Important message to prospective TKR speculators: The assay results from TKR were reported yesterday, and are definately not what I was looking for, or anyone else judging by the share price today. Please note that I do not represent TKR in any form whatsoever, other than being a speculator (in this case read "loser of money!"). I am not speaking on behalf of TKR, and am not a geologist. Nor am I qualified to give a technical report on the assay results that were reported by TKR on Tuesday, or at any other time. Here are those assay results for those who would like the details:
Takla Star - Project #44 Drilling Results
EDMONTON, ALBERTA--Mr. James P. Stewart, President of Takla Star Resources
Ltd., announces that assay results have been received today from joint
venture partner and project operator NDT Ventures Ltd. of Vancouver. These
results are being released by NDT Ventures concurrently with this news
announcement. The NDT release reads as follows:
"Mr. Donald A. McLeod, President of NDT Ventures Ltd. (VSE:NDE) today
announced initial assay results from five holes of the diamond drill program
currently in progress on Project #44, located west of the Town of Nain,
Labrador.
Project #44 is a joint venture with Takla Star Resources Ltd., with NDT as
operator, where two significant zones of mineralization (the Unity and
Valley zones) were discovered during the 1995 exploration program. A
program of diamond drilling commenced July 8th on the Valley Zone to test
surface mineralization and numerous strong geophysical conductors.
THE VALLEY ZONE: Four vertical holes were drilled in the Valley Zone on
coincident EM and magnetic anomalies. These holes have substantiated that a
major sulphide mineralized environment exists in this area, however, more
detailed geological and geophysical work remains to be done prior to
additional drilling.
DDH44-1 was drilled to a depth of 160 metres and intersected mainly
leuconorites hosting several sub-horizontal zones of net textured and
intercumulate magnetite and sulphides consisting of pyrrhotite and finely
disseminated chalcopyrite. Significant assay results are as follows:
/T/
Percent Percent Percent
FROM TO WIDTH(m) Ni Cu Co
12.25 17.40 5.15 0.16 0.11 0.020
59.60 62.13 2.93 0.17 0.11 0.020
91.83 95.83 4.00 0.37 0.37 0.030
/T/
DDH44-2 tested a strong magnetic high and was drilled to a depth of 301
meters. The entire hole cut noritic to leuconoritic rocks containing 3-25
percent disseminated to intercumulate and net textured magnetite with
multiple sub-horizontal zones of similar textured sulphides over widths of 3
to 10 metres. Significant assay results are as follows:
/T/
Percent Percent Percent
FROM TO WIDTH(m) Ni Cu Co
85.92 95.63 9.71 0.22 0.15 0.020
124.15 134.90 10.75 0.13 0.08 0.010
159.20 165.02 5.82 0.12 0.10 0.010
169.70 172.20 2.50 0.35 0.27 0.020
182.50 189.44 6.94 0.51 0.37 0.040
includes 187.74 189.10 1.36 1.08 0.37 0.100
285.82 293.13 7.31 0.17 0.11 0.010
/T/
DDH44-3 was set up on the eastern edge of the Valley Zone EM conductor and
drilled to a depth of 159 metres. Rock types encountered were similar to
holes 1 and 2 with lesser amounts of magnetite and sulphides. The
mineralized zone intersected at 39.65 metres is postulated to be the same
mineralized zone cut at 85.92 metres in DDH44-2 and at 91.83 metres in
DDH44-1. Significant assay results are as follows:
/T/
Percent Percent Percent
FROM TO WIDTH(m) Ni Cu Co
4.54 5.98 1.44 0.54 0.24 0.036
31.58 32.45 0.87 0.58 0.13 0.037
39.65 45.50 5.85 0.21 0.17 0.020
/T/
DDH44-4 was collared on the centre of a strong magnetic high and EM
conductor axis and drilled to a depth of 222 metres. The hole cut a mixture
of alternating magnetite rich norite and leuconorite. A thick continuous
section from surface to a depth of 108 metres contains disseminated and
intercumulate magnetite (averaging 15 percent) and sulphides concentrated as
net textured and intercumulate layers in near massive to massive sulphide
horizons. The grades within this thick mineralized zone are very consistent
with averages reported below. The main mineralized horizon as described in
the first three holes was intersected at a depth of 80.49 metres. Noritic
type rocks continue to the bottom of this hole and numerous narrow magnetite
and sulphide zones, with anomalous Ni-Cu-Co, occur throughout.
/T/
Percent Percent Percent
FROM TO WIDTH(m) Ni Cu Co
3.05 108.15 105.10 0.16 0.13 0.013
includes 80.49 89.64 90.15 0.32 0.26 0.023
/T/
THE UNITY ZONE: Following the completion of the above four holes on the
Valley Zone, the drill rig was moved one kilometre south to the Unity Zone.
Assay results have been received from one hole to date.
DDH44-6 was drilled at a 45 degree angle to a length of 182 metres. This
hole was designed to intersect several coincident EM and magnetic conductors
overlying the main mineralized gossan zones west of the Town of Nain. The
hole encountered leuconorite, gneiss and norite with the main mineralized
zone (intersected from 40.70 m to 55.40 m) comprised of veinlets,
disseminations and net textured, near massive to massive sulphides
(pyrrhotite and fine chalcopyrite) with magnetite ranging from 5 to 100
percent in content. This zone appears to be a steeply dipping mineralized
zone in contrast to the sub-horizontal zones in the Valley Zone. Several
other holes have been drilled along this zone and assay results are pending.
Significant assay results for DDH44-6 are as follows:
/T/
Percent Percent Percent
FROM TO WIDTH(m) Ni Cu Co
40.70 46.98 6.28 0.40 0.35 0.037
includes 42.66 43.47 0.81 1.65 0.30 0.150
includes 45.76 46.12 0.36 1.33 0.32 0.120
53.35 55.40 2.05 0.47 0.40 0.045
includes 53.35 53.65 0.30 1.08 0.21 0.103
76.03 76.27 0.24 1.05 0.18 0.106
/T/
During the drill crews presently scheduled break, the Company will conduct a
UTEM down-the-hole EM geophysical survey in the holes drilled to date to
help define the lateral extent of the flat lying zones and search for
additional mineralized horizons beneath the deepest hole (330 metres)
drilled to date. The large amount of magnetite and sulphides encountered in
these zones has made the interpretation of the ground geophysical survey
difficult as to target depth and lateral distribution. As well, a detailed
gravity survey will be conducted to aid in the overall interpretation of
this complex geological setting before additional drilling is conducted on
the Unity Zone.
In addition to the drilling, the Company is pleased to announce that the
Unity airborne geophysical conductor has been extended by groundwork an
additional 2 kilometres to the southwest, for an overall strike length of
5.5 kilometres to date. Significant pyrrhotite, chalcopyrite and native
copper have been found on surface, coincident with the geophysical anomaly
with initial grab a samples assaying up to 1.5 percent nickel and 2.8
percent copper. A grid has been established over this part of the zone and
detailed geophysical and geological mapping in ongoing for diamond drilling.
Our geological staff will fully integrate this new information with results
to date to ensure the remainder of the drill program is conducted in the
most strategic part of these mineralized Zones. The extensive strike length
of the Unity Zone, with only one drill hole reported to date, provides a
great deal of opportunity for further exploration. The Company presently
plans a minimum of 15,000 feet of additional drilling on Project # 44 and
anticipates 20,000 feet of drilling on other Projects in the area. The
Company remains optimistic that with additional geophysics and drilling,
this very rich sulphide system has the potential to yield a significant
mineral deposit."
Takla Star is a well financed, public Canadian exploration company with
nickel-copper exploration projects in Labrador and gold exploration projects
in Bolivia.
For property maps or further information, please contact William C. Bale,
P.Geol.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Takla Star Resources Ltd.
William C. Bale, P.Geol.
Vice President Corporate Development
(403) 421-4521
(403) 426-3211 (FAX)
"The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein." |
