003, given that
additional human and physical resources are now in place. |
