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Gold/Mining/Energy : Flag Resources (FGR.A A)

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To: RJ2 who wrote (4125)	7/29/2004 10:15:50 AM
From: ali	Read Replies (1) of 4269

CALGARY, July 29 /CNW/ - Flag Resources (1985) Ltd. ("Flag") announces its intention to drill the 150 ft wide mineralized zone at Jones Lake, Mackelcan Township, Wanapitei Anomaly, Sudbury, ON. The zone in question is located to the west of Jones Lake and south of the linear that Flag has been exploring this year. Previous indications of the zone were afforded in 1988 when DDH A88-59 intersected 46.94 m of disseminated sulphides in brecciated arkosic quartzite. Extensive sampling was done for gold on this hole, yielding values up to 1 gm/t; however no copper/nickel/cobalt assays were performed. Subsequent experience has indicated that, in this geological environment, gold values appear negatively correlated with copper/nickel/cobalt values. Flag intends to carry out additional drilling in this area to explore the zone in depth and to assess its potential for copper/nickel/cobalt and precious metals mineralization. Promising intersections will be assayed for a broad spectrum of metals if appropriate. In the meantime two exploratory drillholes, have just been completed on the western boundary of the 400 ft wide fault zone at Cobalt Hill and are currently being logged and assayed.

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