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Gold/Mining/Energy : Northpoint Resources Ltd. (NPR-V)
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To: Kent C. who wrote (3)8/25/1997 8:27:00 PM
From: Ed Pakstas   of 37
 
Other than 69K in options being granted to insider's and emplyees and not knowing anything about the area they are working in, the only thing that has caught my eye so far is the low share issue.

Northpoint Resources Ltd -

WP exploration progress

Northpoint Resources Ltd
NPRShares issued 4403919<-----------interesting
1997-08-15 close $0.85
Tuesday Aug 19 1997

Mr Frank Gigliotti reports The company has released an update on the exploration program at its WP gold property near Homestake Canada's Nickel Plate mine at Hedley, BC. Several board members visited the WP property on August 15 and were encouraged with the progress being made. Two diamond drill holes averaging 400 ft in length have been completed to date on the WP property. These holes were drilled in the northwestern portion of target T-4 which has a dimension of 1,400 by 1,000 metres. The first hole was drilled at an inclination of 45 degrees and the second at 70 degrees from the same setup. HQ-sized core is now being used to facilitate higher core recoveries and provide a larger more representative sample. A third hole is presently under way 600 metres southwest of the first setup. Exploration geologists are splitting the core from the first two holes with a diamond saw prior to shipping samples to a registered laboratory for fire assaying. Ten drill holes are planned in the first-phased program on ground geophysical targets (IP) that are coincident with strong gold soil anomalies and favourable geology. Drill core from holes No. 1 and No. 2 revealed pervasive silica flooding including abundant quartz veining, quartz breccia, and fine-grained to sometimes massive sulphide mineralization in altered sediments - all hosted within a northwest trending fault zone. Stockwork quartz veins have been identified at surface and these correspond to previous gold and pathfinder elements.Two prospective mineralized zones have been identified in the first two holes, the largest being over 30 metres in thickness.

Any idea when the results will be forthcoming?

The company has assembled a project team with extensive experience in the Hedley gold camp.
The current exploration program is expected to cost about $500,000 and will be one of the largest of its type in BC. The program is expected to last into the fall and could be extended based on favourable results.

(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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