Geochemical analyses of samples from borehole CH92-1,located near Flag
Resources' Cobalt Hill Prospect, reported by Dr. Eva Schandl, Geological
Consultant, (Dept of Geology, University of Toronto), show sulphide inclusions
in quartz veins, fluid inclusions having salinity and homogenization
temperatures similar to those associated with the Sudbury Igneous Complex and
the presence of chromian muscovite. Dr. Schandl interpreted this alteration as
evidence for "a Cr-rich mafic or ultramafic intrusion at depth."
At the request of Flag Resources, DGI Geoscience Inc. recently completed
a borehole vector magnetic and magnetic susceptibility survey of borehole
CH92-1. Data from this survey was processed by Morris Magnetics Inc. (W.A.
Morris, McMaster University). The borehole susceptibility log detects only a
few very narrow magnetic zones. None of the on-hole sources are capable of
producing any significant magnetic anomalies.
The borehole vector magnetic survey, however, detected the presence of a
very strongly magnetic anomaly indicating the presence of a large off-hole
magnetic source. The depth extent of the magnetic anomaly is identical to the
alteration zone mapped on the basis of geochemistry by Dr. Schandl (2004). The
amplitude of the magnetic anomaly can only be explained by the presence of a
nearby strongly magnetized mafic, or ultramafic intrusion.
The true age and spatial extent of this intrusion have yet to be
confirmed. However, the proximity of this magnetic source to the Sudbury
Igneous Complex together with the similarity in mineral chemistry suggests a
possible association between the two areas. At a time when a number of new
mineral deposits in the footwall of the Sudbury Igneous Complex are being
reported this new discovery has important economic implications for Flag
Resources.
This release has been reviewed by Flag's Qualified Person. |
