that stealth news in full:
SML.v enlarges on its sickle creek discovery: 5km of strike, 100-600m wide, located in 16km corridor with at least 8 separate targets; gold values up to 100g/t, silver up to 2420g/t. $6m exploration budget for 2004.
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stockhouse.ca
High-Grade Gold and Silver Values Discovered
11/24/03
In late August 2003, the Company discovered high-grade gold and silver in outcrop at Sickle Creek. Prospecting along strike to the north has revealed a gold and silver bearing epithermal system hosted by felsic volcanic flows and tuff. The epithermal system is over 5 kilometres in strike length and is believed to be pa
rt of a 16 kilometre alteration and structural corridor that exists between the Northwest Breccia (NWB) and the Kevin prospect.
The 16K Corridor consists of at least eight discreet mineralized systems. From south to north, significant gold values in outcrop have been discovered at NWB, Nub Mountain, Sickle Creek, Griz Bowl, Quartz Basin, North Ridge, Alunite Ridge and the Kevin prospect. The area between Nub Mountain and Sickle Creek in the southern part of the 16K Corridor, a distance of about six kilometres, is in low lying areas, which are covered with heavy vegetation and are under explored. A recently completed multi-array airborne survey conducted by the Geological Survey of Canada should reveal important new targets in this area. Data from the airborne survey, the NWB and Nub Mountain are subjects for future news releases.
The northern portion of the Corridor occurs is an under explored region located east of the Pillar Fault, between the Finlay and Toodoggone Rivers. Classical Toodoggone Formation subareal dacite volcanics are mapped west of the north-south trending Pillar Fault. To the east of the Pillar structural break and in the location of the Sickle Creek discovery, the lithologies are incompletely mapped and have not been age dated. They are also in contrast to the Toodoggone Formation with respect to lithologies, composition and weathering patterns.
The mineralized target area is also underlain by at thick sequence of felsic flows and pyroclastic rocks including flow banded rhyolite, vesicular dacite and massive felsic flows with interflow breccias and coarse pyroclastic rocks. This volcanic cycle is discontinuously capped by a hot spring and sinter sedimentary unit consisting of laminated black muddy sediments and intercalated clay rich sediments and opalescent silica layers. Both the muddy sediments and sinter contain gold and silver values.
Extent of Mineralization
The discovery of high-grade gold at Sickle Creek occurred in late August. The Company's response was to determine the regional extent of the mineral system rather than focusing with a detailed program on the discovery outcrop. In the northern portion of the 16K Corridor from Sickle Creek to the Kevin, the epithermal system is exposed continuously, subject to several large talus slides and sub alpine vegetation, for a strike length of 5,300 metres. The alteration system is locally 100 metres wide but is up to 600 metres wide in the Quartz Basin area. Gold and silver values occur in hot spring style mudstones, silica pools, quartz breccias, quartz-carbonate veins, quartz stock work and high-sulphide veins with high-precious and base metal values. This epithermal system is very large by world standards and has potential to host a significant resource of gold and silver.
From discovery to snowfall, approximately 160 rock samples from outcrop, Including grab, chip samples and float were collected. The gold values range from 0.10 g/t to 100.2 g/t. Silver values range from 2 g/t to 2,420. Most of the chip sampled areas are open with respect to width as the exploration objective was to determine if the systems were metal bearing. Highlights of the sampling include:
* Outcrop grab sample from Sickle Creek-100.2 g/t gold and 1185 g/t silver * Chip sample from Sickle Creek-9.5 g/t gold and 407 g/t silver over 3.0m * Outcrop grab sample from Griz Bowl-7.1 g/t gold and 150 g/t silver * Outcrop grab sample from Quartz Basin-9.2 g/t gold and 490 g/t silver * Chip sample from 570 Vein-4.1 g/t gold and 46 g/t silver over 4.0m * Outcrop grab sample from 570 Vein-18 g/t gold and 860 g/t silver * Float sample from Alunite Ridge-6.2 g/t gold and 1,080 g/t silver * Outcrop grab sample from North Ridge-25.9 g/t gold and 840 g/t silver * Outcrop grab sample from Kevin-3.4 g/t gold and 5 g/t silver
Sampling to date has established that significant gold and silver values occur over a strike length of 5,300 metres in what is believed to be a new discovery in north central British Columbia. The 16K Corridor is the focus of the Company's development work for 2004. The Company's preliminary budget for 2004 is estimated at $6.0 million of which $4.0 million is allocated to the area from Sickle Creek to the Kevin. That program consists of detailed mapping, trenching, sampling and diamond drilling.
Assaying was performed by Acme Analytical of Vancouver, BC, Assayers Canada of Vancouver BC and fire assay check samples on rejects were performed by ALS Chemex of North Vancouver BC. Fieldwork is under the supervision of David Blann, P. Eng., a Qualified Person and a director of the Company.
The Company believes that its Toodoggone Project, which adjoins Northgate Exploration's (NGX-TSX) 50,000 tpd Kemess copper gold mine in north central BC, has demonstrated potential to host important gold, silver and base metal resources.
CONTACT: TEL: (604) 306-0391 Bill McWilliam, Chief Executive Officer
Email: Info@StealthMinerals.ca
Internet: www.StealthMinerals.com |
