CALGARY, Sept. 8 /CNW/ -
1. Current Exploration Projects
Flag has signed a contract, for up to 5000 feet, of drilling for two
exploration projects in the vicinity of Cobalt Hill, Mackelcan Township.
a) Gold
Offset exploratory drill holes to CH83-24, a vertical drill hole,
on the east side of Cobalt Hill, which intersected a zone of anomalous gold
values, from surface to a depth of 262 feet.
b) Nickel - Copper - Gold
Analysis of mineralization on Cobalt Hill detected nickel, copper and
gold in small inclusions in pyrite - rich quartz veins. The occurrences of
fuchsite (chromium - rich muscovite) in the same pyrite - quartz veins
suggests the source of the metals is close by, as chromium, being an inert
element, does not move far from its source. In this context, the occurrence of
chromium, as fuchsite, in drill holes on the east and west sides of a 500 foot
wide north trending linear, adjoining Cobalt Hill's west side, became of
interest.
To explore for the suggested source of the Cobalt Hill metals, Flag
proposes to drill a 1500 foot deep vertical drill close to the 323 foot deep
A81-3, one of the drill holes on the west side of the linear, in which
fuchsite occurs, but which also intersected traces of pyrrhotite and
chalcopyrite, in fractures, at a depth of 95 feet.
2. Other Areas Flag Is Reviewing for Further Exploration
a) Boland's Lake, Rathbun Township
Vertical drill hole BL99-1, on the north side of Boland's Lake,
intersected 389 feet of magnetic quartz gabbro containing blebs of pyrrhotite
and chalcopyrite, in two zones from 196 to 290 feet and from 630 to 865 feet.
b) Rathbun Lake Occurrence, Rathbun Township
The Rathbun Lake Occurrence is a previously mined rich surface occurrence
of massive sulfides. A selected grab sample by the Ontario Geological Survey
(Report 213) assayed 10.2% copper, 0.14% nickel, 2.22oz. silver, 0.02oz. gold,
0.056oz. platinum and 34.6oz. palladium per ton.
Nickel, copper, platinum, palladium and gold values have been intersected
in drill holes, between Rathbun Lake and Cathro Lake, one mile to the east.
c) Exploratory Licence of Occupation
The Exploratory Licence of Occupation, adjoining the northwest sector of
Lake Wanapitei, western Rathbun Township, was granted to Flag, after Flag made
an application for the ground, due to the surface exposures of visible gold.
There are recommendations for further exploratory work.
Flag's holdings are in the western sector of the 54 mile long Wanapitei
Anomaly, the adjoining regional magnetic and gravity anomaly to the Sudbury
Anomaly and its nickel, copper, platinum and palladium deposits. |
