Hi John
Do you the area or company?
PORT WILLIAMS, NS, June 4 /CNW/ - Mountain Lake Resources Inc. (MOA-TSX
Venture Exchange) has entered into an exploration agreement with Mt Cameron
Minerals Inc., a Sydney based, private Nova Scotia mineral exploration
company. The Agreement grants Mountain Lake an option to earn 51% of
Mt Cameron's Frenchvale property, covering an area of approximately
4,400 acres on the eastern flank of the Boisdale Hills some 15 kilometers west
of Sydney, Nova Scotia. Mountain Lake can earn its 51% interest by funding
$1,000,000 in exploration expenditures on the Frenchvale Property over a 3
year period. Mt Cameron is the operator of the Frenchvale Property and each
party is contributing $100,000 to the initial phase of the work program which
will total $200,000. Exploration of the property will be conducted on targets
identified by Avard Hudgins, well known Nova Scotia prospector. His earlier
discoveries have led to the establishment of successful mines in Cape Breton
and other areas of the Maritimes.
The Frenchvale property covers nickel-copper-PGE and gold targets which
occur as discreet magnetic or electro-magnetic anomalies aligned along a 13 km
long linear trend. The best showings found to date by Mt Cameron are centered
on an active area of surface mining near the Frenchvale, Rifle Range and
Krumrine quarries. The Krumrine showing hosts known nickel-copper-PGE
mineralization. Grab samples of this mineralization taken by Mt Cameron
geologists in 1999, yielded up to 2.7% copper, 1.2% nickel, 0.919 g/t Pt+Pd
and 0.446 g/t other PGE in outcrop. Later sampling of a DDH core drilled by
the NSDNR at the edge of the outcrop area returned assays of 0.51% copper,
0.31% nickel, 241 ppb platinum and 381 ppb palladium over 18 feet in
mineralized gabbro.
A linear trend of magnetic anomalies in the area is believed to represent
basic intrusions along a major structure associated with a regional shear or
fault at the contact between the George River marbles to the east and gabbro
and granitic rocks to the west. With the exception of the Krumrine showing,
there is no record of any previous nickel-copper-PGE mineralization in the
immediate area. Geological and geophysical features present on the property
indicate several new areas with unexplored mineral potential. Both Mountain
Lake and Mt Cameron are very encouraged with the data resulting from the
compilation of historic and recent explorations by Mt Cameron. Cumulative
results of work to date including the airborne and ground magnetic anomalies,
the reported gabbro and skarn units, and the discovery of mineralized
carbonate outcrops containing anomalous Pt, Pd and Au values suggest that the
Frenchvale area holds potential for the discovery of nickel-copper-PGE and
gold mineralization.
The first phase of work on the property is scheduled to start this
summer. Phase I work will include further geochemical and geophysical surveys
and diamond drilling of targets based on previous work by Mt Cameron and
selected by Avard Hudgins.
This exploration agreement with Mt Cameron allows Mountain Lake to work
with one of the most experienced and successful exploration groups in the
Maritimes.
The qualified person responsible for the technical content of this news
release is John F. Wightman, P.Eng., President of Mt Cameron Minerals Inc.
ON BEHALF OF THE BOARD OF DIRECTORS
'Allen Sheito' |
