Celtic Minerals samples 1.26% Ni at Kingurutik
2007-09-04 13:35 ET - News Release
Mr. Paul Lipoth reports
ADDITIONAL ASSAY RESULTS FROM KINGURUTIK
Celtic Minerals Ltd. has provided the results of the next sample series from the newly identified Toll nickel prospect on its 100-per-cent-owned Kingurutik property.
After the initial two discovery samples, continued sampling on the Toll prospect revealed an area measuring approximately 25 metres by 75 m from which 21 grab samples were taken. The samples are all from dislodged blocks of locally derived float/subcrop or directly from outcrop. Results from those samples are in the attached table.
Sample Material Nickel Copper Cobalt Platinum Palladium
(%) (%) (%) (ppb) (ppb)
274390 O/C 1.20 0.29 0.13 195 264
274391 O/C 0.72 0.35 0.11 261 203
274392 O/C 0.11 0.26 0.02 161 -10
274393 O/C 0.94 0.73 0.15 189 224
274394 O/C 0.41 0.41 0.06 199 88
274395 O/C 0.05 0.03 0.01 50 17
274396 Float 0.90 0.48 0.15 265 291
274397 Float 0.68 0.47 0.10 -15 -10
274398 O/C 0.06 0.23 0.01 53 13
274399 Float 0.86 0.57 0.16 166 352
274399* Float 0.92 0.61 0.16 227 318
274400 Float 0.85 0.65 0.14 172 324
274751 Float 0.86 0.44 0.15 167 257
274752 Float 0.69 0.64 0.11 122 319
274753 Float 0.76 1.77 0.13 188 176
274754 Float 0.77 0.36 0.12 190 190
274755 Float 0.87 0.35 0.13 216 291
274756 Float 1.26 0.11 0.18 230 182
274757 O/C 0.30 0.24 0.05 207 238
274758 O/C 0.06 0.07 0.01 287 207
274759 O/C 0.38 0.18 0.05 324 122
274759* O/C 0.39 0.19 0.05 622 145
274760 Float 0.89 0.15 0.14 568 207
(*) indicates assay duplicate
Celtic is very encouraged by these follow-up results which expand the initial discovery area and clearly indicate the presence of PGMs.
A geological description of one hand-trenched outcrop indicates the presence of a sulphide breccia. The outcrop displays complex breccia textures, open fractures and contains coarse paragneiss fragments typical of the magmatic sulphide environments at Voisey's Bay. Celtic has also received the results of a petrographic description from a massive sulphide float/subcrop sample confirming the presence of pyrrhotite, chalcopyrite and pentlandite as coarse individual grains and intergrown pentlandite and chalcopyrite.
A UTEM ground geophysical survey is under way on a 120-line-kilometre exploration grid. The exploration grid covers the large gravity anomaly associated with the Toll prospect. The grid has been extended to include additional strong gravity (density) anomalies along trend to the south of the Toll prospect with associated airborne electromagnetic (EM) response.
Preliminary data from the UTEM survey have detected a sharp UTEM response associated with the Toll prospect. The UTEM anomaly is continuous for 1,000 m, beyond which survey data have not yet been collected. The sharpest response is evident for 500 m surrounding the Toll prospect.
Celtic's exploration team is working quickly to provide results from a rapidly expanding exploration program and anticipates moving a drill onto the Toll prospect within the next two weeks. If typical weather conditions occur, favourable drilling conditions should continue into mid-November. This should provide sufficient time to complete the minimum 5,000-metre drill program, using two drill rigs, which is planned for the initial phase of exploration. A winterized camp has been constructed to enable a continuation of phase two drilling operations if required. Results from continuing diamond drilling on peripheral targets will be reported as received.
Celtic's vice-president of exploration, Barry Greene, stated, "We are very encouraged by the geophysical data in and around the Toll prospect and are working towards a quick commencement of drilling on this target."
The Kingurutik property consists of 2,056 claims (514 square km), located approximately 85 km northwest of the Inco-CVRD Voisey's Bay mine. Celtic's land position including the Kingurutik River, Tasisuak Lake, West Voisey's Bay and Garland Lake blocks cover 3,355 claims (838.75 square km). Celtic is the most active junior exploration company in the Voisey's Bay nickel district and has the largest land positions.
Paul Delaney, P.Geo., project geologist for Celtic Minerals Ltd. is the
qualified person who has reviewed the content of this news release. |
