Time to start GLB going again. this news should mean we are about to start fall program.
QUALIFYING REPORT FOR PROPOSED OPTION TO GOLDEN BRIAR MINES
LIMITED FROM FLAG RESOURCES (1985) LIMITED IN HOLDINGS IN MCNISH
AND MACBETH TOWNSHIPS, WANAPITEI ANOMALY, SUDBURY, ONTARIO,
CANADA
CALGARY, Oct. 14 /CNW/ - ''Peter Giblin, consulting geologist, Sudbury,
Ontario, is completing a qualifying report on mineral claims, in McNish and
adjoining MacBeth Township, which Flag Resources (A.S.E.), subject to
regulatory approval, is optioning to associated Golden Briar Mines Limited. A
50% interest could be earned by Golden Briar by completing exploration
expenditures of $300,000.00 over a four-year period.
The property has 24 surface occurrences of copper-gold-silver
mineralization, lead-zinc-copper-silver mineralization and copper-nickel
mineralization.
Mr. Giblin says there are four areas of interest in the property.
1. Coinciding Anomalies
-----------------------
In reviewing previous exploration work, Mr. Giblin discovered that three
separate geophysical surveys confirmed the same anomaly, in an area of
copper-gold occurrences, in the eastern sector of the property. There is no
evidence of recommended drilling taking place at the time.
Four grab samples, by R.H. Pemberton in 1956, from a trench containing
copper-gold mineralization, over a 20-foot width, assayed from .44% copper and
..01 ounces of gold to 3.54% copper and .13 ounces of gold per ton.
2. Massive Sulfide Occurrence, Ozhway Lake
------------------------------------------
Six assays, from random grab samples, by Palston Mining and Development
Company, in 1956, in an occurrence of massive sulfides, near Ozhway Lake,
averaged .75% copper, 6.79% lead, 13.5% zinc and 1.37 ounces of silver per
ton. The best values were 3.88% copper, 14.25% lead, 22.04% zinc and 2.50
ounces of silver per ton. There is no public record of drilling by Palston
Mining.
3. Gravity Anomaly, MacBeth Township
------------------------------------
An extended gravity survey by Gerald Gereghty, Sudbury, Ontario, for Flag
Resources, outlined a large gravity anomaly, in MacBeth Township, located in
close proximity to the McNish-MacBeth Township boundary.
4. Concentration of Sulfides
----------------------------
Mr. Giblin says there is a concentration of pyrite and pyrrhotite bearing
sulfides in the northwest corner of McNish township.
Mr. Giblin's report, with recommended exploration work, should be
completed shortly.
Inmet Mining Corporation has transferred 100% interest in 9500 acres of
contiguous mining claims in Rouyn and Beauchastel Townships, Rouyn-Noranda,
Quebec, to Golden Briar Mines Limited.
Golden Briar holds over 1,300,000 shares of Flag Resources (1985) Limited
and is its largest shareholder. Flag holds 70,000 acres in six adjoining
townships in the Wanapitei Anomaly, Sudbury, Ontario. Flag has applied for an
Exploratory Licence of Occupation to explore undrilled visible gold
occurrences on 700 hectares (1700 acres) deleted, in July, 1997, from the
Wanapitei Provincial Park.
Listed on the Montreal Stock Exchange
good investing to all
RGW |
