Exall learns of Gold Eagle phase I completion (from Stockwatch)
2003-10-08 09:59 ET - News Release
Mr. Stephen Roman reports
EXALL RESOURCES LIMITED: SUCCESSFUL PHASE I DRILLING PROGRAM AT GOLD EAGLE MINE; PHASE II DIAMOND DRILLING PROGRAM TO BEGIN IMMEDIATELY
Southern Star Resources Inc. has completed the 1,500-metre phase I drilling of its full-sequence exploration program on Exall Resources Limited's Gold Eagle mine property.
Southern Star has received approximately one-third of the assays on drill core sent to the lab for analysis. Hole SS1 completed on the 1946 zone on the south portion of the property intersected two feet of 0.19 ounce per ton. Southern Star is waiting for the results on the balance of the samples currently being assayed. The exploration program to date has shown that the McKenzie Island stock, which is the host rock for both the Gold Eagle and McKenzie Red Lake mines, reaches further west into the property than previously thought. The phase II drill program is intended to test the McKenzie Island stock for mineralization on the property and to follow up on other gold intersections discovered in the phase I drilling program.
In addition, drilling close to the eastern boundary of the property has discovered a "Talc Schist" unit similar to the well-known East Bay Serpentinite. The East Bay Serpentinite is associated with several mines (Cochenour, Marboy/McMarmac, Abino) and interesting prospects (Rubicon's McFinley, Wolfden's East Bay Gold) on strike for several kilometres immediately to the northeast of the property. Further work is also planned for this area.
The phase II program will involve a minimum of 2,500 metres of diamond drilling and will begin in the next two weeks.
The Gold Eagle mine property consists of 35 patented claims totalling 726.1 hectares (1,793.5 acres) in the heart of the Red Lake camp. The Gold Eagle mine produced approximately 40,000 ounces of gold from the Gold Eagle vein system using a shaft and winze on eight levels to a depth of 305 metres. The mine operated from 1937 to 1941. Since operations ceased, no significant exploration program has been undertaken on the property until now. With large formerly producing mines on two sides of the property near the northern boundary, the property is exceptionally well located. For example, the McKenzie Red Lake mine on Gold Eagle's northern boundary produced 651,156 ounces and the Cochenour Willans mine on the eastern boundary produced 1.24 million ounces at a grade of 18.5 grams per tonne gold. There are no royalties on the property. |
