Cayo Resources Inc - 625,000 acres staked in Saskatchewan; Caribou Mountain sample results
Cayo Resources Inc
CAYO
Shares issued 8401601
1997-10-08 close $0.8
Thursday Oct 9 1997
Mr Hendrik Van der Walt reports
The company has recently staked an area totalling 625,000 acres in Southern
Saskatchewan. This staking covers a large area containing highly anomalous
quantities of minerals displaying kimberlitic affinity obtained from a heavy mineral
diamond indicator sampling program conducted by the Saskatchewan Energy and
Mines Department in 1992. Garnets of both eclogitic and peridotitic paragenesis
have been recovered, however, G-9 type chrome pyropes are the most common
indicator minerals present.
The staked area concentrates on known areas where in excess of 350 garnets
were recovered within each sample. Examination of the physical properties of the
recovered kimberlitic garnets has revealed that significant size and colour
variations of the grains exists across the mineral dispersion train. This, coupled
with the presence of coincident clustering of chrome diopside grains, (which do
not survive long distance transport), indicates that at least two local diatreme
sources may exist within the area staked by the company.
An airborne survey will commence to evaluate the potential for kimberlitic
occurrence. The staking venture is a 50/50 joint venture between Cayo Resources
and CaribGold Resources.
Caribou Mountains
The company confirms that in early August, eleven stream samples were collected
from six drainages in the Caribou Mountains, situated north of Fort Vermillion,
Alberta. The stream sampling program was started when the company learned
that the Geological Survey of Canada and the Alberta Geological Survey had
recently collected one sample (95SH052) from the Caribou River which yielded a
G-9 garnet and three chromites. The stream samples were collected by Pure Gold
Resources field personnel and were processed and observed at the Ashton
Mining of Canada's laboratory in North Vancouver.
Four kimberlite indicator minerals consisting of peridotitic pyrope, two possible
eclogitic pyropes and one possible chromite were recovered from the
concentrates using stereo microscopes. This is the first time that kimberlitic
indicator minerals have been recovered in this area which is on the same Archean
craton as the Peace River Arch to the south. A high resolution airborne magnetic
survey is scheduled to begin flying the Caribou Mountains property, which totals
9.2 million hectares, in the October/November period. The property is 49% Pure
Gold Minerals (the amalgamated Pure Gold Resources and Cayo Resources) and
25.5% Alberta Energy Company and 25.5% Ashton Mining of Canada.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
