Exall releases Gold Eagle drill results (November 5, 2003)
2003-11-05 17:55 ET - News Release
Mr. Stephen Roman reports
EXALL RESOURCES LIMITED: HIGH GRADE GOLD ZONES INTERSECTED AT GOLD EAGLE; GOLD MINERALIZATION ENCOUNTERED IN 4 OF THE 5 DRILL HOLES COMPLETED IN PHASE 1 DRILLING PROGRAM
Exall Resources has discovered significant gold mineralization in a previously undrilled area known as the Western Extension zone located approximately one kilometre west of the past-producing Gold Eagle mine. Drilling has also confirmed the presence of gold mineralization approximately 800 metres south of the Gold Eagle mine in an area known as the 1946 zone. Both areas will require further drilling to assess the discoveries.
HIGHLIGHTS
Western Extension zone
DDH SS#2 1.5 m @ 10.31 g/t
(4.92 ft @ 0.33 oz/ton Au)
including 0.44 m @ 25.94 g/t
(1.44 ft @0.83 oz/ton Au)
1946 zone
DDH SS#1 0.38 m @ 5.63 g/t
(1.25 ft @ 0.18 oz/ton Au)
The exploration program to date has shown that the McKenzie Island stock (the host rock for both the Gold Eagle and McKenzie Red Lake mines) reaches further west into the Gold Eagle property than was previously acknowledged. Additional infill assaying is currently under way on other sections of the drill core obtained in phase 1. During sampling, drill core is split with a saw and half is sent to SGS Labs for preparation and analysis using a standard classical wet assay with an AA finish. The remaining half core is securely stored for record purposes and/or further work.
Drilling close to the eastern boundary of the property has discovered a talc schist unit similar to the East Bay serpentinite. The East Bay serpentinite is associated with several local mines (Cochenour, Marboy/McMarmac and Abino) and interesting prospects (Rubicon's McFinley and Wolfden's East Bay gold) on strike for several kilometres immediately to the northeast of the Gold Eagle property. Further work is also planned for this area.
Southern Star, the property operator, has initiated phase 2 of its core drilling program and a minimum of 2,500 metres are planned. Part of this program will explore the potential for a down dip extension onto the Exall Gold Eagle property from the McKenzie Red Lake mine, situated immediately to the north. A portion of the drilling program is also aimed at further exploration of the Western Extension zone referred to above.
The Gold Eagle property consists of 35 patented claims totalling 726.1 hectares (1,793.5 acres) in the heart of the prolific Red Lake gold camp. The Gold Eagle mine produced approximately 40,000 ounces of gold from 1937 to 1941. Since operations ceased, no significant exploration program has been undertaken on the property. With successful former producing mines on two sides of the property near the northern boundary, the claims are exceptionally well located. There are no royalties on the subject property.
Dr. James M. Patterson, PhD, PGeo, DIC, is the qualified person within the meaning of National Instrument 43-101. Dr. Patterson and has reviewed the exploration results contained in the Southern Star news release.
Southern Star has an option to earn a 50-per-cent interest in the Gold Eagle Mine property by completing $2-million in exploration work as well as making cash and share option payments to Exall over the next two years. |
