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Gold/Mining/Energy : VOISEY BAY'S FIND - A NEW DISCOVERY
CME 277.33+2.1%3:25 PM EST
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To: Supervalue who wrote (407)10/17/1997 7:33:00 PM
From: pitchlyn   of 481
 
Cartaway Resources Corporation - Okak Bay assay results

Friday Oct 17 1997

Mr John Ivany reports
Exploration results on one of the company's option properties
(map staked licence 5446M) in the Puttuaalu Brook area of Labrador
some 100km north of the Voisey's Bay deposit and 12km north of the
Cirque property. Cartaway has an option to earn a 60% interest from
International CanAlaska Resources and International Freegold Mineral
Development by expending $3,000,000 on or before
September 1 1999.
Map staked license 5446M is along the southwest boundary of
the wholly owned LB-HJK property (map staked license 5427M).
Previous work on the properties has included helicopter borne
magnetic-electromagnetic surveys, geophysical mapping and
prospecting, ground magnetic and electromagnetic surveys including
time domain big loop PEM by Crone geophysics. Cartaway tested two
of the PEM anomalies with three drill holes during 1996, all of which
intersected a layered succession of magnetite rich troctolite and
anorthosite, and two holes on the J anomaly which had up to 20
percent net-textured sulphides over 2 meters at the base of a troctolite
layer. A review of the PEM data by a geophysical consultant identified
five targets on the LB-HJK and three on the option ground which
require further work. Hole CAN-97-1 is 3.5 km WNW of the J anomaly
and was drilled vertically to test the south end of a flat conductor
which extends 500m to the north. It intercepted lenses of disseminated
to massive sulphides within an anorthosite host rock from 112.78 to
120.26m. The hole was completed to 215m and the last 6m is in
norite-troctolite. Assays have been returned for the more massive
intercepts and are as follows:

Inter- Inter-
val cept % % %
(m) (m) Ni Cu Co

112.78-113.15 0.37 0.47 0.54 0.10
113.85-114.70 0.85 0.50 0.58 0.11
116.15-116.37 0.22 0.30 0.27 0.07
120.04-120.26 0.22 0.13 0.32 0.03

Cartaway will be releasing an exploration update on its other Labrador
properties including drilling on its Cirque and BR-E properties in the
near future. The BR-E property is approximately 12km south of
Northern Abitibi/Donner drill hole SVB97-75. The northern part of the
BR-E property is underlain by the same mafic-ultramafic sills that
occur on the Donner properties.

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